Man if only there was some crazy way we could do something like… give more money to the poorest Americans because they have more necessities they need to buy and so will spend much of their income on things across the board, rather than hoarding it and preserving it to accumulate more wealth.
Alas, apparently our only way out is by giving the wealthiest more money in the hopes that they will find enough super-yachts to spend money on to revitalise the economy. Even if that has never historically worked and the converse has been shown to work multiple times.
RipComfortable7989 on
I’m so curious to know where all this extra consumer spending is in. Almost half of the spending is from people who make $250k or more. These people aren’t purchasing daily groceries.
OHthisiscrazy on
Only because the bottom 90% (which is a pathetic sounding term) barely has enough money to stave off hunger and homelessness. This is the perfect state for the Republican plutocracy—if the vast majority of “The People” are broke enough to worry every month about covering basic costs, they’re FAR less likely to pay attention to or care about policy or international relations.
Low_Trust2412 on
I mean think about a rich person that owns a jet. Millions of dollars plus costs for staff to maintain it. Someone rich with multiple houses is also spending millions of dollars on those houses plus staff to maintain it. It’s easy to see how the top 1% could be spending over 100x more than the average person. I think the last source I read said something like 50% of consumer spending is from the top 10%.
TheThousandMasks on
This is like a totally positive sign of a healthy and well balanced economy and not a declining middle class and consolidated corpo neo-aristocracy!
BadmiralHarryKim on
Can we just skip ahead a few decades to the article that says US economy is dependent on the spending of one guy? Either that or we could just put on our Mad Max gear and race each other in the wasteland now rather than wait it out.
vertigo3pc on
Another reason why the only recourse with actual weight right now for Americans is a general strike. Attempting to withhold taxes at this point is too little too late, and the economy will continue to limp on while the top 10% can manage. Interrupting the ability for them to spend is the only meaningful way to address the concerns of everyday Americans being left behind right now.
7 Comments
Man if only there was some crazy way we could do something like… give more money to the poorest Americans because they have more necessities they need to buy and so will spend much of their income on things across the board, rather than hoarding it and preserving it to accumulate more wealth.
Alas, apparently our only way out is by giving the wealthiest more money in the hopes that they will find enough super-yachts to spend money on to revitalise the economy. Even if that has never historically worked and the converse has been shown to work multiple times.
I’m so curious to know where all this extra consumer spending is in. Almost half of the spending is from people who make $250k or more. These people aren’t purchasing daily groceries.
Only because the bottom 90% (which is a pathetic sounding term) barely has enough money to stave off hunger and homelessness. This is the perfect state for the Republican plutocracy—if the vast majority of “The People” are broke enough to worry every month about covering basic costs, they’re FAR less likely to pay attention to or care about policy or international relations.
I mean think about a rich person that owns a jet. Millions of dollars plus costs for staff to maintain it. Someone rich with multiple houses is also spending millions of dollars on those houses plus staff to maintain it. It’s easy to see how the top 1% could be spending over 100x more than the average person. I think the last source I read said something like 50% of consumer spending is from the top 10%.
This is like a totally positive sign of a healthy and well balanced economy and not a declining middle class and consolidated corpo neo-aristocracy!
Can we just skip ahead a few decades to the article that says US economy is dependent on the spending of one guy? Either that or we could just put on our Mad Max gear and race each other in the wasteland now rather than wait it out.
Another reason why the only recourse with actual weight right now for Americans is a general strike. Attempting to withhold taxes at this point is too little too late, and the economy will continue to limp on while the top 10% can manage. Interrupting the ability for them to spend is the only meaningful way to address the concerns of everyday Americans being left behind right now.