this is an incorrect idea of supply and demand side economics, he is trying too hard to push it in a different direction.
"the essentials to life" DO NOT keep our economy going, you can cannot have a heavily biased supply side economy
essentially consumers have to have the means to buy an item and producers have to have the incentive to produce an item. right now we have has stagnant wages for a long time, the housing market was an attempt to keep the economy going on credit, it was a bubble.
right now the republicans are saying to keep helping the supply side, give them more breaks, but they are the ones that are already reporting record breaking profits, there is no demand (yes people are still buying essentials, and always will hence essentials but we don't live in such a primitive society that can consist on essentials)
until workers make more as a whole the economy will flounder, if the republicans really think the masses with low paying jobs can afford ever increasing prices that is just absurd, but they do believe it.
it is a balancing act and right now the demand side is way too light. factories are ready to go, inventory is there, why aren't people buying. because of republican policies to keep pay as low as possible.