bra ith ▁noted ▁that ▁" tr ick le - down ▁econom ics " ▁had ▁been ▁tried ▁before ▁in ▁the ▁United ▁States ▁in ▁the ▁ 1 8 9 0 s ▁under ▁the ▁name ▁" hor se - and - s par row ▁theory ", ▁writing : ▁ ▁Gal bra ith ▁claimed ▁that ▁the ▁horse - and - s par row ▁theory ▁was ▁partly ▁to ▁bl ame ▁for ▁the ▁Pan ic ▁of ▁ 1 8 9 6 . ▁ ▁While ▁running ▁against ▁Ron ald ▁Re agan ▁for ▁the ▁President ial ▁nom ination ▁in ▁ 1 9 8 0 , ▁George ▁H . ▁W . ▁Bush ▁had ▁der ided ▁the ▁trick le - down ▁approach ▁as ▁" vo od oo ▁econom ics ". ▁In ▁the ▁ 1 9 9 2 ▁president ial ▁election , ▁independent ▁candidate ▁Ross ▁Per ot ▁also ▁referred ▁to ▁trick le - down ▁econom ics ▁" polit ical ▁vo od oo ". ▁In ▁the ▁same ▁election ▁during ▁a ▁president ial ▁town ▁hall ▁debate , ▁Bill ▁Cl inton ▁said : ▁▁ ▁In ▁New ▁Zealand , ▁Labour ▁Party ▁Member ▁of ▁Parliament ▁Dam ien ▁O ' Con nor ▁has ▁called ▁trick le - down ▁econom ics ▁" the ▁rich ▁p iss ing ▁on ▁the ▁poor " ▁in ▁the ▁Labour ▁Party ▁campaign ▁launch ▁video ▁for ▁the ▁ 2 0 1 1 ▁general ▁election . ▁ ▁A ▁ 2 0 1 2 ▁study ▁by ▁the ▁Tax ▁Justice ▁Network ▁indicates ▁that ▁wealth ▁of ▁the ▁super - rich ▁does ▁not ▁trick le ▁down ▁to ▁improve ▁the ▁economy , ▁but ▁it