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For many years I was a believer in the idea that taxation throttled back the economy and inhibited prosperity. I bought into the idea that government spending somehow diverted money from those who produced stuff. I was wrong. It’s never been more clear than in recent years when we watched massive tax cuts trickle up as corporations bought back their own stock to enhance the value of executive stock options.
Historian Heather Cox Richardson’s Column concludes, “As the [trickle-down] system comes under increasing scrutiny, Biden’s renewal of traditional economic policies is showing those policies to be more successful than the Republicans’ system ever was. If Americans turn against the Republican formula of slashing taxes and deregulating business, those at the top of the economy stand to lose both wealth and control of the nation’s economic system.”
She notes that claims for unemployment insurance were up a bit despite the favorable job numbers. I’d be interested to know if there is a seasonal uptick as schools let out and summer pastimes beckon–but that’s my cynical side speaking.