Inequality wastes money. The rich fritter away their wealth, buying luxuries and investing in ego projects. This distorts a nation’s economy for the worse. If incomes were spread evenly, ordinary people could invest more in improving their health, education and living conditions, thus increasing the wealth and vitality of society as a whole.
Thanks to inflation, many families in Britain are now entering food and fuel poverty. At the same time expenditure on luxuries is increasing. For example, The Guardian reported on 16/11/22 that:
The company behind Moët & Chandon, Veuve Clicquot, Krug and Dom Pérignon has said it is “running out of stock on our best champagnes” as the wealthy spend big on luxury goods in a new “roaring 20s” age of decadence.’
https://www.theguardian.com/business/2022/nov/15/wealthy-drinking-dry-lvmh-champagne-luxury
While most of us have to tighten our belts, the market for luxury goods continues to grow – up a massive 21% on last year.
Instead of investing in initiatives that would help the planet, billions are wasted by the likes of Bezos and Musk on boys-own trips into space. Bezos actually said: “The only way that I can see to deploy this much financial resource is by converting my Amazon winnings into space travel.”
While governments claim to have insufficient money to prevent climate change and maintain biodiversity, the rich pretend to be philanthropists doling a out a few million to their friends’ charities . Martina Hyde writing in the Guardian has a magnificent polemic on this.
https://www.theguardian.com/commentisfree/2022/nov/15/jeff-bezos-philanthropist-taxes-amazon-founder
The rich should be fairly taxed so that a nation’s wealth can be used democratically for the good of all. Inequality is economically as well as morally indefensible.
