Trickle-down economics explained

Trickle-down economics refers to economic policies that disproportionately favor the upper tier of the economic spectrum, comprising wealthy individuals and large corporations. The policies are based on the idea that spending by this group will "trickle down" to those less fortunate in the form of stronger economic growth.[1] The term has been used broadly by critics of supply-side economics to refer to taxing and spending policies by governments that, intentionally or not, result in widening income inequality; it has also been used in critical references to neoliberalism.[2]

Similar criticisms have existed since at least the 19th century, though the term "trickle-down economics" was popularized in the U.S. in reference to supply-side economics and the economic policies of Ronald Reagan.[3] Major examples of what critics have called "trickle-down economics" in the U.S. include the Reagan tax cuts,[4] the Bush tax cuts,[5] and the Tax Cuts and Jobs Act of 2017.[6] Major UK examples include Liz Truss's mini-budget tax cuts of 2022. While economists who favor supply-side economics generally avoid applying the "trickle down" analogy to it and dispute the focus on tax cuts to the rich, the phrase "trickle down" has also been occasionally used by proponents of such policies.[7] As of 2023, studies have not shown that there is a demonstrable link between reducing tax burdens on the upper end and economic growth.[8] [9] [10]

History

Background

The Google Ngram Viewer shows[11] that the term "trickle down economics" was rarely seen in published works until the 1980s. However, the concept that economic prosperity in the upper classes flows down into the lower classes is at least 100 years old. The term itself is used mostly by critics of the concept. The Merriam-Webster Dictionary notes that the first known use of "trickle-down" as an adjective meaning "relating to or working on the principle of trickle-down theory" was in 1944[12] while the first known use of "trickle-down theory" was in 1954.[13]

In 1896, United States Democratic presidential candidate William Jennings Bryan described the concept using the metaphor of a "leak" in his William Safire traced the origin of the term to this speech.[14]

William J. Bennett credits humorist and social commentator Will Rogers for coining the term and noted in 2007 its persistent use throughout the decades since.[15] In a 1932 column criticizing Herbert Hoover's policies and approach to The Great Depression Rogers wrote:

In 1933, Indian nationalist and statesman Jawaharlal Nehru wrote positively of the term (in the sense that wealth entered upper classes then "trickled down") in critical reference to the colonial seizing of wealth in India and other territories being a cause of increased the wealth in England:

After leaving the presidency, Democrat Lyndon B. Johnson alleged "Republicans ... simply don't know how to manage the economy. They're so busy operating the trickle-down theory, giving the richest corporations the biggest break, that the whole thing goes to hell in a handbasket."[16]

Presidential speechwriter Samuel Rosenman wrote in 2008 that "trickle down policies" had been prevalent in American government since 1921.[17]

Reagan years

Ronald Reagan launched his 1980 campaign for the presidency on a platform advocating for supply-side economics. During the Presidential nomination in 1980, George H. W. Bush had derided Reagan's economic approach as "voodoo economics".[18] [19] Following Reagan's election, the "trickle-down" reached wide circulation with the publication of "The Education of David Stockman" a December 1981 interview of Reagan's incoming Office of Management and Budget director David Stockman, in the magazine Atlantic Monthly. In the interview, Stockman expressed doubts about supply side economics, telling journalist William Greider that the Kemp–Roth Tax Cut was a way to rebrand a tax cut for the top income bracket to make it easier to pass into law. Stockman said that "It's kind of hard to sell 'trickle down,' so the supply-side formula was the only way to get a tax policy that was really 'trickle down.' Supply-side is 'trickle-down' theory."[20] [21] [22]

Political opponents of the Reagan administration soon seized on this language in an effort to brand the administration as caring only about the wealthy.[23] In 1982, John Kenneth Galbraith wrote the "trickle-down economics" that David Stockman was referring to was previously known under the name "horse-and-sparrow theory", the idea that feeding a horse a huge amount of oats will result in some of the feed passing through for lucky sparrows to eat.[24] Reagan administration officials including Michael Deaver wanted Stockman to be fired in response to his comments, but he was ultimately kept on in exchange for a private apology.[25]

