News-Journal Endorses Supply-Side Economics

When the rich feel recession, workers suffer

But economists say that recent signs of cutting back by the affluent could hurt the economy and deliver even more pain to lower-income workers, who are dependent on their business and fat tips.

For example, Nathan Warren has seen his monthly wages drop to $1,800 when his work as a limo driver was cut from five days to three. “I have to struggle to get by. I am pinching pennies,” said Warren, 30, a Costa Mesa, Calif. resident. “I am eating more cereal and am not buying clothing.”

Didn’t the media deride this as “trickle-down economics” when Ronald Reagan argued this theory? Somehow, I doubt they’ll give him credit for his concern for the poor.

Advertisements