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Phoenix61

(18,771 posts)

3. Those at the bottom are spending on what they

Reply to IronLionZion (Original post)

Wed Jun 17, 2020, 06:27 PM

Jun 2020

need. People at the top shop for fun. A lot of them have bailed from the cities and are at their vacation homes or out of country. It’s why trickle down economics doesn’t work (one reason).

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The Rich Have Stopped Spending And That Has Tanked The Economy [View all] IronLionZion Jun 2020 OP

Maybe they need another tax cut BeyondGeography Jun 2020 #1

40 million unemployed probably more of a factor Under The Radar Jun 2020 #2

My wife and I are sending money we don't spend on movies, eating out, etc., to the food bank. hunter Jun 2020 #12

Admirable, you are so correct, default rates should be alarming for banks right now Under The Radar Jun 2020 #13

Those at the bottom are spending on what they Phoenix61 Jun 2020 #3

Wealthy people use assets to protect their own wealth bucolic_frolic Jun 2020 #4

This is exactly why tax cuts for the rich don't help. Working people spend every dime. Midnight Writer Jun 2020 #5

I am very concerned. Newest Reality Jun 2020 #6

If the only part of the economy to tank customerserviceguy Jun 2020 #7

Don't Forget $2,000-3,000 Shoes ProfessorGAC Jun 2020 #9

OMG! customerserviceguy Jun 2020 #14

this is why giving money to the poor is far better at stimulating the economy unblock Jun 2020 #8

This message was self-deleted by its author Ilsa Jun 2020 #10

The correct term is not "giving more money to the poor". Blue_true Jun 2020 #15

Agreed, my shorthand was sloppy unblock Jun 2020 #16

Agree with all, in particular the last sentence. Blue_true Jun 2020 #18

If you want to get depressed about it, read up on the invention of intermittent windshield wipers unblock Jun 2020 #19

I'm not spending much at all. House of Roberts Jun 2020 #11

Higher taxes on the wealthy. roamer65 Jun 2020 #17

I Am Not Buying This Talking Point erpowers Jun 2020 #20

That is the point IronLionZion Jun 2020 #21