Usage

Economic analyses of the effects of lowering taxes on the wealthy

Nobel laureate Joseph Stiglitz wrote in 2015 that the post-World War II evidence does not support trickle-down economics, but rather "trickle-up economics" whereby more money in the pockets of the poor or the middle benefits everyone.[26]

In a 2020 research paper, economists David Hope and Julian Limberg analyzed data spanning 50 years from 18 countries, and found that tax cuts for the rich only succeeded at increasing inequality and making the rich wealthier, with no beneficial effect on real GDP per capita or employment. According to the study, this shows that the tax cuts for the upper class did not trickle down to the broader economy.[27] [28] [29]

A 2015 IMF staff discussion note by Era Dabla-Norris, Kalpana Kochhar, Nujin Suphaphiphat, Frantisek Ricka and Evridiki Tsountasuggests that lowering taxes on the top 20% could actually reduce growth.[30] [31]

Political scientists Brainard Guy Peters and Maximilian Lennart Nagel in 2020 described the 'trickle down' description of tax cuts for the wealthy and corporations stimulating economic growth that helps the less affluent as a "zombie idea", and stated that it has been the most enduring failed policy idea in American politics.[32]

Some studies suggest a link between trickle-down economics and reduced growth, and some newspapers concluded that trickle-down economics does not promote jobs or growth, and that "policy makers shouldn't worry that raising taxes on the rich ... will harm their economies".[33] [34]

Broader use

While the term "trickle-down" is commonly used to refer to income benefits, it is sometimes used to refer to the idea of positive externalities arising from technological innovation or increased trade. Arthur Okun,[35] and separately William Baumol,[36] for example, have used the term to refer to the flow of the benefits of innovation, which do not accrue entirely to the "great entrepreneurs and inventors", but trickle down to the masses. And Nobel laureate economist Paul Romer used the term in reference to the impact on wealth from tariff changes.[37]

Despite a lack of practical-use evidence for the Laffer curve, it is often cited by proponents of trickle-down policy.[38] [39] [40]

In the US, Republican tax plans and policies are often labeled "trickle-down economics", including the Reagan tax cuts, the Bush tax cuts and the Tax Cuts and Jobs Act of 2017.[41] In each of the aforementioned tax reforms, taxes were cut across all income brackets, but the biggest reductions were given to the highest income earners,[42] although the Reagan Era tax reforms also introduced the earned income tax credit which has received bipartisan praise for poverty reduction and is largely why the bottom half of workers pay no federal income tax.[43] Similarly, the Tax Cuts and Jobs Act of 2017 cut taxes across all income brackets, but especially favored the wealthy.[44] [45]

In the 1992 presidential election, independent candidate Ross Perot also referred to trickle-down economics as "political voodoo".[46] In the same election, during a presidential town hall debate, Bill Clinton blamed trickle-down economics for the declining economic conditions in America, saying that "...we've had 12 years of trickle-down economics. We've gone from first to twelfth in the world in wages. We've had four years where we’ve produced no private-sector jobs. Most people are working harder for less money than they were making 10 years ago.".[47]

The political campaign group, Tax Justice Network has used the term referring broadly to wealth inequality in its criticisms of tax havens.[48]

In 2013, Pope Francis condemned "trickle-down theories" in his apostolic exhortation Latin: [[Evangelii Gaudium]], saying that "Some people continue to defend trickle-down theories which assume that economic growth, encouraged by a free market, will inevitably succeed in bringing about greater justice and inclusiveness in the world. This opinion, which has never been confirmed by the facts, expresses a crude and naïve trust in the goodness of those wielding economic power and in the sacralized workings of the prevailing economic system."[49]

In New Zealand, Damien O'Connor, an MP from the Labour Party, called trickle-down economics "the rich pissing on the poor" in the Labour Party campaign launch video for the 2011 general election.[50] In a 2016 presidential candidates debate, Hillary Clinton accused Donald Trump of supporting the "most extreme" version of trickle-down economics with his tax plan, calling it "trumped-up trickle-down" as a pun on his name.[51] In his speech to a joint session of Congress on April 28, 2021, US President Joe Biden stated that "trickle-down economics has never worked".[52] Biden has continued to be critical of trickle-down.[53] [54]

