Nice little story but doesn’t describe how wealth inequality is on the rise and the rich are still getting richer.
Also things like global tax avoidance needs to be treated. Registering in the kaymen island all your profits made in the UK through “licensing” schemes for example means they are not paying their way for the infrastructure they use.
It exactly explains why the rich are getting richer.
Another effect of spending this debt is you extract wealth from the poor and middle class and printing mass amounts of money to make line go up and borrowing money they shouldn’t be and spending it on useless crap and tax cuts instead of public goods, and that money ends up inflating asset values which ensures the people holding those assets get richer and the people left behind get poorer. Meanwhile, many of those dollars go directly into the pockets of the rich because they’re connected to government.
Not to mention, those assets and artificially low interest rates become a great little tax shelter for the super rich – instead of selling assets they just take out debt backed by their assets, and when they receive the money it’s tax free because it’s a loan and you obviously can’t be charged income tax on a loan. Even better, then they can use their new tax free money to buy more assets and get richer, and if things are about to dump, they can get out early thanks to their top shelf analysts and let mom and pop hold the bag.
The amounts of money being borrowed are unimaginable. England ended slavery within its own borders and in its colonies at a cost of modern day 2 billion pounds. The budget deficit for last year alone was 70 times that. Where does it end up? Well, that wealth gap sure did grow, to an insane extent just in the last while. Maybe we should look there first?
