Thought I would share this post here.
It explains how "trickle-down economics", an economic system that was tried in the 1920's and led to the Great Depression, and was tried again in the 1980's and pretty much through to the 2000's, and even to the present day, and which led to the economic crisis of 2008, has effectively failed us.
Still, many Americans seem to believe in it. It seems to me that this might just be because many Americans are convinced that they themselves will join the ranks of the rich and elite, and so policies that favor the rich will ultimately favor them, too. They don't understand that the law of averages suggest that not just a majority of them, but a huge majority of them, will never reach that status. Also, fair is fair, and the rich should at the very least pay their fair share, rather than get all of the breaks. Common sense would normally dictate that, and does in pretty much every other industrialized country outside of these United States.
But, well, we reap what we sow. It let to a huge economic crisis in 2008, and could have more calamitous results in the future. Until we learn our lessons from history, we are doomed to repeat it, aren't we?
In any case, here is the link to the article that got me going on this topic:
"Trickle-down economics is the greatest broken promise of our lifetime" by Alex Andreou of The Gaurdian, January 20, 2014:
http://www.theguardian.com/commentisfree/2014/jan/20/trickle-down-economics-broken-promise-richest-85
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