Pope slams 'trickle-down economics'

Pope FrancisPope FrancisCatholic priest was correct to deny communion to Joe Biden — here's why Amazon Catholic bishops call for church to allow married men to be ordained Louisiana GOP bring in big names to block Democratic governor MORE stepped squarely into the U.S. debate over tax reform this week, slamming conservatives' cherished “trickle-down” economic theory as a scam.

Since his inauguration earlier this year, the Argentinian-born pope has championed a renewed focus on combating poverty and inequality. In a 50,000-word papal statement released Tuesday, he warned that the “idolatry of money” in today's secular culture could lead to a “new tyranny,” The Washington Post reports

“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,” Francis wrote. “This opinion, which has never been confirmed by the facts, expresses a crude and naïve trust in the goodness of those wielding economic power and in the sacralized workings of the prevailing economic system.”

Trickle-down economics, which is usually used pejoratively, refers to the idea that tax breaks for the wealthy would help society as a whole by improving the economy. The theory is closely associated with President Reagan's “supply-side” economic policies.

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