Pope Francis slams trickle-down economics, advocates for redistribution of wealth: 'For the good of all'

Pope Francis denounced trickle-down economics, private property, and advocated for the redistribution of wealth in a new letter to Roman Catholic leaders.

Writing in an 86-page papal encyclical — which, according to Reuters, are "the most authoritative form of papal writing" — Francis said the coronavirus pandemic proved the failure of free-market economics, such as the "trickle-down" theory.

Francis wrote, "There were those who would have had us believe that freedom of the market was sufficient to keep everything secure."