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Everyone's a temporarily disgraced m̶i̶l̶l̶i̶o̶n̶a̶i̶r̶e̶ billionaire
(sh.itjust.works)
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this post was submitted on 09 Nov 2023
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Let me try a different approach...
If noone but an infinitesimal minority have any money, and prices are low, who benefits?
If that money is now distributed more equitably, people have more money and prices rise a little, who benefits?
Does creating and protecting billionaire dynasties to address cost of living and inflation seem like an effective strategy to you? Particularly when we look at the way those billionaires are currently causing serious damage to our democracy by using their wealth to pay politicians to represent their tiny minority over the interests of everyone else, leading to things like literal apocalyptic inaction on climate change?
Where did I say we should be protecting billionaires? We're on the same page for the most part (I think).
I'm just not for throwing the baby out with the bath water, which your first post about giving a hundred thousand people a million dollars seems like it might do, especially if done wrong... I live in a small city of 120k people, I can't imagine almost everyone here becoming millionaires overnight would be good for the local economy, especially for the 20k that got nothing. But hey I'm not an Economist 🤷♂️
The context here is a wealthy person having an extra billion dollars vs dispersing that money to workers. Yeah - we're broadly on the same page though, I think.
The exact split of the cash is a little beside the point - it's ultimately a question of whether the money should be consolidated toward the wealthy or distributed among workers (in reality, I'd argue that the bulk should go to building social safety nets for example). If you look at Australia's response to the GFC for example, putting more money in the broad population's hands meant that they had one of the shallowest dips and quickest recoveries in the world, and were recognised as having the world's best response. There's a reason stimulus checks were handed out through COVID - money in the hands of workers is generally good for the economy. There's plenty of historical case studies for this - including the old 90% top marginal tax bracket.