Comments by "Ken Otwell" (@KenOtwell) on "Ask An Economist: How to Lower Inflation | GZERO World" video.

I never understood how raising unemployment was preferable to lowering the wage gap from the top or lowering corporate profits. Such an inhumane - and unhuman, policy. Don't raise unemployment to quash demand, raise taxes progressively so the pain goes where it can be tolerated or even ignored.
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@valetudo1569 We would have had a tax raise on the richest if one DINO hadn't gotten bought out by wall street at the last minute. At least we got the 15% minimum corporate tax passed for billion-dollar companies. That was pre-negotiated and agreed to, by Biden, with the G7 so that corporations couldn't just relocate to avoid that tax. This is how the latest bill pays for itself and also reduces the deficit a bit.
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@shane_rm1025 Spot on - rich people don't consume as much per dollar they make as a "regular" person does. BUT they absolutely consume more than a "regular" person in total by an order of magnitude, there are just fewer rich people so you don't seem to notice. BUT - what they DO do with their "left over" money is park it in real estate, art, and other passive investments that keep it out of circulation. (It's mostly new money that goes into starting new businesses... not old money.) It's how the wealth gap keeps spiraling out of control. They SHOULD spend it or at least increase wages in the companies they own, but their wealth hoarding hurts everyone and, long term, will leave America with de facto lords and other wealth-based royalty exactly like Britain and France before their revolutions.
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