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You're point would make a lot more sense if you didn't say the richest people are not the richest people.
by padjo 27d ago
You're point would make a lot more sense if you didn't say the richest people are not the richest people.
- WarmWash 27d agoYou're right, I'm sorry, it's the 60-95%* that are the richest. The one percentage have a staggering amount of wealth, but it's mostly in assets. The "upper/upper middle class" have just as much, but it's much more heavily in cash. Those people and their spending is what keeps the economy moving. ~70% of GDP comes from them. You should check the actual wealth distribution rather than just reading incessant "The 1%..." headlines.
- padjo 27d agoI have looked at the stats. In the US the 1% own 31% of the wealth up from 23% in 1990. The 50-90% own 30% of the wealth down from 36% in 1990. The fact that their spending drives the economy is just more ammunition for better wealth redistribution.