'Are trade deficits good or bad? They're both, Mr. President.'
Every economist and politician worth their salt have different ideas about how we can close the widening gap between the rich and the poor, and there's one tried-and-true solution that lots of them keep coming back to: trickle-down economics. But aside from being named after something that conjures up images of faucets clogged with who-knows-what, what exactly are they? And, more importantly, do they work?
To answer that question, we need to go back a few decades.
That comment comes from Scottish-born naturalized U.S. citizen Sir J. Fraser Stoddart. When he said this to The Hill, he'd just won the Nobel Prize for chemistry.
This statement was bold, especially in an election year where the topic of immigration has been a hot-button issue filled with troublesome rhetoric.