Extinction Level Event

JM Ashby
Written by JM Ashby

(Cartoonist - Matt Davies)

In other news, business bankruptcies increased by 78 percent in September (747) compared to the same period last year and jumped significantly (+222) in just the last month after stimulus measures all faded.

Meanwhile, our trade deficit in goods reached an all-time record high last month, but even including services our deficit was the highest in 14 years.

Finally, Pope Francies says trickle-down economics is a lie that has never delivered for the vast majority of humans.

The pope took direct aim at trickle-down economics, the theory favoured by conservatives that tax breaks and other incentives for big business and the wealthy eventually will benefit the rest of society through investment and job creation.

"There were those who would have had us believe that freedom of the market was sufficient to keep everything secure (after the pandemic hit)," he wrote.

Francis denounced "this dogma of neo-liberal faith" that resorts to "the magic theories of 'spillover' or 'trickle' ... as the only solution to societal problems". A good economic policy, he said, "makes it possible for jobs to be created and not cut".

The 2007-2008 financial crisis was a missed opportunity for change, instead producing "increased freedom for the truly powerful, who always find a way to escape unscathed". Society must confront "the destructive effects of the empire of money".

I can't disagree with any of this, but I would add that the people running the system are just as important as the systems we choose.

A bad or less than ideal system becomes even worse when the people responsible for it are only interested in abusing or destroying it. Our own system is far from perfect, but far more people would be doing significantly better if we had elected Hillary Clinton in 2016.

Move to a better system, but elect the next Donald Trump, and we won't do any better.

  • Aynwrong

    Good on the Pontiff. Capitalism is a deeply flawed economic system that deserves critical review and adjustments where necessary, (pretty significant adjustments in my opinion) not a dogmatic orthodox faith whose sacred commandments must be vehemently enforced by an order of high priests condemning all who disagree as heretics on behalf of the powerful patrons they shamefully serve for whom the sacred texts have worked so obscenely well for (which in my opinion, is what we have today).

    Cue up the usual orchestra of assholes who are always so thrilled when this same pope publicly speaks out against abortion, though thankfully not with the same as vitriol as his predecessors.

  • katanahamon

    Trickle down was simply another effort at propaganda to cover up the naked greed of the right wing. The right wing did get one thing correct..gaming the system, cheating, and achieving power through state level politics and gaining control of the Senate. Thus they were able to game the system even further, cementing their propaganda with the creation of Fox news, the election of the doltish Bush clan, and the game was won. The only way we can hope for..hope, is to expand the Supreme Court, and counter somehow the appointment of vast numbers of extreme right wing judges..not sure what we can do about that..

  • Draxiar

    When trickle down economics was being pushed by Reagan (aka Voodoo Economics was what HW called it) I was in elementary school and didn’t a frog’s fat ass about politics or the goings-on of Washington. So I don’t know what Reagan was hoping to achieve with it. Was it pushing money to the wealthy? Did he believe that businesses and stock holders would hope the rising tide would lift all boats? I have no idea. What I do know is that a major practical flaw in trickle-down is it doesn’t account for greed (again, unless it’s meant to facilitate it). So Pope Francis is absolutely not wrong here in calling out the greed that trickle-down has fertilized.