Bits and Pieces 14: Will Rogers on Trickle-down Theory
The Trickle-down Theory, has been around a long time. Back in the 1800’s, they called it the Horse and Sparrow Theory. If you feed the horse enough grain, some of it will be left over for the sparrows. No economist took it seriously. By Will Rogers day it was called the trickle-down theory and the picture shows what he thought of it. Eric Laffer convinced Ronald Reagan that he should try Laffer’s version of it, and the economy grew less while the public debt ballooned. George W. Bush tried the same thing, and that plus two unfunded wars put our nation deeper in debt.
At the state level, Oklahoma has tried their version of it. They are now having to make cuts in education, infrastructure, the salaries of public workers, and pension plans. Even yet, Oklahoma is cutting taxes even more next year thinking that the problem is that they just have not tried it hard enough. Governor Sam Brownback has put Kansas deeply in debt with his experiment, he calls it, with the trickle-down theory. He refuses to raise taxes even though there is $179 million budget shortfall. Governor Brownback, too, thinks the problem is that Kansans just have not wished hard enough that Tickle-down Theory will work. He is also wishing that the $500 million budget deficit projected for next year will somehow magically go away.
Will Rogers had the theory right. Money trickles up and pools at the top. Those at the top really like that, and they pour campaign money to politicians who will try keep trying the Trickle-down Theory. If there is one good thing that comes out of Brownback’s experiment in Kansas, it will prove once and for all that the Trickle-down Theory does not work. Why should it, it never has.