President George Bush Sr., once called the Reagan tax cut, supply-side economics, “Voodoo economics.” Bush did not believe that if you showered money on the wealthiest individuals and the biggest corporations, that the benefits would “trickle” down to the masses. In the intervening 30 years we have learned that President Bush, the senior, was correct, Reaganomics, or trickle down economics was a disaster for the vast majority of Americans.
Here are just a few facts to expose the trickle down voodoo: Between 1980 and 1989, the Reagan years, the average wage in the US increased 3%, but for the top 1% income bracket, the increase was 80%. The average family income growth during that time barely rose at all, and for the poorest, it actually dropped by 10%. But for the richest 1%, their family income increased by a whopping 74%. Looks like trickle UP to me.