From the Back Cover
Trickle-down economics is a lie that has dominated economic policy for more than thirty years now. It says that tax cuts targeted at the people on top will stimulate business investment and entrepreneurship and thereby create jobs and economic growth. All the empirical evidence to the contrary has not been sufficient to discourage the telling of this one. It is the all-purpose big-money lie--if you give me special treatment, others will benefit, so it is in their interests and on their behalf that I want my favored status. In fact, unless I get my specially carved-out graft, I might just lie down on the job, and then God knows what will happen to the American way itself.
The whole argument is transparently silly, or we should urgently be giving breaks to police, firefighters, doctors, and nurses. Otherwise, they all might become dispirited, discouraged from risk-taking, and lie down on the job. It is a marvel today that everybody who does not get capital gains treatment on their earned income does not just go out on strike, shouting, "Enough! Enough of all your bull! We want to be incentivized too."
--This text refers to the
About the Author
a native of Minneapolis, was formerly a Wall Street analyst at Kidder, Peabody & Co., and Bear Stearns. In 1992, he co-founded New Vernon Associates, an institutional equity research firm, leaving as chairman in 2008. He is also an ordained Episcopal priest.