Editorial comment ///

I remember it almost to the day: It was in December 1981. I was hammering on a roof, listening to the radio, when it suddenly became OK to flaunt wealth. It was just revealed that President Ronald Reagan’s “supply side” economics were really “trickle down” economics that weren’t even endorsed by his budget architect, David Stockman. Previously, it had been relentlessly explained that, as long as the rich were getting richer, even if the money had to come from the poor and middle class (with the help of governmental policy), everyone would somehow get richer—you know, a rising tide floats all boats. In reality, it worked out more like corralling water from a big lake into a relatively small, but very high-priced, and exclusive, marina. It lowered the lake level.

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