Mathematically we will end up with some sort of wealth tax but that just means it’s in the government’s interest to continue exasperating wealth inequality. A wealth tax won’t save the middle class, it’s more likely to be another nail in the coffin. At least now I no longer have to argue with ‘inflation is good for us’ people.
Who has been arguing this?
The USSR lasted a rather long time despite how dysfunctional it was, and when it disappeared and defaulted on it's obligations the result was a mad scramble and mass poverty. But it also wasn't the end of the world as the prior dysfunctions meant that opportunities still existed.
I wonder if the USSR had not collapsed when it did if they could have possibly afforded to pay old age pensions or the equivalent in lifestyle in the bargain that was made with communism. I.e. how much of Soviet wealth was from people paying in to the system for obligations that the same system could not possibly keep. And is the US Social Security system in a similar state. I think the communists had the idea that upon sufficient revolution money would no longer be needed so state care would effectively be 'free' and or paid for out of the new wealth from finally achieving a communistic utopia. I see this as equivalently fanciful to the US finding a spare $70+ trillion dollars to fund it's currently unfunded obligations.
Of those millions with great high paying jobs, how many feel they still exist within a safe harbor. From my experience not even FANG employees in general feel that and there are not millions of those - we're really only counting Engineers not Amazon Wearhouse workers who are clearly a part of the working poor. Also the middle class is not what it used to be, in relative terms Tech is great, but what you may consider great high paying job I might consider a middle class job in historical terms and what you consider middle class I might consider working poor. Things really are getting worse, it's not just a meme.
If you're trying to say a FANG employee making 400k in the US doesn't feel safe we'd have to dig into that.
I don't know where you are getting $400K from. The median yearly total compensation reported at Netflix is $375,000 which is famous even within FANG for it's high comp.
Microsoft Average total comp for Engineers is $177K from leaked data. That's the average, with the expected distribution I would expect median would be lower. Say ~$140K.
And yeah, ~$140K total comp is a middle class to me. Upper class is when you don't have to work to live anymore.
People remember higher numbers more because they covet them, but they tend to ignore a huge sea lower numbers that exists on average.
It's hard to follow what you are trying to say.