US President Joe Biden hit out at the trickle-down economic model saying he is “tired” and “sick” because it has never worked.
In a statement on Tuesday, September 20, the US president said the theory that cutting taxes for businesses and the wealthy will see the benefits “trickle down” into the pockets of poorer workers.
As such, Biden said he was building an economy from the bottom-up.
“I am sick and tired of trickle-down economics. It has never worked. We’re building an economy from the bottom up and middle out,” Biden said in a Tweet.
Trickle-down economics is a phrase – often used by critics – that means giving tax cuts to higher earners or businesses in the belief the benefits will be felt throughout society.
Kenya’s President William Ruto has been praising the bottom-up economic model saying the model is anchored on deliberately promoting investments targeting the millions who are unemployed, hustler enterprises/farmers groups.
According to Ruto, the trickle-down economic model failed because all it did was breed cartels and monopolies that benefit a few individuals.
“It is the economy. Trickle-down failed (because all it did was) aiding patronage and cronyism, breeding cartels and monopolies that benefit few individuals,” William Ruto said.
In June 2021, the then UDA presidential candidate whose main agenda was anchored on the bottom-up economic model shared a video of former US President Barrack Obama praising the model.
In the video, Obama heaped praise on the model, saying it is about giving everyone a chance to succeed economically in life.
“This is not about a few people doing well. We want everybody to do well. It is about giving everybody a chance to do well,” Obama said.