I grew up during Reaganomics
Reaganomics refers to the systematic redistribution of wealth upwards (whether intentional or not), based on the assumption that certain tax breaks and monetary policies will cause the wealth of the top 1% to “trickle down” to the lower classes at some point. Hailed by Republicans, and criticized by others, Reaganomics remain a controversial subject in economic circles because Reaganomics, a “redistribution of wealth upwards”, turned out to be highly misleading. Cutting taxes on the wealthy did not constitute redistribution; it marked a decrease in redistribution downwards (taking money from some to give to other). Taking less money from some to give to others who did not earn it was the opposite of redistribution of wealth. It was a step closer to allowing free-market distribution of wealth.
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