nullFor more than 30 years the media and entertainment industry have scoffed at the idea of “trickle down” economics, the notion that if things go well for rich people, it will be good for everyone. This is similar to the “rising tide lifts all boats” argument.

But, as sound as this was empirically, the left refused to believe it. In fact, they actively ridiculed it. I remember Archie Bunker complaining about “tinkle down” economics in one episode of “Archie Bunker’s Place.”

There have been minor episodes where the media sort of, kinda, got the idea, such as their surprise some years ago when a huge tax on yachts cost lots of hourly workers jobs in the yachting industry.

But, suddenly, even the traditionally economically obtuse Associated Press is getting the idea:

Wealthy Americans aren’t spending so freely anymore. And the rest of us are feeling the squeeze.

The question is whether the rich will cut back so much as to tip the economy back into recession — or if they will spend at least enough to sustain the recovery.

I’m not going to celebrate, however. As soon as a Republican is elected president, or a Republican Congress takes over, AP’ll forget the above and start demagoging again.