A Columbia journal article comparing a failed UK Enterprise Zone proposal to later US proposals references them as a form of trickle-down policy where lower regulatory and tax burdens were aimed at wealthier developers with the hope they would benefit residents.[55]

Nobel laureate Paul Krugman states that despite the narrative of trickle-down style tax cuts, the effective tax rate of the top 1% of earners has failed to change very much.[56]

Political commentator Robert Reich has implicated institutions such as The Heritage Foundation, Cato Institute, and Club for Growth for promoting what he considers to be a discredited idea.[57]

Kansas governor and politician Sam Brownback's 2018 tax cut package was widely labelled as an attempt at trickle-down economics.[58]

Friedrich Hayek's economic theories have also been described as trickle-down.[59] [60]

Objections to the term

Speaking on the Senate floor in 1992, Hank Brown (Republican senator for Colorado) said: "Mr. President, the trickle-down theory attributed to the Republican Party has never been articulated by President Reagan and has never been articulated by President Bush and has never been advocated by either one of them. One might argue whether trickle-down makes any sense or not. To attribute to people who have advocated the opposite in policies is not only inaccurate but poisons the debate on public issues."[61]

Thomas Sowell, a proponent of supply-side economics, says that trickle-down economics have never been advocated by any economist, writing in his 2012 book "Trickle Down" Theory and "Tax Cuts for the Rich" that 'The "trickle-down' theory cannot be found in even the most voluminous scholarly studies of economic theories"[62] Sowell disagrees with the characterization of supply-side economics as trickle-down, saying that the economic theory of reducing marginal tax rates works in precisely the opposite direction: "Workers are always paid first and then profits flow upward later – if at all."[63] [64]

In 2022, the Liz Truss administration objected to characterizing its policies as "trickle-down economics".[65]

