A vicious cycle in inequality I haven’t seen talked about: increasing de-insurancing (for want of a better word) against broad societal risks increasing the marginal value of wealth dollars, which increases resistance to progressive taxation which drives further de-insurancing
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The more public institutions and infrastructure for middle classes unravels, the more you have to pay out of pocket for everything and the more elites have a reason to hold on to what they have. This is an extension to argument here interfluidity.com/v2/3487.html
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Concrete example: if you’re a multimillionaire and you think fire-fighting budgets are being cut, you will value your 10millionth+1 dollar more to ensure greater personal resilience against fire. So you’ll resist more taxes. Which will put more pressure on firefighting budget.
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