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Message Subject "Fiscal Cliff" - Increasingly Likely & Desirable?
Poster Handle Anonymous Coward
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The rich people who are successful in financial markets consume a lot of goods and services, many of them domestically. If they move out of country, you may say good riddance but do you mean it?
 Quoting: Anonymous Coward 28008747


Link? Stats? Data? I seriously doubt that statement. This group of people is so small in comparison to the general population their accumulated spending would amount to nothing in terms of the overall GDP of the country. Why do you think the 3rd world nations are beginning to riot? They spend like 50% of their incomes on items necessary to survive, food, energy, shelter etc. Our money printing causes those prices to increase, so they end up spending more as a percentage for what they need.

In comparison, wealth people spend far far less as a percentage of what they have/earn on survival items so inflation doesn't affect them as much, but they need the inflation to maintain their accumulated wealth in the paper assets they hold as "valuable".
 Quoting: Anonymous Coward 961432


You need a link, stats or data to convince you that rich people who are successful in financial markets consume a lot of goods and services. Sorry I won't bother proving such an obvious statement.

The financial industry is still the backbone of the NYC economy. Rich people buy groceries and restaurant meals, yachts and apartments. They buy a black Mercedes or two every few years. They spend a smaller %age of their income on survival gear than poor people, but that's beside the point. A lot of people's jobs depend on non-survival jobs. A lot of people at private boatyards lost their jobs around 2008, as the private yacht business went way down.

You're begging the same question I asked. Do you care only about survival spending? Do you want the USA to become a 3rd world country, with less freebies that ordinary folks can glean? Some amount of that would happen if a significant chunk of the financial industry leaves the US jurisdiction.
 
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