True but at a minimum income I am not employing anyone and basically only paying rent (straight to the megarich) and taxes (straight to the destitute and the megarich) and food while scrounging and DIY for everything else. The portion people spend on working class worker services probably increases exponentially going from lower working class to upper middle class, which would make the effect naturally even worse than a linear one.
there is also the fact that the skewed income distribution means that there are relatively few high income people cutting back (a lot) on expenses, so while it has an effect, itβs probably a lot less than if the same proportion of low income people were losing their jobs
Yep, this is it exactly. Even tens of thousands of tech workers getting laid off and cutting back discretionary spending isn't actually that impactful in the grand scheme of things, especially since much of their spending is on high-end, luxury goods.
