I'd love to see poor people have more money, but I don't see why that's a critical feature for a plan to keep the economy running well. There are many important problems that just don't have much to do with income inequality.
Wow, I knew HNers were "affluent," but I didn't know they were this out of touch. If the people buying the iPhone you're coding software for die of starvation or due to lack of access to medical services, where do you think your salary is going to come from?
> There are many important problems that just don't have much to do with income inequality.
Like what?
Business closures, for example, are a problem that doesn't have much to do with income inequality. Redistributing wealth won't stop businesses from closing, nor will it produce the goods and services those businesses previously made. If we get more money but lose the goods and services we wanted to buy with that money, it's not a good trade.
That kinda is what you're saying, because if poor people don't get more money during this crisis, they're literally going to start starving. 50% of Americans live paycheck to paycheck, and now their paychecks have stopped, how are they going to eat?
> Business closures, for example, are a problem that doesn't have much to do with income inequality.
Of course they do, who do you think spends money at local businesses? If we're talking pre/post pandemic, if you give money to poor people they spend it. That means more people spending money at local restaurants in poor neighborhoods, more people spending money at daycares, more people spending money on car repairs, etc. That's how businesses flourish -- when people have money to spend on goods and services.
What do billionaires do with their money? Spend it on private jets, expensive cars, and invest it in companies like Uber and WeWork? The vast majority of poor people can't even afford an Uber, so how is that helping the average American?
If you give poor people spending power, then the market that supplies their needs grows because it has more customers. What should we do, prioritize the needs and wants of 1% of society, or 50%?
When minimum wage stagnates, so does spending. When the stock market stagnates, does it even affect the average American? So why are we prioritizing the stock market over minimum wage? Is it maybe because of regulatory capture by the ultra-rich?
The economy should not be a funnel for money to get vacuumed up by the top 1%, but 50% of all dollars end up in their hands. Why is that? Why does 1% of society get half of all wealth while the other 99% of society has to fight over the other half? How is that good for the average American?
Why is it that when we're having trouble with the logistics of getting food to people, we're bailing out the airline industry? No one needs to go on fucking vacation right now, we need to get people the food and medical services they need. The only reason is because the only thing that matters in this country is how many dollars are in your pocket, and the starving poor have less than airline executives. It's pathetic.