According to Paul Ryan in this Sunday’s New York Times, “We’re six years into the Obama economic policies. … The wealthy are doing really well. They’re practicing trickle-down economics now.” Trickle-down economics is, of course, the Republican view that giving tax cuts to the rich will let them hire more poor people and some of the wealth will trickle down to the poor. All along the Republicans have been accusing Obama of practicing class warfare against the rich, but actually he has secretly beendoing just the opposite. Who knew! So I say the Republicans owe him one big fat apology. And Ryan deserves to win the very next Nobel Prize in Political Scientology.
Seriously though, inequality has been increasing since Reagan took office, and it still is. Economists are not entirely sure why. But it’s likely that cutting the top tax rate from 90% to 38%, letting inflation erode the minimum wage, and reduced unionization have something to do with it.