That has been a failed policy, which originally got us into this mess. Since the Reagan years, the rate of growth has been under 3% yearly at points like now hovering around 0%. Whereas in the 1940's-1970's when taxes on the highest income bracket were as much as 70%, the growth rate never fell below 4%.

There are two possible economic policies. Don't tax the wealthy, have less treasury, less government programs, and tax the middle class. The problem with this is, the wealthy don't make jobs here and have proven they will just line their pockets with as much as 2 billion. Greed doesn't end.
Or we can have a progressive tax system, that makes you pay more, the more you earn. We can increase the minimum wage as well. This would mean that the majority of people would have more discretionary cash. Which they can then save, so there are less bankruptcies, spend (creating more jobs), and use to start businesses of their own. When the masses have more money in their pocket they spend it. Spending it means more jobs are needed here. In service, in finance and if the consumers, armed with more cash, by national goods more manufacturing. It is a positive Cycle. In 1969, when the US economy was strongest the minimum wage in today's dollars was .


Edit: The beliefs expressed in this forum, while based on merit are false. Are you telling me that someone chooses to live on the dole or work their a** of for $5.15 an hour and then blame them for their situation? Who works more, myself working 45 hours a week at $8.50 or some fat CEO at AIG who destroys our economy and makes over 10 million dollars?