I am appalled by the level of stupidity coming from both Washington and Main Street rationalizing that if the top 1% of income generating people out there had less, then the remaining 99% would be better off….How far this is from the truth.
Frankly, I believe making the 1% suddenly poorer does not make the 99% suddenly richer. In fact, it just creates an environment that will make the 99% poorer.
This isn’t ancient times where the obscenely rich lord keeps a cellar full of gold while his vassals starve. The wealth of today’s rich is constantly working in the economy.
If they put it in a bank, that provides capital that the bank can use to provide mortgage, car, and student loans to the 99% and hence improves their lot.
For More: Wealth Redistribution & Economic Warfare