Quote:
Originally Posted by yuriandrade
I believe what he is arguing is billionaires impact on the economy goes until certain level, as most of their assets are kept relatively idle (e.g. decrepit empty big houses in London for years) while in the lower-upper middle-class, the whole sum has a bigger impact on the economy and reaching much more people.
For instance, one billionaires buying an overpriced US$ 150 million apartment, reaches far less people than 10,000 middle-class families burning the same amount of money.
That's why even though the US economy has been growing at a rather decent pace for the past decades, the middle-class income remains somehow sluggish.
|
But we don't live in a world where governments play God*. I am not Jeff Bezos. I have not created a company that almost everyone buys from. I try not to buy from them, but just last night I got my GF some Christmas presents on there.
So no matter what seems to work better, we have to deal with reality. Some people are hyper-productive and revolutionize the world. Bezos has created a company that has made millions upon millions of people to have a better life by its convenience and affordability.
In any case, lets say the government took 80% of the extreme wealthies income every year. It's not like they are going to directly put that into middle-class folks pockets. A large amount would be eaten up by bureaucracy and inefficient programs etc..
*actually we do, and it usually ends up with a lot of unintended consequences