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One of the most important, but least known, outcomes of the 2012 election is that trickle-down economics was defeated by an emerging theory popularized by President Obama known as “middle-out economics,” which holds that a strong middle class is the key driver of economic growth.
We may now be at a sea-change moment as policymakers in Washington long under the supply-side spell finally have a viable alternative to the failed dogma that merely cutting taxes for the rich will lead to economic growth.
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