Very apt comment from Ha-Joon Chang on the perversity of trickle-down economics and the veneration of ‘wealth creators’. Neo-liberals like to think that lowering taxes on the rich and allowing them to keep higher profits encourages them to invest more and spread wealth and opportunity to others. Meanwhile, at the other end of the scale, constraining the minimum wage and other supports, like housing benefit, focuses workers’ minds on productivity and self-reliance, inducing them to work harder. This is a curious logic as Chang points out.
“Why do we need to make the rich richer to make them work harder but make the poor poorer for the same purpose?”
Indeed. It’s one of the cornerstones of right wing economic idiocy, I mean ideology, that blights Britain under the coalition’s failed austerity experiment.