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"According to an analysis by the Federal Reserve Bank of Chicago, if low-wage workers have more money in their pockets, they will have more money to spend, pote
by xracy 7y ago
"According to an analysis by the Federal Reserve Bank of Chicago, if low-wage workers have more money in their pockets, they will have more money to spend, potentially expanding the number of consumers who can afford to eat out."
^ This seems to me to be the most brain-dead obvious response to trickle-down economics, and income inequality. Like, More people getting money, means more money flowing. We should tax the rich for this reason alone. Otherwise money stagnates, and doesn't do anything. It's functionally useless. Jeff Bezos has admitted as much saying something to the effect of "I don't know what to do with all of my money".
- chibg10 7y agoThe brain-dead obvious response to this is that Jeff Bezos isn’t hiding his money under a mattress. He’s (directly or indirectly) investing in ventures that employ people anyway, and the mechanisms that allocate his investment funds are possibly better at producing productivity returns than e.g. having several thousand people eat out one extra time per month. There are reasonable responses to the above but nothing about these discussions appear brain-dead obvious to me.