In an absolutely amazing op-ed in Bloomberg (you really should go read the whole thing), the fabulously wealthy Nick Hanauer explains that his marginal propensity to consume is probably smaller than mine, why the super-rich should be taxed at extremely high rates (in order to reward real job creators), and why the vast majority of people should earn way more than they do. According to this multi-billionaire venture capitalist, the real job creators are middle-class consumers, not the rich:
There you have it - basic economics and sound (progressive) economic prescriptions, from the mouth of someone who would face dramatically higher taxes if we governed according to his principles, and yes, the economy would be in far better shape if the middle and lower classes had substantially more money to spend than they currently do.
Just how much have the rich taken, while the rest of America gets left behind? It's an ugly picture:
As Kevin Drum says: "We need entrepreneurs, but we need a thriving middle class even more. Washington DC's centrist punditocracy needs to have this pounded into their skulls." And like it or not, even fat cat venture capitalists admit that a key component to a thriving middle class is a very high top marginal tax rate.