Spike O’Neill: Reagan-era policies widened the wealth gap

A growing divide between the wealthy and everyone else is at the center of a heated debate in Washington, and KIRO host Spike O’Neill says decades of economic policy are largely to blame.

During “The Jake and Spike Show” on KIRO Newsradio, Spike pushed back against arguments defending low taxes on high earners, saying the widening wealth gap shows that trickle-down economics has failed to deliver on its promises.

“The wage gap, the pay gap, and the wealth gap have just widened since those policies were put in place in the 80s under Ronald Reagan,” Spike said.

Spike calls out policy for widening the wealth gap

Spike argued that historically higher tax rates on top earners encouraged reinvestment in businesses and workers, rather than incentivizing the stockpiling of wealth or its movement offshore. He contrasted that with today’s economy, where he believes the benefits of growth are not reaching most working families.

Jake Skorheim pushed back, stating that a decent chunk of the money still trickles down to where it needs to go.

“When you have more money, what do you do with that money? I buy things,” Jake said. “Is that trickling down to anyone? Is that being spent somewhere else? Sure!”

Watch the full discussion in the video above.

Listen to “The Jake and Spike Show” weekdays from noon to 3 p.m. on KIRO Newsradio 97.3 FM. Subscribe to the podcast here.