Robert B. Reich: Why is trickle-down economics still relevant? | Editorials

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Within weeks of taking office, Britain’s new Prime Minister, Liz Truss, and her Chancellor of the Exchequer, Kwasi Kwarteng, proposed a sweeping new set of economic measures that echoed the fallout policies of Margaret Thatcher and Ronald Reagan. – heavy on tax cuts for the rich and deregulation.

Last Monday, after a backlash from investors, economists and members of his own party, Mr Kwarteng overturned one of the proposals, deciding not to abolish the 45% tax rate on top earners. But proposals for further tax cuts worth tens of billions of pounds remain intact as the government insists it is on the right track.

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