See also

Further reading

External links

Notes and References

  1. Web site: Lockwood . Benjamin . Gomes . Joao . Smetters . Kent . Inman . Robert . Does Trickle-down Economics Add Up – or Is It a Drop in the Bucket? . Knowledge at Wharton . A business journal from the Wharton School of the University of Pennsylvania . 1 February 2023 . February 1, 2023 . https://web.archive.org/web/20230201202510/https://knowledge.wharton.upenn.edu/article/trickle-economics-flood-drip/ . live .
  2. Book: Springer . Simon . Handbook of Neoliberalism . Birch . Kean . MacLeavy . Julie . 2016-07-07 . Routledge . 978-1-317-54966-6 . en.
  3. Web site: Noah . Timothy . 2011-09-21 . New Republic: How Did Trickle-Down Get Acceptable? . National Public Radio.
  4. Redenius . Charles . Thatcherism and Reagonomics: Supply-Side Economic Policy in Great Britain and the United States . Journal of Political Science . April 1983 . 10 . 2, Article 4 . 9 February 2023 . The Athenaeum Press . 0098-4612 . December 2, 2022 . https://web.archive.org/web/20221202223208/https://digitalcommons.coastal.edu/cgi/viewcontent.cgi?article=1104&context=jops . live .
  5. Web site: The Bush Tax Cuts Disproportionately Benefitted the Wealthy. The Bush-era tax cuts were designed to reduce taxes for the wealthy, and the benefits of faster growth were then supposed to trickle down to the middle class.. Economic Policy Institute. February 1, 2023. February 1, 2023. https://web.archive.org/web/20230201210311/https://www.epi.org/publication/the_bush_tax_cuts_disproportionately_benefitted_the_wealthy/. live.
  6. Web site: Trickle-down economics gets new life as Republicans push tax-cut plan. USA Today. Behind [Republican tax legislation of 2017] is a theory long popular among conservatives: Slash taxes for corporations and rich people, who will then hire, invest and profit — and cause money to trickle into the pockets of ordinary Americans.. May 7, 2021. May 9, 2021. https://web.archive.org/web/20210509061759/https://www.usatoday.com/story/money/2017/11/19/trickle-down-economics-gets-new-life-republicans-push-tax-cut-plan/878702001/. live.
  7. Web site: Harwood . John . Gary Cohn: Trickle-down is good for the economy . CNBC . 2017-11-09 . 2024-01-01.
  8. Aghion . Philippe . Bolton . Patrick . April 1997 . A Theory of Trickle-Down Growth and Development . . 64 . 2 . 151 . 10.2307/2971707 . 0034-6527 . 2971707.
  9. Hope . David . Limberg . Julian . 2022-01-07 . The economic consequences of major tax cuts for the rich . . 20 . 2 . 539–559 . 10.1093/ser/mwab061 . 1475-1461 . free.
  10. Arndt . H. W. . 1983 . The "Trickle-down" Myth . . 32 . 1 . 1–10 . 10.1086/451369 . 0013-0079 . 1153421 . 153842242.
  11. Web site: Trickle down economics . Google Books Ngram Viewer . 7 February 2023 . February 3, 2023 . https://web.archive.org/web/20230203233920/https://books.google.com/ngrams/graph?content=Trickle%20down%20economics&year_start=1800&year_end=2019&corpus=26&smoothing=3&direct_url=t1%3B,Trickle%20down%20economics%3B,c0 . live .
  12. http://www.merriam-webster.com/dictionary/trickle-down "trickle-down"
  13. http://www.merriam-webster.com/dictionary/trickle-down%20theory "trickle-down theory"
  14. Book: Safire, William . William Safire . 2008 . Safire's Political Dictionary . Revised . Oxford University Press . New York . 978-0-19-534334-2 . December 27, 2011. 752–753.
  15. Book: Bennett . William J. . America: The Last Best Hope . 978-1595551115 . Harper Collins . 78 . 2007 . Will Rogers referred to the theory that cutting taxes for higher earners and businesses was a "trickle-down" policy, a term that has stuck over the years. . February 18, 2023 . March 11, 2023 . https://web.archive.org/web/20230311191825/https://books.google.com/books?id=PLP5U-M8dhoC&q=trickle . live .
  16. Web site: The Last Days of the President . Leo. Janos. The Atlantic . July 1973 . March 12, 2017. July 1, 2013. https://web.archive.org/web/20130701093315/http://www.theatlantic.com/past/docs/issues/73jul/janos.htm. live.
  17. Book: Shlaes, Amity. The Forgotten Man: A New History of the Great Depression. May 27, 2008. Harper Perennial. 9780060936426. 128. en. September 6, 2022. The philosophy that had prevailed in Washington since 1921, that the object of government was to provide prosperity for those who lived and worked at the top of the economic pyramid, in the belief that prosperity would trickle down to the bottom of the heap and benefit all.. March 3, 2021. https://web.archive.org/web/20210303000016/https://books.google.com/books?id=N9TiWUk6TqUC. live.
