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You're right. The US government spends so much, and owes so much, that even raiding the wealth of the billionaire class probably wouldn't do much in the overall
by LurkingPenguin 5y ago
You're right. The US government spends so much, and owes so much, that even raiding the wealth of the billionaire class probably wouldn't do much in the overall scheme of things.
But how much of US economic and fiscal policy has been influenced by billionaires (and "the rich" generally) to the detriment of the country's finances and those of everyday citizens? It's the policies that are the problem.
If you counted the costs of the tax loopholes designed specifically to benefit big corporations, real estate developers, Wall Street titans, the 1% of the 1%, etc., subsidies for the most powerful special interests, and regulations that actually stunt innovation and economic growth to protect large corporations, I suspect you'd be looking at many multiples of the wealth of individual billionaires.
In other words, to get one astronaut worth a cool $100 billion, the country probably "spends" many multiples of that.
- merpnderp 5y agoExactly the never ending quantitive easing has just been piling more and more money into the hands of the rich in the name of helping the poor. Heaven forbid we have some deflation, and assets cost less while wages get stronger.
- imtringued 5y agoDeflation benefits the rich. They have lots of money that gets to appreciate. You're just turning money into housing or Bitcoin. Something the rich speculate with to the detriment of the less wealthy.
- merpnderp 5y agoNo, they don't have lots of money, they have lots of assets. No one is sitting around with a silo full of doll-hairs they go swimming in like a greedy duck. And with deflation, those assets become cheaper. Inflation they become more expensive. The exact opposite of wages.