Originally Posted by Hands Sandon
And the NASDAQ and the Dow are over priced already. The multi million dollar artwork, antiques, gold and other commodities they buy do next to nothing to create jobs just like their savings/investments (financial). Obviously with all that wealth, some of their investments particularly in their own businesses and in creating new one's does create some jobs. However far more could be created by putting that money to good use instead of inflating already inflated investments. The super rich are really vampires sucking jobs out of existence for their personal gain.
Odd... you picked "top 10%" earlier ... some studies tell me I'm in that group... but I sure don't feel "super rich".
No artwork (aside from what my children produce
), no antiques (unless you count my 20 year old car... a daily driver, not a collectible)...
Stock market investments really DO provide working capital to the businesses in which we invest. Commodity purchases really do serve a purpose as far as giving the producers (farmers) some ability to plan what they will be able to sell their product for several months down the road.
You may think my savings don't contribute to the economy... but what they DO accomplish is: they will keep me from being a DRAIN on the economy in the future... I will be able to retire without Social Security... I will be able to take care of my medical needs without any help from the government... I won't be using food stamps or subsidized housing. There IS a long term (as well as short term) benefit to having a population of savers rather than debtors.
Giving my money to the government only serves to make that money work less efficiently... HUGELY less efficiently. Leave me with disposable income and I will support the economy and create jobs by buying iPads, food, furniture, houses, etc. Giving it to the government first only adds a middle man... less of that money will make it into the economy so it will "create" fewer jobs.