{"id":13404,"date":"2020-12-20T08:33:15","date_gmt":"2020-12-20T07:33:15","guid":{"rendered":"https:\/\/mwehle.eu\/wp\/?p=13404"},"modified":"2020-12-20T09:58:21","modified_gmt":"2020-12-20T08:58:21","slug":"13404","status":"publish","type":"post","link":"https:\/\/mwehle.eu\/wp\/?p=13404","title":{"rendered":""},"content":{"rendered":"

Guardian<\/a>:<\/p>\n

Trickle-down economics doesn’t work but build-up does \u2013 is Biden listening?<\/span>
\nA new study confirms tax cuts for the rich do not benefit the rest.<\/span><\/p>\n

\u2026<\/p>\n

Politicians rarely want to raise taxes on the rich.\u00a0Joe Biden\u00a0promised to do so but a closely divided Congress is already balking.<\/p>\n

That\u2019s because they\u2019ve bought into one of the most dangerous of all economic ideas: that economic growth requires the rich to become even richer. Rubbish.<\/p>\n

\u2026<\/p>\n

In a new study, David Hope of the London School of Economics and Julian Limberg of King\u2019s College London lay waste to the theory. They reviewed data over the last half-century in advanced economies and\u00a0found<\/a>\u00a0that tax cuts for the rich widened inequality without having any significant effect on jobs or growth. Nothing trickled down.<\/p>\n

Meanwhile, the rich have become far richer. Since the start of the pandemic, just\u00a0651 American billionaires have gained $1tn of wealth<\/a>.<\/p>\n<\/blockquote>\n

In December 2020 what Americans believe the mass of Americans will benefit from the very wealthy becoming richer? Does Robert Reich honestly think this is why Congress objects to wealth taxes? This article perpetuates the fallacy that American politics increase disparity of wealth out of some sort of ignorance, from misguided altruism. Tax breaks for the wealthy are a mistaken attempt to help the impoverished. Ah, but now a new study provides corrective evidence which was lacking. Who possibly believes this?<\/p>\n

Guardian<\/a>:<\/p>\n

\n

Ten of the richest people in the world have boosted their already vast wealth by more than $400bn (\u00a3296bn) since the coronavirus pandemic began as their businesses were boosted by lockdowns and financial crises across the globe.<\/span><\/p>\n

The extra wealth accumulated by the 10 men \u2013 approximately $450bn, using Forbes figures \u2013 over the past nine months is more than the \u00a3284bn the British government is estimated to have spent on tackling the pandemic and the economic damage it has wrought on its 66 million people.<\/p>\n

In a related report, the campaign group Americans for Tax Fairness\u00a0estimates the collective wealth of America\u2019s 651 billionaires has risen by $1.1tn<\/a>\u00a0over the same period. Frank Clemente of Americans for Tax Fairness said:
\n\u201cTheir pandemic profits are so immense that America\u2019s billionaires could pay for a major Covid relief bill and still not lose a dime of their pre-virus riches. Their wealth growth is so great that they alone could provide a $3,000 stimulus payment to every man, woman and child in the country, and still be richer than they were nine months ago.\u201d<\/p>\n

\u2026<\/p>\n

Ana Arendar, the head of Oxfam\u2019s inequality campaign, said the fact that the richest of the rich have made so much money during the coronavirus pandemic \u201cproves beyond a shadow of a doubt that the global economic system is not fit for purpose\u201d.<\/p>\n

\u201cAllowing the wealth of a tiny few to explode while hundreds of millions suffer is nothing short of a dereliction of duty,\u201d she said of global governments\u2019 inaction on widening inequality.<\/p>\n

\u201cExtreme poverty is rising for the first time in a decade and hundreds of millions of people face dire hardship; in many cases failing into debt, skipping meals and being forced into destitution,\u201d Arendar said. \u201cGovernments need to stop pandering to the richest.“<\/p>\n<\/blockquote>\n

The language here perpetuates illusions, of course.<\/p>\n

„The global economic system is not fit for purpose\u201d? What purpose is envisioned?<\/p>\n

\u201cAllowing the wealth of a tiny few to explode \u2026<\/span> is nothing short of a dereliction of duty“? What duty is imagined?<\/p>\n

„global governments\u2019 inaction on widening inequality“? Inaction? How is the widening inequality thought to have been generated?<\/p>\n

Last year on the occasion of Habermas’s 90th<\/sup> birthday, Die Zeit<\/a>:<\/p>\n

F\u00fcr Habermas ist der Hinweis auf die „Komplexit\u00e4t“ moderner Gesellschaften zur faulen ideologischen Ausrede geworden, zu einer Art Selbstentwaffnung politischer Eliten, die den Mut zur gestaltenden Politik verloren h\u00e4tten. Anstatt alles daf\u00fcr zu tun, die transnationale Zusammenarbeit zu vertiefen, beugten sie sich einer „abstrakt beschworenen Wettbewerbsf\u00e4higkeit“ und damit dem Trend wachsender Ungleichheit.<\/p><\/blockquote>\n","protected":false},"excerpt":{"rendered":"

Guardian: Trickle-down economics doesn’t work but build-up does \u2013 is Biden listening? A new study confirms tax cuts for the rich do not benefit the rest. \u2026 Politicians rarely want to raise taxes on the rich.\u00a0Joe Biden\u00a0promised to do so … Weiterlesen →<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-13404","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"_links":{"self":[{"href":"https:\/\/mwehle.eu\/wp\/index.php?rest_route=\/wp\/v2\/posts\/13404","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/mwehle.eu\/wp\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mwehle.eu\/wp\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mwehle.eu\/wp\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/mwehle.eu\/wp\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=13404"}],"version-history":[{"count":0,"href":"https:\/\/mwehle.eu\/wp\/index.php?rest_route=\/wp\/v2\/posts\/13404\/revisions"}],"wp:attachment":[{"href":"https:\/\/mwehle.eu\/wp\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=13404"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mwehle.eu\/wp\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=13404"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mwehle.eu\/wp\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=13404"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}