There was always skepticism about claims that, as the rich became richer, income would “trickle down” to others.
What wasn’t perhaps foreseen was that the trickling would actually be in the other direction, and that it would be more of a torrent than a trickle.
But the evidence is now clear. Over the last three decades, the tables of the rich have overflowed, with barely any scraps falling off. On the contrary, there’s been a massive transfer of income and wealth from Canada’s middle and lower class to the rich. The result is that Canada has become a highly unequal society.
This is bad news, since a growing body of empirical evidence shows that extreme inequality has a clearly negative effect on a wide range of health, social and economic problems, as well as undermining democracy.
Trickle Down Economics one big sham.
ReplyDeleteThere was always skepticism about claims that, as the rich became richer, income would “trickle down” to others.
What wasn’t perhaps foreseen was that the trickling would actually be in the other direction, and that it would be more of a torrent than a trickle.
But the evidence is now clear. Over the last three decades, the tables of the rich have overflowed, with barely any scraps falling off. On the contrary, there’s been a massive transfer of income and wealth from Canada’s middle and lower class to the rich.
The result is that Canada has become a highly unequal society.
This is bad news, since a growing body of empirical evidence shows that extreme inequality has a clearly negative effect on a wide range of health, social and economic problems, as well as undermining democracy.
http://www.thestar.com/opinion/columns/article/911829--canada-discovers-trickle-up-economics