Address to the 2018 ACTU Congress
Panel Discussion: Ending Trickle Down Economics
John Kenneth Galbraith once described trickle-down economics as the theory that “if you feed enough oats to the horse, some will pass through to feed the sparrows”.
In Australia today, as in so many other developed nations where trickle-down economics has been ascendant for the last three decades, the horses have grown very fat, and the sparrows are starving.
Like me, you’ve probably been appalled by recent reports that one in every five Australian children has gone hungry in the past 12 months.
A recent survey of 1,000 parents commissioned by Foodbank showed 22 per cent of Australian children under the age of 15 live in a household that has run out of food at some stage over the past year. It’s shocking.
And Australia is one of the wealthiest countries on earth. It shouldn’t be happening here.
Conventional economic theories tell us that, after...