this post was submitted on 29 Oct 2026
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All the spending growth in the economy is coming from the whales, the top 20%, of earners.
You can charge 2k for an iPhone and they pay it without blinking an eye.
If taxes were raised on the top 20% of earners it would slow their spending and tame inflation.
The chance of this happening is close to 0% so expect more interest rate hikes as it will be the Poor's who are made to pay.
Raising the Poor's taxes would do little as they are all buying necessities only at this point. And many are making hard choices about which necessities to go without.
In other words, this is the inevitable outcome of decades of "taxes are bad" religion in politics.