Biden Just Obliterated The GOP’s Trickle Down Economics With The World Watching

Last updated on July 18th, 2023 at 01:28 pm

President Biden looked Republicans in the eye and destroyed trickle-down economics with the world watching.

Video:

To get more stories like this, subscribe to our newsletter The Daily.

The President said:

When you hear someone say that they don’t want to raise taxes on the wealthiest 1% and on corporate America – ask them: whose taxes are you going to raise instead, and whose are you going to cut?

Look at the big tax cut in 2017.

It was supposed to pay for itself and generate vast economic growth.

Instead it added $2 trillion to the deficit.

It was a huge windfall for corporate America and those at the very top.

Instead of using the tax savings to raise wages and invest in research and development – it poured billions of dollars into the pockets of CEOs.

In fact, the pay gap between CEOs and their workers is now among the largest in history.

According to one study, CEOs make 320 times what their average workers make.

The pandemic has only made things worse.

20 million Americans lost their jobs in the pandemic – working- and middle-class Americans.

At the same time, the roughly 650 Billionaires in America saw their net worth increase by more than $1 Trillion.

Let me say that again.

Just 650 people increased their wealth by more than $1 Trillion during this pandemic.

They are now worth more than $4 Trillion.

My fellow Americans, trickle-down economics has
never worked.

It’s time to grow the economy from the bottom up and middle-out.

Joe Biden destroyed the lie that Republicans have been using for decades to cut taxes for the wealthy and corporations at the expense of everyone else.

President Biden is building an economy for the rest of America and the top one percent will pay their fair share.

Jason Easley

Jason is the managing editor. He is also a White House Press Pool and a Congressional correspondent for PoliticusUSA. Jason has a Bachelor’s Degree in Political Science. His graduate work focused on public policy, with a specialization in social reform movements.

Awards and  Professional Memberships

Member of the Society of Professional Journalists and The American Political Science Association