90 Days, 90 Reasons Staff
REASON 101: We’ve seen this economic plan before.Republican trickle-down economics do not work. Cutting taxes on the wealthy exacerbates income inequality, which in turn takes a toll on economic growth. Companies have been slow to create jobs not because of insufficient profits but because of inadequate customers. The American middle class are the ones who actually drive the economy and create jobs, but they don’t have enough spending money, because too many companies have broken the connection between wages and productivity. In other words, spending begets spending. Put more money in the pockets of the middle class and they will grow the economy. Give more money to the top one percent and they will save it. Look at the past decade for a salient example. When George W. Bush cut taxes for the wealthy, he created a meager one million jobs. When Bill Clinton increased the spending power of the middle class through his tax policy, we produced 23 million jobs. Barack Obama has put the country back on the road to recovery by allowing the middle class to drive the economy.
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