  18. Web site: Wiseman . Paul . Trickle-down economics gets another try . 2022-10-18 . The Detroit News . en-US . October 18, 2022 . https://web.archive.org/web/20221018190311/https://www.detroitnews.com/story/news/politics/2017/11/17/taxes-trickle-economics/107795832/ . live .
  19. News: Reagonomics or 'voodoo economics'? . BBC News . June 5, 2004 . January 4, 2012 . August 29, 2017 . https://web.archive.org/web/20170829072015/http://news.bbc.co.uk/1/hi/world/americas/270292.stm . live .
  20. https://www.theatlantic.com/magazine/archive/1981/12/the-education-of-david-stockman/305760/?single_page=true "The Education of David Stockman"
  21. William Greider. The Education of David Stockman. .
  22. White. Michael. Creative statistics: the Laffer Curve and taxation incentives.. Journal of Australian Political Economy, The. 14. 1983. 63-76.
  23. Web site: Thomas . Sowell . January 7, 2014 . The Trickle-Down Lie . National Review . May 24, 2022 . May 24, 2022 . https://web.archive.org/web/20220524023321/https://www.nationalreview.com/2014/01/trickle-down-lie-thomas-sowell/ . live .
  24. Galbraith, John Kenneth (February 4, 1982) "Recession Economics". . New York Review of Books Volume 29, Number 1.
  25. Web site: David Stockman's famous trip to the woodshed was prompted... . UPI . 1986-04-12 . 2024-01-02.
  26. Stiglitz . Joseph E. . December 2015 . 8. Inequality and Economic Growth . The Political Quarterly . en . 86 . 134–155 . 10.1111/1467-923X.12237 . February 1, 2023 . February 1, 2023 . https://web.archive.org/web/20230201170758/https://onlinelibrary.wiley.com/doi/10.1111/1467-923X.12237 . live .
  27. News: 2020-12-21 . Trickle-Down Economics Fails a Sophisticated Statistical Test . en . Bloomberg.com . 2023-02-01 . February 24, 2023 . https://web.archive.org/web/20230224165054/https://www.bloomberg.com/news/articles/2020-12-21/trickle-down-economics-fails-a-sophisticated-statistical-test . live .
  28. Web site: Picchi . Aimee . December 17, 2020 . 50 years of tax cuts for the rich failed to trickle down, economics study says . 2023-02-01 . CBS News . en-US . February 1, 2023 . https://web.archive.org/web/20230201220351/https://www.cbsnews.com/news/tax-cuts-rich-50-years-no-trickle-down/ . live .
  29. News: Christopher Ingraham . December 23, 2020 . 'Trickle-down' tax cuts make the rich richer but are of no value to overall economy, study finds . . Washington, D.C. . 0190-8286 . 1330888409 . October 3, 2022 . August 19, 2022 . https://web.archive.org/web/20220819175439/https://www.washingtonpost.com/business/2020/12/23/tax-cuts-rich-trickle-down/ . live .
  30. Staff Discussion Notes Volume 2015 Issue 013: Causes and Consequences of Income Inequality: A Global Perspective (2015) . 2023-02-03 . imfsg . en . 10.5089/9781513555188.006 . February 3, 2023 . https://web.archive.org/web/20230203050712/https://www.elibrary.imf.org/view/journals/006/2015/013/006.2015.issue-013-en.xml . live . free .
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  33. News: In the Real World of Work and Wages, Trickle-Down Theories Don't Hold Up. April 12, 2007 . The New York Times . February 23, 2017 . November 12, 2020 . https://web.archive.org/web/20201112022156/https://www.nytimes.com/2007/04/12/business/12scene.html. live.
  34. Web site: Fifty Years of Tax Cuts for Rich Didn't Trickle Down, Study Says. Bloomberg News. December 16, 2020. Craig Stirling. December 17, 2020. December 17, 2020. https://web.archive.org/web/20201217184756/https://www.bloomberg.com/news/articles/2020-12-16/fifty-years-of-tax-cuts-for-rich-didn-t-trickle-down-study-says. live.
  35. Book: Okun, Arthur M.. Equality and Efficiency, the Big Tradeoff. registration. 1975. Brookings Institution. 9780815764762. 46–47. en.
  36. Book: Baumol, William J.. The Microtheory of Innovative Entrepreneurship. July 1, 2010. Princeton University Press. 9781400835225. 80. en. September 17, 2020. December 27, 2020. https://web.archive.org/web/20201227204046/https://books.google.com/books?id=REsy7T4EO8gC. live.
  37. Romer. Paul. February 1, 1994. New goods, old theory, and the welfare costs of trade restrictions. Journal of Development Economics. 43. 1. 5–38. 10.1016/0304-3878(94)90021-3. 28772407. 0304-3878.
