Memo to liberals: There’s no such thing as trickle down economics—you made it up

Certainly wealth can trickle down in the sense that lower taxes for a business could mean more revenue to expand their production and create jobs. However, wealth also trickles up through savings and investment. After all, the savings that lower- and middle-class people put into the bank are loaned out to businesses for profit. Similarly, their retirement savings are usually in the form of investments for big business.

This is fundamentally why supply-side economists support tax cuts for everyone: so both the rich and poor will have more money to spend, save, and invest in markets, fueling the private sector’s engine of prosperity. It’s not a trickle so much as a whirlwind.

Read the rest on Rare.US here.

Young Voices Podcast – UK Psychoactive Substances Bill

The third Young Voices podcast features Daniel Pryor discussing the problems with the Psychoactive Substances Bill, as well as proposing a new direction for British drug policy.

Read Daniel’s CapX piece here, and a recent update on the bill’s progress here.

New Bill to Let Successful Guest Workers Return Would Benefit Economy

On Monday, Rep. Charles Boustany (R-LA) introduced the Seasonal Labor for Job Creators Act to make the returning-worker exemption in the H-2B visa program permanent. Each year 66,000 six-month visas are awarded to foreign seasonal nonagricultural workers. Before the exemption expired in 2007, workers who returned home and then came back to the same U.S. companies did not count against the cap.

Now, with fewer H-2B workers, many businesses suffer labor shortages. This stifles economic growth. Simple reforms to the H-2B program would allow more seasonal immigrants to enter the country and thus improve the U.S. economy.

Many states, like Rep. Boustany’s home state of Louisiana, depend heavily on seasonal workers. By expanding the H-2B program, employers would have more access to the seasonal workers who support tourism, agriculture, and food service.

Rep. Boustany says the H-2B cap has forced Louisiana industries into a crises and that his bill would provide “emergency relief.” To keep their doors open, some firms are hiring illegal immigrants.

Read the rest at the Niskanen Center here.