President Joe Biden on Friday drew sharp contrast between the coronavirus relief bill that was recently passed with only the support of Democrats and past GOP policies of trickle-down economics.
Trickle-down economics -- which was slammed by George H.W. Bush as "voodoo economics" -- is the theory that giving money to those who already have it will result in the money trickling down to those who need it.
"The bill does one more thing, that I think is very important: it changes the paradigm. For the first time in a long time, this bill puts working people in this nation first," Biden said. "It's not hyperbole, it's a fact."
"And the theory was -- we've all heard it, especially the last 15 years -- the theory was, cut taxes and those at the top and the benefits they get will trickle down to everyone. Well, you saw what trickle down does, we've known it for a long time. this is the first time we've been able since the Johnson administration, maybe even before that, to begin to change the paradigm," he explained.
"We've seen time and time again that that trickle down does not work. By the way, we don't have anything against wealthy people. you have a great idea, go out and make millions of dollars, that's fine, i have no problem with that. But guess what, you've got to pay your fair share, you've got to pay because guess what? Folks making -- living on the edge, they're paying," he explained. "And so again, all it has done is make those at the top richer in the past and everyone else has fallen behind."
"This bill shows when you do that, everybody does better. The wealthy do better, everybody across the board. If that's our foundation, then everything we build upon will be strong," Biden said. "A strong foundation, our competitiveness around the world, the jobs here at home, the health and quality of our lives -- that's what the American Rescue Plan represents."
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