FAH1223 wrote:Our economic policy focuses little on the demand side. And it's been that way for 40 fooking years.
Always supply side.
FAH - he may be right but he starts with a simple statement that doesn't really describe all that happened - he only took a very small part of what actually happened - the decreasing tax rates for the top end since 1980 weren't the only reason for inequality.
He doesn't describe other factors that were equally at play since the 70s. Namely, increased taxes on corporations, increased tax carveouts that favored purchasing companies over developing products, growth of services vs. agriculture and industry, deficit spending that reduced spending on infrastructure and R&D, (Google, Apple, Microsoft), etc., etc., etc.
It is like he is describing flying a plane and only talks about engine RPM, not windspeed, altitude, etc.
It is a simple argument and it is only partially correct - the larger reason for inequality has been Globalization, computers (Google, Apple, Microsoft), carveouts to allow large companies to get tax deductions when purchasing other companies - now the current Forbes 400 is now primarily made up of newly wealthy business owners, not heirs and heiresses.
So, he is right tax cuts for the rich aren't moral or helpful. But his overall argument is weak and unproven.
And his argument that we need to invest in the American people is right - but he doesn't go into why more and more our receipts are diverted away from education. And why the return on our tax dollars toward education is shrinking in real terms.
I give his video a "half-true" grade.