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Thursday, November 05, 2009
158 - "We have to tolerate inequality to achieve greater prosperity and opportunity for all": The Right-Wing Mind's Strained Relation To Reality
Today, in a change of pace, a single subject podcast: trickle-down economics and the unsustainable economic inequality and social ills it produces.
Sometimes escaping from the mouth of a right-winger is an utterance so jaw-dropping, that it merits an entire show.
Brian Griffiths is a Goldman, Sachs international advisor. He was recently discussing Wall Street salaries and bonuses. You've probably heard that the financial industry is all set to award itself a record $140 billion in total compensation this year. Goldman, Sachs all by its lonesome will pass out $23 billion in bonuses.
Griffiths said in defense of such numbers:We have to tolerate the inequality as a way to achieve greater prosperity and opportunity for all In case your brain has the same reaction mine did the first time I heard that -- this doesn't compute, this doesn't compute -- let me repeat it.
This former advisor to Margaret Thatcher said with a straight face:We have to tolerate the inequality as a way to achieve greater prosperity and opportunity for all Ah, trickle down economics. Thatchernomics. Reaganomics. Right-wing economics. Let me become filthy rich, it will be better for you also, better for everyone.
Really?
I think not. As one economist summed up the available empirical evidence:Trickle-down theory…predicts a positive correlation between inequality and economic growth, the idea being that income disparities strengthen motivation to get ahead. Yet when researchers track the data within individual countries over time, they find a negative correlation. For more details, please do listen to the show (and you'll also hear an amazing soundbite of Bill O'Reilly at his worst).
(PS: Right-wingers, if you want to write in to me, fine, but at least do me the courtesy of listening to the podcast first. Please don't respond just on the basis of the brief preview above. Thanks!!)
Scheduling note: episodes of Blast The Right will be posted every three weeks.
Jack Clark 7:53 PM
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