{UAH} "TRICKLE-DOWN ECONOMICS DOES NOT WORK"

I've been saying this in my economics analysis ever since the measures taken worldwide to contain the 2008 global financial crisis. So it's good to see a world leader, US President Joe Biden (in attached picture) finally confirm that "trickle-down economics does not work". This is a simple but all-important step taken in a major public policy speech today. Behind it is trillions of dollars around the world that governments could from now onwards inject into their own economies more efficiently through consumers and small businesses whenever rebooting their economies. This instead of just giving bailouts to the big banks and big industries who are great producers but with limited consumers to kickstart an entire economy. Trickle-down economics is a dead-end policy. Boosting an economy is best done by boosting general consumption. The rest happens by itself. Africa must learn this quickly now. Even though it has taken more than a decade for reason and common sense to sink in overseas. Including in our development partners like the World Bank and the IMF who are still lagging behind in economics thinking, and are even yet to publicly address how an African country like Tanzania developed into a middle income economy five years ahead of schedule without World Bank loans and IMF expert advice. A development model that some of us have been advocating for relentlessly for years, but those entangled in inefficiencies and not reasoning properly for themselves have been ignoring us for other parochial reasons besides genuinely analyzing what could be truly best for their peoples. Remember how Galileo's experience teaches us that what is right, remains right even if the whole world ignores you, or thinks that you are wrong. It's just a matter of time.

Signed: Mr. Hussein Lumumba Amin.

Former Student of Economics.

Date: 29th April 2021.

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