this post was submitted on 05 Dec 2024
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They're also bad for the climate.
I wonder whether they're also bad for economy since they're just sitting on the money instead of keeping it in motion.
I would argue "the economy" can be a term to abstract away from the bottom line, the actual desirable outcomes. That's housing for everyone, that's good education, that's thriving salaries. Given that every dollar given to a millionaire is a dollar not given to someone who needs it (assuming correctly that every society has people below the thriving line) then they are bad for the economy by definition.
The problem is that in the mostly used narrative, "the Economy™" is just one figure: The GDP. That's how we got to systematically making the rich richer at everyone else's expense in order to have a "good economy".
Huh? Do you think billionaires just sit on their money? I'd guess they are nearly 100% invested nearly 100% of the time.