Be Nice to the Rich! They Power Our Economy

While most Americans have been pinching pennies 

and stretching dollars as they have battled high prices

and firmly-planted inflation, the wealthier among us

have been on a spending spree. 

The top 10% of earners, which is made up of households

bringing home about $250,000 or more annually, are 

treating themselves to designer clothes and accessories 

such as handbags and such, thanks to soaring gains in 

stocks, real estate, Bitcoins, and other assets. All of this

accounts for nearly 50% of all spending in the United

States. Three decades earlier, spending by our wealthy

made up approximately 36% of our spending!

Mark Zandi, Chief Economist at Moody's, estimated that

spending by the top 10% of income earners accounted for 

nearly one-third of gross domestic product. During the 

period between September 2023 and September 2024, 

while the larger-income earners increased their spending

by 12%, spending by the middle-class and lower-middle

-class earners dropped. During the current inflationary 

period we're going through, the bottom 80% of earners 

increased their spending, but barely stayed ahead of 

price increases over that period, while --- those awful,

big bucks, big shots that the left-wingers love to malign,

those top 10% earners spent 58% more (!). 

Some economists predict that with affluent folk discovering 

that the worth of their assets has greatly increased in recent 

times despite the higher inflation, there will be an increase 

in high-end travel filling the airlines' coffers. The wealthy

(and wealthier) will be flying off to Europe, Hawaii, 

Jamaica, Brazil, Acapulco, Switzerland, and other known

playgrounds of the well-to-do. Airline stocks would rise

quite a bit; so would the stocks of hotels and other travel 

lodging businesses, also clothiers, travel gear makers and

merchants, and of course the oil companies what with all

the gas which will be needed to fly and drive the rich and

adventurous about on their tours, not to mention other firms'

stocks because of the demand for their products and services

being driven upwards by these financially elites. And the lefties

resent all this, wanting to raise existing taxes on their earnings

and create new taxes on not only what they earn but what they 

save and invest. 

These fools must ultimately realize that the economic fortunes 

of the middle- and lower-class income earners can only benefit

from the wealthy and their spending habits, for many of them

work to provide the goods and services that the wealthy purchase.

These are things that one wouldn't see in countries with socialist

political/economic systems, yet the left-of-center bunch hail

and praise these pitiful setups while disparaging the free market

which has made possible the wealth of those spending their time

and efforts utilizing the market instead of joining the leftists in

the latter's disparagement of same. Socialist societies do poorly 

even in the best of economic times, and hurt the worst in the worst

economic times. The wealthy have a buoyant effect on the free

market societies which minimizes the fallout from the tough times.

When will the lefties ever learn?

MEM