With Respect to The Middle Class …

Today’sNew York Times hammers the Republicans for the failure of trickle down economics.

It was always a noxious concept, and never had any theoretical or empirical content. But it sounded nice. The problem with trickle down economics is that the trickle petered out at the 1% level of all income earners. In fact the trickle got well and truly stuck up in that rarified air.

So stuck, in fact, that we should re-name it as “trickle up”.

Then again when we look at the inequality gap that has yawned wide open since the days of Laffer and his infamous curve, even that phrase is totally inadequate.

“Deluge up”?

Yes, that’s about right. The deluge of wealth that has poured into the top 1% of earner’s coffers is astounding.

Perhaps Laffer had his curve upside down?