  38. Jamie. Morgan. A critique of the Laffer theorem’s macro-narrative consequences for corporate tax avoidance from a Global Wealth Chain perspective. Globalizations. 17 February 2021. 1474-7731. 174–194. 18. 2. 10.1080/14747731.2020.1760420.
  39. News: Art Laffer still thinks he was right about tax cuts . en-US . Washington Post . 2023-02-03 . 0190-8286 . November 30, 2022 . https://web.archive.org/web/20221130213718/https://www.washingtonpost.com/lifestyle/2022/11/02/laffer-truss-trump-tax-cuts/ . live .
  40. News: Elliott . Larry . 2022-09-20 . Liz Truss favours trickle down economics but results can be trickle up . en-GB . The Guardian . 2023-02-03 . 0261-3077 . October 20, 2022 . https://web.archive.org/web/20221020125826/https://www.theguardian.com/business/2022/sep/20/liz-truss-favours-trickle-down-economics-but-results-can-be-trickle-up . live .
  41. Web site: Trickle-down economics gets new life as Republicans push tax-cut plan. USA Today. May 7, 2021. May 9, 2021. https://web.archive.org/web/20210509061759/https://www.usatoday.com/story/money/2017/11/19/trickle-down-economics-gets-new-life-republicans-push-tax-cut-plan/878702001/. live.
  42. https://corporatefinanceinstitute.com/resources/knowledge/economics/reaganomics/ "Reaganomics"
  43. Marr, Chuck (August 1, 2014). "Reagan’s Actions Made Him a True EITC Champion" . Center on Budget and Policy Priorities. Retrieved May 16, 2021.
  44. Casselman, Ben and Jim Tankersley (April 14, 2019). "Face It: You (Probably) Got a Tax Cut" . The New York Times. Retrieved May 16, 2021.
  45. Book: The Cross and Reaganomics: Conservative Christians Defending Ronald Reagan. Crouse, Eric R.. Rowman & Littlefield. 2013. 31. 9780739182222.
  46. Web site: Commercials – 1992 – Trickle Down. The Living Room Candidate . en. March 13, 2017. December 27, 2020. https://web.archive.org/web/20201227204017/http://www.livingroomcandidate.org/commercials/1992/trickle-down. live.
  47. Web site: 2012-10-16 . How Bill Clinton Engaged With One Voter To Win 1992 Town Hall Debate . 2024-07-30 . HuffPost . en.
  48. News: Wealth doesn't trickle down – it just floods offshore, research reveals. Heather Stewart. The Guardian. July 21, 2012. August 6, 2012. London. November 2, 2013. https://web.archive.org/web/20131102004811/http://www.theguardian.com/business/2012/jul/21/offshore-wealth-global-economy-tax-havens. live.
  49. Web site: Evangelii Gaudium: Apostolic Exhortation on the Proclamation of the Gospel in Today's World. Holy See. December 9, 2019. August 11, 2015. https://web.archive.org/web/20150811092426/http://w2.vatican.va/content/francesco/en/apost_exhortations/documents/papa-francesco_esortazione-ap_20131124_evangelii-gaudium.html#No_to_an_economy_of_exclusion. live.
  50. News: Chapman. Kate. October 28, 2011. Labour campaign video harks back to history. en. Stuff.co.nz. October 5, 2016. December 28, 2017. https://web.archive.org/web/20171228055901/http://www.stuff.co.nz/national/politics/5870477/Labour-campaign-video-harks-back-to-history. live.
  51. News: Jacob . Pramuk. September 26, 2016. Clinton: Trump would cut taxes for the rich in 'trumped up' trickle down economics. CNBC. September 17, 2017. December 27, 2020. https://web.archive.org/web/20201227204018/https://www.cnbc.com/2016/09/26/clinton-trump-would-cut-taxes-for-the-rich-in-trump-dump-economics.html. live.
  52. Web site: Biden: 'Trickle-down economics has never worked'. April 28, 2021. April 29, 2021. April 29, 2021. https://web.archive.org/web/20210429141703/https://thehill.com/policy/finance/550848-biden-trickle-down-economics-has-never-worked. live.
  53. Web site: Biden Criticizes 'Mega-MAGA Trickle-Down Economics' . 2022-11-03 . WSJ . en . November 3, 2022 . https://web.archive.org/web/20221103032825/https://www.wsj.com/livecoverage/midterms-elections-voting-2022-10-24/card/biden-democrats-are-beating-the-tide--c5RXlj5leVUu4n8rq5Y0 . live .
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  56. Web site: 2017-08-20 . The Political Failure of Trickle-Down Economics . 2023-02-01 . Paul Krugman Blog . en . February 1, 2023 . https://web.archive.org/web/20230201222323/https://archive.nytimes.com/krugman.blogs.nytimes.com/2017/08/20/the-political-failure-of-trickle-down-economics/ . live .
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  65. Web site: Mason . Rowena . 'No way' Truss's policies are trickle-down economics, says minister . the Guardian . 2022-09-21 . 2024-01-02.

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