alt Hacker NewsPropping up the stock market to fuel consumer spending is extremely regressive. The top 10-20% make up ~50% of consumer spending. [1] Effectively you're giving the wealthy a risk-free bet with huge payoff if it succeeds. If that bet succeeds it consequentially means a ton of job displacement which will mostly affect the other 90%.
1. https://www.wsj.com/economy/consumers/us-economy-strength-ri...
Replies
which government lever can increase the wealth of the lower 80% of income earners in the way you want? the problem with the kind of progressive taxation to fuel "wealth redistribution" (really, job programs) you're imagining is that government spending is inefficient - do we want to pay the prices it costs to convince people to do backbreaking work building ghost cities and bridges to nowhere, it's not like in China where everything is driven by fakery and coercion. compare that to the seemingly unlimited cushy office bullshit jobs that bloat in the private sector creates.
I didn't advocate for propping up the stock market. I only disputed OP's assertion that a tech selloff wouldn't be so bad and wouldn't affect much else. This is what they said
> A crash in tech stocks will just cause investors to lose some wealth. Nobody depends on AI for core operations. Not yet at least.