<P> Galbraith claimed that the horse and sparrow theory was partly to blame for the Panic of 1896 . In the 1992 presidential election, independent candidate Ross Perot called trickle - down economics "political voodoo". In the same election during a presidential town hall debate, Bill Clinton said: </P> <P> What I want you to understand is the national debt is not the only cause of (declining economic conditions in America). It is because America has not invested in its people . It is because we have not grown . It is because we've had 12 years of trickle - down economics . We've gone from first to twelfth in the world in wages . We've had four years where we've produced no private - sector jobs . Most people are working harder for less money than they were making 10 years ago" </P> <P> In New Zealand, Labour Party MP Damien O'Connor has called trickle - down economics "the rich pissing on the poor" in the Labour Party campaign launch video for the 2011 general election . </P> <P> A 2012 study by the Tax Justice Network indicates that wealth of the super-rich does not trickle down to improve the economy, but tends to be amassed and sheltered in tax havens with a negative effect on the tax bases of the home economy . </P>

Does supply side or trickle down economic policy work