Nope no complaints, but most wealth isn't being spent. If the majority of the wealth was being spent, then there wouldn't be wealth imbalance (as all that money would flow elsewhere into the economy).
The only way a wealth imbalance can occur is that someone sits on wealth and that it continues to compound. The top 1% have wealth greater than the bottom 95% of the population combined. I don't see why its more moral for someone to sit on investments than to have the money distributed to others to spend.
In one case, the money goes to whichever investment the individual favors (e.g. buying tons of gold). In the "redistribute" scenario, it goes to improving the lives of many millions of people in real tangible ways, and creating a more equitable and balanced society and social trust.
The top 1% of the US hold roughly 30% of all the wealth. That's roughly the same as the bottom 90% of the population. I understand there are implementation issues, but I'm merely calling out the obvious immorality of "90% of people should scrape to get by while trustfund kid lives in 4th mansion, because 'market efficiency'".
> The only way a wealth imbalance can occur is that someone sits on wealth and that it continues to compound. The top 1% have wealth greater than the bottom 95% of the population combined. I don't see why its more moral for someone to sit on investments than to have the money distributed to others to spend.
The critical insight is that this doesn't actually work. When we say Jeff Bezos is worth $200B, we don't mean that he has $200B of money that's locked up in a vault when it could be redistributed. We mean that there are a variety of productive businesses in the world - for Bezos, mostly Amazon - which he holds ownership claims to. The vast majority of wealth in the modern US isn't money, and can only be converted to money by finding people with lots of money and selling them the right to sit on the investments instead.
Wealth that isn't being spent is effectively inert and frozen. It may have some precautionary value for the person who's holding it, but this is immaterial once you get to the million-dollar range, let alone the billions. The only interesting thing to ask about is what happens once the wealth is in fact being spent. (Of course, this wealth is generally invested in productive ventures and not literally 'frozen'; but this is a happy side effect, not something that's expressly chosen by whoever holds it. They're simply allocating it so that it 'compounds' effectively.)
The only way a wealth imbalance can occur is that someone sits on wealth and that it continues to compound. The top 1% have wealth greater than the bottom 95% of the population combined. I don't see why its more moral for someone to sit on investments than to have the money distributed to others to spend.
In one case, the money goes to whichever investment the individual favors (e.g. buying tons of gold). In the "redistribute" scenario, it goes to improving the lives of many millions of people in real tangible ways, and creating a more equitable and balanced society and social trust.
The top 1% of the US hold roughly 30% of all the wealth. That's roughly the same as the bottom 90% of the population. I understand there are implementation issues, but I'm merely calling out the obvious immorality of "90% of people should scrape to get by while trustfund kid lives in 4th mansion, because 'market efficiency'".