Joseph Stiglitz: Trickle-down economics is 'absolutely wrong'

The video discusses the economic policy changes initiated in the 1980s, focusing on tax cuts and deregulation aimed at increasing economic growth. However, these policies have led to increased inequality, with the top 1% and top 0.1% seeing significant income gains. Contrary to the trickle-down economics theory, median income has stagnated, and the minimum wage has not increased in decades, indicating a failed economic system for the majority.

What was the primary goal of the economic changes initiated during Reagan's presidency?

• To improve international trade relations

• To reduce government spending

• To increase economic growth through tax cuts and deregulation

• To decrease the national debt

What was one of the significant outcomes of the economic policies over the past third of a century?

• A decrease in the national debt

• A reduction in income inequality

• A significant increase in income for the top 1% and 0.1%

• An improvement in the minimum wage

How did the share of income for the top 1% change as a result of the economic policies?

• It decreased by half

• It remained the same

• It increased two-fold

• It increased five-fold

What has been the impact of trickle-down economics on median income?

• It has doubled

• It has stagnated

• It has decreased by half

• It has significantly increased

What is the critique of the economic system discussed in the final section?

• It has successfully improved living standards for all

• It has failed to improve living standards for the majority

• It has only benefited international trade

• It has reduced the national debt significantly