Contrary to What the Progressives Believe “hoarding” of their own wealth and not spending it on the “right things” (according to Progressives) is actually a public good and not a bad thing. But then again, Progressives are the greedy ones.
Two important economic consequences flow from higher savings by the rich.
(1) The more they save, the less they consume. They thereby leave more of the current flow of goods and services to be consumed by those with lower incomes. Moreover, by not bidding for as many goods as their incomes would permit they, insofar forth, keep down the prices of the goods bought by those with lower incomes. Their saving, for their selfish purposes, results in more goods and lower prices for persons with lower incomes than if they had invaded the market with their full incomes.
-Stanley Lebergot (Wealth and Want)
(H/T: Cafe Hayek)
