ThinkProgress has the Obama quote on Trickle down economics:
And that theory fits well on a bumper sticker. Here’s the problem: It doesn’t work. It has never worked. It didn’t work when it was tried in the decade before the Great Depression. It’s not what led to the incredible post-war boom of the 50s and 60s. And it didn’t work when we tried it during the last decade.
And the author of the article, Travis Waldron, goes on to support the President’s contention:
Obama is right. The trickle-down policies put in place since the Reagan administration haven’t brought prosperity to the middle- and working-classes; if anything, they have made prosperity an illusion for the vast majority of Americans who don’t directly benefit from them.
Someone should probably tell his wife, the First Lady. You see, class warfare is perfectly acceptable when you’re attacking Sarah Palin’s $300 shoes or Ann Romney’s $900 blouse. But mention Michelle Obama’s $6,800 Jacket? Stylist Robert Verdi:
“She isn’t just wearing a $6,800 jacket–she’s supporting the commerce of the nation.” He added that “It’s not wasteful, it’s inspiring: it’s a New York company-selling a product made in the US…and it helps the tailor and the little dry cleaner on the corner stay in business.”
So, to recap, wealthy Sarah Palin and Ann Romney don’t help the tailor or the dry cleaner, and they are the “evil 1%” for their wardrobe expenses. But Michelle Obama’s much more expensive style choices are inspiring and evidence of successful trickle-down economics that the President says heretofore “never worked.” It’s an Obama world. I’d imagine the same “reasoning” will be used to explain the numerous expensive vacations, and even Obama’s excessive golfing: Just doing their part to support the economy!