April 26, 2026

Trickle down theory—the less than elegant metaphor that if one feeds the horse enough oats, some will pass through [the horse] to the road for the sparrows.

John Kenneth Galbraith, (1908-2006), Canadian-born American economist and ambassador, The Culture of Contentment (1992), Jay p. 147

MEDITATION: Do you understand trickle down theory says that the benefits conferred by the state on the wealthy, for instance, will eventually benefit the middle and lower classes?

COMMENTARY: This theory assumes that if you cut taxes the beneficiaries of those tax cuts will put that money to work in ways that will benefit everyone else. You know, like the people who build yachts, operate very expensive restaurants, or sell really high fashion to trophy wives. It may work, but in the end it’s still horseshit.