Pope Francis spoke out against trickle-down economics on Saturday, writing in an official papal declaration that the economic structure only leads to vast inequality.
system that favors the rich remains in place.
The pandemic, he said, has made this abundantly clear: “There were those who would have had us believe that freedom of the market was sufficient to keep everything secure ,” he wrote.The pope said the 2008 recession had been an opportunity to rethink this economic model, which promotes tax cuts and benefits for the rich based on the belief that those benefits will eventually “trickle-down
” to the rest of society. But instead, governments’ response to the financial crisis only “increased freedom for the truly powerful, who always find a way to escape unscathed.” Trickle-down economics, Pope Francis continued, persists as “the dogma of neoliberal faith.” But it’s not too late! The pope said there’s still time to redistribute the wealth of the global elite and “administer it for the good of all.”
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