Regarding the Nov. 17 letter “Increase demand,” supply-side economics and austerity thinking harm our economy and keep it from recovering.
To interpret, “supply side” means giving wealthy people and corporations large tax breaks, and “austerity” means telling everyone else that there is no money to create jobs or give them raises, so they must do without. Supply-side economics only creates large deficits as the money all goes to the top 1 percent where it sits. The top 1 percent does not need the money, so it’s taken out of circulation.
The people are always told if we give the wealthiest large tax breaks, they will create jobs. It never works. The jobs are never created as promised. All politicians promise to create jobs, but after election, they quit talking about jobs. Most legislators are wealthy, so they blame the poor.
When the people rebel loudly enough, the wealthy are made to pay their share of taxes again, the deficit goes away, money starts flowing again and jobs are created. When the people forget, a decade later, legislators try supply-side economics again.
Either way, the wealthy benefit, so why they demand supply-side economics, which only hurts everyone else, has never made sense.