The first person being interviewed which I think is in the first third of this video clarifies exactly how people with enough net worth that they can live off of interest. Don’t actually even live off of interest or stock market valuation. The wealthiest people let’s just say people with $100 million or more takeout incredibly inexpensive loans to cover their own personal expenses.
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This means that the bulk of their wealth is never subject to any kind of tax; it grows as the federal government stuffs more and more money into the economy through deficit spending. They never pay taxes meaning that all that money keeps piling up in their hands.
It also means that the significant chunk of commercial debt is what the super rich are spending on themselves.
The super rich have achieved wealth escape velocity
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@GhostOnTheHalfShell @economics_that_works
Great! According to your conclusion, the solution is extremely simple:
Make loans more expensive. Raise the interest rates!
That's the correct economic action by serendipity.
