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this post was submitted on 22 Jun 2024
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You are acting like all rich people and all poor people are the same.. like if they are in the same tax bracket they automatically make the same decisions and have the same financial saavy.. You are asking a question that cannot be answered (correctly anyway).
Well like if everyone was suddenly set to have 10 million US dollars in their bank accounts and all debts canceled, there would be an immediate inflation as most people would quit their jobs immediately and getting services provided would become practically impossible to anyone that doesn't do them themselves, not to mention the fact that goods would also become absurdly expensive as no one would bother with the task of selling goods when they already have so much money on hand.
However, due to the sudden lack of goods and services this would destabilize the entire country, and there would be riots in the streets.
After all of that hubbub was dealt with, things would generally return to exactly the same as they are right now as the extra money flows into the hands of those who have the most goods and services to offer and the machines with which to create more goods, and eventually those who do not have the institutional advantages would return to being poor due to their lack of having institutional advantages.
You are obviously gypsy fortune teller, will I ever find a good man that will treat me right? Tell me what he looks like!!! Miss Cleo said he had a huge dong and six toes.
Snark aside, how unlikely is my prediction?
There're other parameters and details I'd need to know to accurately gauge your predictions. Most of the wealthy don't just have cash laying around but are smart enough to invest in things like real estate, precious metals and businesses that keep their value pretty much regardless of what the USD does. Are you going to start everyone from scratch and just give them the scrilla? Does that include vehicles? Houses? In that case, who will people buy them from? What about other countries? Are you wiping the slate clean and giving them those racks on racks too? Do I get to keep my guns and clothes? To be honest, this is a scenario that you would probably discuss in middle school..and to what point?