Yet the rich devote a smaller percentage of their earnings to
buying things than the rest of us… They already have most of what they want.
Instead of buying, and thus stimulating the American economy, the rich are more
likely to invest their earnings wherever around the world they can get the
That’s Robert Reich, here is much more. How shall I put it? Savings are good for the economy! Savings are invested! (and this is about the long run) Arguably Americans don’t save enough! America is a net importer of capital, not a net exporter!
Addendum: This, from Barack Obama, belongs to the same department.