“trickle down”

The wealthy and corporations got a visit from Santa Claus, but the rest of us got Scrooged again on Budget night.

A windfall in tax income — derived in part from higher than expected royalties and corporate taxes in the mining sector, owing to higher prices for iron ore, coal and oil — provided ideal conditions for the government’s pre-election budget.

There was never a chance that Treasurer Scott Morrison would use this windfall to boost social spending — that just wouldn’t accord with the Malcolm Turnbull government’s “trickle down” economics.

Yet another report has been released showing the capitalist “trickle down” promise is rubbish.

The World Inequality Report 2018 — produced by the World Inequality Lab at the Paris School of Economics — busts the neoliberals’ myths about globalisation and privatisation working for everyone. It shows that the wealth gap is widening and, in some countries, very dramatically.

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