“In this context, some people continue to defend trickle-down theories which assume that economic growth, encouraged by a free market, will inevitably succeed in bringing about greater justice and inclusiveness in the world. This opinion, which has never been confirmed by the facts, expresses a crude and naive trust in the goodness of those wielding economic power and in the sacralized workings of the prevailing economic system.”
The above quote is from the new Evangelii Gaudium, recently released from Pope Francis. This pope continues to amaze me with his courageous words for the least of these. Here the pope is directly calling those, like President Reagan and his crowd, who believed in trickle-down economics naive. As he mentioned trickle-down although still popular in some conservative circles has never been born out by anything resembling the facts.
Don’t get me wrong, I am a free-market capitalist but I know that capitalism is only successful when it is properly reigned in by regulatory forces. Unbridled capitalism is a dangerous thing since its primary driver is greed. I may be a free-marketer but I am not naive enough to believe in the innate goodness of that system. Quite the opposite is true.
So, here is once again to you Pope Francis for saying what many do not have the courage to say in today’s world….