Letter: Horse and sparrow economics
Mitt Romney's campaign on what Barack Obama very kindly calls, "top-down economics," is really called trickledown economics.
Trickledown economics has been the Republicans' fiscal agenda forever. When the rich people of the population have a disproportionate amount of the country's money, they can afford to lobby for a disproportionately smaller tax rate and other clever loopholes, including stashing money outside the country to avoid taxes. That makes it all legal, and the rich can still feel all saintly and patriotic about the whole thing. They just don't want others to know about it lest they look a bit unpatriotic.
Whatever savings the rich top 1 percent garner from these tax tricks is supposed to trickle down to us in the form of jobs. That's assuming the people have enough money to create a demand for a product or service.
John Kenneth Galbraith, the late, great economist, renamed trickledown economics and called it "the horse-and-sparrow theory." It goes like this: the horse (the rich 1 percent) gets fed nice, fresh expensive oats (tax breaks and loop holes). The sparrows (us, the 99 percent) perch on a wire and wait. The horse (the rich 1 percent) goes into the alley and makes a fresh pile of horse apples. The hungry sparrows (us, the 99 percent) fly into the alley and start picking at the pile and eating the oats the horse didn't digest (low paying jobs and some charity).
At the rate Mitt Romney, Paul Ryan and the Republicans are talking about lowering even more taxes (equivalent to upgrading the quality of the oats so they are more digestible) for the rich, there will soon be no oats in the horse apples.
You can tell right there what message the horse is sending the sparrows. I'm sure I don't have to spell it out for you.
Third World country anyone?
Lavonne Halloran Reller