Most of any country’s saving is done by its wealthiest people. But because the rich are obsessed with staying rich they save in ways that are unproductive. The result is they drain economies of productive spending and so shrink them. The answer? Tax them more.
This is the audio version:
This is the transcript:
Rich people shrink the economy. That is a statement of fact. The rich people in the world actually do their best to reduce the size of the world economy because of their own actions.
That is not what you would believe if you were to hear the praise thrown at people like Elon Musk and the other tech billionaires, and, of course, those who are incredibly wealthy in the UK.
So, if you believe the popular narratives, these are the entrepreneurs who are driving growth around the world, but that’s not true.
The wealthy now are wealthy in the way that they always once were….
