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Warren Buffett: Trickle-Down Theory Doesn't Work

Discussion in 'Sports and News' started by secretariat, Nov 21, 2010.

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  1. secretariat

    secretariat Active Member

    Maybe one of the world's richest men knows a thing or two about the economy.

    "If anything, taxes for the lower and middle class and maybe even the upper middle class should even probably be cut further," Buffett said. "But I think that people at the high end -- people like myself -- should be paying a lot more in taxes. We have it better than we've ever had it.

    "The rich are always going to say that, you know, just give us more money and we'll go out and spend more and then it will all trickle down to the rest of you. But that has not worked the last 10 years, and I hope the American public is catching on."

  2. Dick Whitman

    Dick Whitman Well-Known Member


    Liberals are right and conservatives are (mostly) wrong when it comes to economics.

    Problem is that liberal economics just sound counterintuitive. The GOP has an easier sell.

    P.S. I'm assuming an ideally functioning, efficient government. I understand that wasteful spending and willy nilly regulation can muck things up. Which is one legitimate reason that conservatives don't trust Democratic economic proposals - because they feel that what actually gets passed, larded with earmarks and such, is not even closely related to what was proposed in theory.
  3. spnited

    spnited Active Member

    Never mind the last 10 years. Reagan tried to convince us trickle down worked 30 years.
    It didn't work then, it doesn't work now.
    Give the rich more money and all you have is richer rich people while the middle class treads water.
  4. Point of Order

    Point of Order Active Member

    Yeah, I thought this was long settled.
  5. YankeeFan

    YankeeFan Well-Known Member

    Is someone stopping Warrwn from giving the government more of his money?

    Also, notice that when he decided to give away hundreds of millions of dollars he chose to do so through Bill Gates' charity and not give it to the government.

    I'll bet he thinks Bill will spend it better.
  6. Dick Whitman

    Dick Whitman Well-Known Member

    This is the, "Al Gore has a high electricity bill!" argument, applied elsewhere.

    Just as I know that recycling a single plastic bottle isn't going to stop global warming and save the planet, Warren Buffet knows that even his sizable contribution to the federal government would not boost the economy in any noticeable way.

    These changes have to be matters of sweeping policy that bind everyone.
  7. RickStain

    RickStain Well-Known Member

    I don't think the last 10 years can be used as proof for or against anything like that. It's just proof that if you live it up on debt for awhile, eventually it all falls apart.
  8. YankeeFan

    YankeeFan Well-Known Member

    How much of Warren Buffett's wealth is "income"?

    If you want to tax the super wealthy, you need to tax wealth not income.

    Let's see if Warren is in favor of that.

    By the way he's already planning his estate, it's pretty clear how he feels.
  9. SpeedTchr

    SpeedTchr Well-Known Member

    If the old goat feels so strongly about this, he should immediately sign over his entire fortune to the Treasury. Put your money where your mouth is, old man. You too, Gates Sr.
  10. Dick Whitman

    Dick Whitman Well-Known Member

    Again, he knows that this wouldn't do any good. It has to be a collaborative, widespread effort.

    What you're saying makes as much sense as the people who say Al Gore should live in a tent in the woods.

    Either would be a gesture with no impact.
  11. SpeedTchr

    SpeedTchr Well-Known Member

    Dick, it has to start somewhere. Since he is the one flapping his gums about it, let him make the ceremonial first deposit.
  12. OnTheRiver

    OnTheRiver Active Member

    By this logic, Bush should've given Jenna an M-16 and a flak jacket, right?
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