Except they could still do that level of spending while not perched atop a massive hoard, and the rest could do cumulatively more spending via their sheer numbers if said hoard were distributed more evenly.
That’s why I support a maximum wealth cap. My preferred figure is 1000x median household income. Anything beyond that is taxed at 100%. I don’t even care what the wealthy do with the money over that wealth cap. Donate it, spend it on conspicuous consumption, I don’t care. What matters is that the wealth isn’t pooling at the top, allowing the wealthy to outbid everyone else for things like housing.
Hell, imagine a world like that. Maybe at the end of each year, the rich burn off all their excess wealth by throwing giant lavish parties that they invite the entire populace of their cities to. Or maybe they just cut everyone a check. If you’re forced to burn off all your excess cash, you might as well burn it in a way that makes you popular.
Except they could still do that level of spending while not perched atop a massive hoard, and the rest could do cumulatively more spending via their sheer numbers if said hoard were distributed more evenly.
That’s why I support a maximum wealth cap. My preferred figure is 1000x median household income. Anything beyond that is taxed at 100%. I don’t even care what the wealthy do with the money over that wealth cap. Donate it, spend it on conspicuous consumption, I don’t care. What matters is that the wealth isn’t pooling at the top, allowing the wealthy to outbid everyone else for things like housing.
Hell, imagine a world like that. Maybe at the end of each year, the rich burn off all their excess wealth by throwing giant lavish parties that they invite the entire populace of their cities to. Or maybe they just cut everyone a check. If you’re forced to burn off all your excess cash, you might as well burn it in a way that makes you popular.