Should We Cherish the Ultra-Wealthy? (a.k.a. ‘The Cornfield’)

About this episode

The episode discusses the narrative surrounding the ultra-wealthy in America and the implications of an economy reliant on their spending.

A certain kind of wealthy American has been griping out loud lately — about taxes, about progressive cities, about how unappreciated they are for the jobs they create, the stuff they buy, and the tips they hand out. A narrative is coalescing around them too: that the top 10% of earners now do so much of the spending, the U.S. economy relies on them. But an economy that depends so much on the people at the top isn't the healthy one the country deserves — it’s just wearing a nice suit. Chapters : 00:00:56 Announcements: Q&A episode questions wanted 00:01:18 Retcon: The 86 debate; FDR's full "calamity howling executives" quote 00:05:32 Terms & Conditions: Wealth Effect and Zugzwang 00:09:26 Big Pilcrow: Should we cherish the ultra-wealthy? 00:36:41 Executive Orders: Retire "mummies"; union credits on red carpets 00:39:34 Spiritual Sponsors: Mellow Cello podcast; enormous floral arrangements Further Reading Moody's claim that the top 10% of earners now drive nearly half of consumer spending in the WSJ: https://www.wsj.com/economy/consumers/us-economy-strength-rich-spending-2c34a571 The Minneapolis Fed on what the underlying data actually shows…

People in this episode

Hosts: Kathryn Anne Edwards, Robin Rauzi

Topics covered

• wealth inequality
• consumer spending
• ultra-wealthy
• economic dependency
• taxation
• progressive cities

Keywords

• ultra-wealthy
• consumer spending
• wealth effect
• taxes
• economic health
• FDR
• progressive cities

Mentioned in this episode

Organizations: Moody's, WSJ, Minneapolis Fed, Financial Times, Wall Street Journal

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