By John Tamny RealClearMarkets
Last October, this column addressed the notion of trickle-down economics. The aforementioned concept has to do with the basic belief that the economic gains made by the rich accrue to those not rich.
Economic thinkers from Paul Krugman to Jared Bernstein to Jonathan Chait (Chait refers to thinking here as the "Big Con") have dismissed the idea that the above is real, but as the referenced column showed, trickle-down economics quite simply is. Indeed, all it took to prove this point was to collect media accounts showing how economic uncertainty for the well-to-do in our midst had greatly impacted those not as well-to-do. This revealed itself everywhere from the retail sector to tips given at restaurants to charity.
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