A new report shows minimum wage increases have had little effect on the number of jobs in Maryland and nationwide. While the rhetoric around increasing the minimum wage often comes with the caution it will reduce low-wage employment, a new review of decades of research showed most studies found no job losses after the state or local minimum wage is raised. Ben Zipperer, senior economist for the Economic Policy Institute and the review's co-author, said raising the minimum wage has unquestionably benefited workers. ...
This was not at all my point though, I’m not saying billionaires are needed I’m saying they do actually put their money into the economy, most are not just sitting on a dragon horde
True.
It is, however, on the wrong side of the Economy (at least at the moment) and as I pointed out they distort the Economy itself in negative ways mainly due to how much easier it is for them to leverage their footprint for rent seeking and crowding other investment out.
And don’t get me started on how they use their money to buy the political power in Democracy, corroding it, which also feeds into distortions of the Economy via the Lawmaking process.
The rich merely sitting on their horde would’ve actually been less negative for the rest of Mankind.