all our lives we've been told a trickle-down economics is the right
answer that if we just have all the bandages that tax cuts the ritual
trickle down the rest of us
and make the rest of us more wealth is well let me show you how
didn't work
here's the first chart that shows you product really go sky high from nineteen
forty seven
although a three two thousand eight
fantastic but we didn't get all the fruits of our labor there
why around nineteen eighty
adventure or a conversation that we shall we wait
stagnated flat line
that men should have gone to the people you or productive
but he didn't
it went to the top one percent
because the rules
were set in their favor
and not to help us
or wages stagnate
maybe another chart
profits brought g_d_p_ goes up
but does that mean the rest of us
are getting
the help of that g_a_t_t_
and that product in the inteligweb our wages stagnate and even falling
so
the fact of the g_d_p_ might be going up doesn't mean we're getting a beverage
guys actually getting paid less
that we were before
in fact income inequality has gotten so bad in this country
that now
to pressure you know that he wrote for the world
missing in the u_s_ is in purple
and income inequality in the u_s_
is worse than most of the world
the countries that are red art less equal than we are
that some parts of latin america
southern africa some small
nations
in issue but the whole rest of the world has better income equality
what does that mean
that's equality of opportunity that's supposed to be the american dream and
the rest of the world list beating us out of life is in our system we believe
in this nonsense trickle-down economics now let me show you how that works right
it's supposed to be that hey you give all of the rich editor goes out on you
in the east
middle class lol brackets are also so that
brawl because of that
but instead of what happened we gave to the rich
even if you take them at their word that these were a little bit which i just
showed he they didn't
the rich dot much richer
and that was appointed trickle-down economics
the rest of it was all the track
and even warren buffet the top investor in the world says hey listen those tax
cuts
don't mean that we create more jobs
now that's nonsense
if there is a good investment we're gonna make it any way in fact
let me quote worn by before uses
i work with investors for sixty years
and i get the c_ anyone shy away from a sensible invested because of the tax
rate by the potential day
people invest to make money and potential taxes have never scare them
off
they've been lying near the whole time all give the rich more tax cuts and
they'll create more jobs
they havent
it doesn't work that way the top investor in the world tells you that
in fact we know look at the numbers
when we increase taxes under bill clinton
we wound up getting twenty three million jobs there are other factors but yes he
also invested in the middle class invested in education opportunity
twenty three million jobs in the bush years
we cut taxes on the rich
we have all the advantages of top one percent what happened in those eight
years about a million jobs that's it
twenty three a one
and of course we lost that million jobs in the recession it was created
right after he left office
we're losing jobs at a rate of about seven hundred and fifty thousand
so when you take a ten years
that we'd been trickle-down economics under bush as through obama in the
restrictive recession we had a net loss of jobs
trickle-down it's not true
now there are other
investors like nick an hour who is a successful entrepreneur inventor cap was
he says book
helping the middle class isn't just about helping the middle class about
helping the whole country because it helps the entire economy let me quote
him
he says the problem today's severe concentration awhile than isn't that
it's unfair though it might be
hillsborough class there man
lasting growth doesn't trickle-down it emerges
from the middle out
and it makes sense
because seventy percent of our economy
this consumer spending
if the middle classes have money to spend well then nobody wins
present nobody recognizes and ran a campaign
add about it during this election site irony
that way you wrote that column in this problem and
hyperplane in fighting
metaplasia that background
uh... la crosse
and that's what i've heard
now i wish you believe that a little bit more put more into practice but at least
he saying the words and we're hoping that it catches on
this is true now let me show you how middle on economics works
in this case is that a good all the money to the rich
and all the advantages to the rich you give it to the middle class but when you
do
jumps flow down
and money also flows up by the way
because who's gonna get the money
from all the new
investments in the economy of course the top is also looking at it
but if you don't have the middle class the man
you can have a better economy and nobody wins
if you're not allowed
everybody wins this is the reality this is the system that we have to change to
and policies have to reflect
middle out economics
so don't believe the trick in the light of trickle-down anymore what we need to
do as pursue middle and i cannot