this post was submitted on 09 Nov 2023
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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.