'Saint ronnie raygun’s' Labor Secretary Admitted ‘Trickle-Down’ Failed, Led to Inequality

After the release of the monthly jobs numbers last Friday, PBS’s Newshour spoke with economist Barry Bluestone about the success of “The Gipper’s” trickle-down economics regarding socioeconomic inequality.He explains why, for the 4 million long-term unemployed, things are not looking any rosier. Inequality for those at the bottom persists, and as he explains, it is linked to high unemployment.
Destroying the basic tenets of top-down trickle-down reaganomics, he said, “The wealthiest people spend maybe 30% of their income. Poor people spend 100%, working people spend 98%, so as we move money away from working families towards very wealthy families, we take more and more consumption out of the economy, means slower and slower growth, means higher and higher an extended unemployment.”
The interview gets even better, as Bluestone struggles to explain why the repugican establishment has refused to abandoned trickle-down economics even in the face of growing social economic inequality.
Please watch the video below and share this and other related articles on social media forums so that everyone will know that trickle-down Reaganomics leads to growing wealth inequality.

When Reagan's Labor Secretary Was Wrong About Inequality