Obama’s Trickle Up Economics

Today, President Obama gave a speech detailing his belief in what can only be called, “trickle up economics.” Rush Limbaugh went to town on these soundbites today on his radio show, calling Obama a “close-minded economic bigot.”

Now, I just think we’ve got our priorities skewed if the notion is that we give tax breaks to folks who don’t need them and, to help pay for that, we tax folks who are already struggling to get by.  That’s not how you grow an economy.  You grow an economy from the middle out, and from the bottom up.

…when middle-class families have money in their pockets, they go out and buy that new car or that new appliance or the new computer for their kids or they go out to a restaurant–heaven forbid they take a vacation once in a while–and that money goes back into the economy and businesses (rich people?) do well because they’ve got more customers.  And, you know, here’s the thing.  There are a lot of well to do Americans, patriotic Americans who understand this and are willing to do the right thing.                – President Barack Obama 8/3/2012

If you’re tempted to agree with the president, that the economy is faltering because greedy rich people aren’t doing their fair share, take a few minutes to watch the following from Learn Liberty. While Rush is entertaining, I’ll start trusting him more after he has Tom Woods on his show for an interview!
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