If you were to strip everybody in the Forbes 1000 list of their US citizenship (someone like Singapore or Monaco would surely step up to provide them with a valid passport), relieve them of IRS personal income filing duty, but allow their money to stay in the US economy, the economy would look the same and act the same. But the income disparity numbers would look much brighter.
If every American shopped on Rakuten vs Amazon, bought Samsung vs Apple, searched on Yandex instead of Google, banked at Barclays vs Chase, took a Didi vs Uber, if every hedge fund manager was based in Zurich vs Greenwich, US income disparity would not be so jarring, as the wealth would accrue elsewhere, exporting the income disparity with it.
Would the US economy be better off?
You seriously think poor people's quality of life hasn't increased in the last 50 years?
Go drive around "working poor" neighborhoods right after Christmas and see how many huge flat-screen TV boxes are curbside waiting for "big trash day" (small hint: a lot) or see how many people don't have smartphones.
I would argue that Wallyworld did more to bring up the standard of living for poor people than the last 50 years of social engineering but I know how much people like the downmod button...
I'm actually curious what quality of life metric you're judging by that's declined in the last 50 years?
And, btw, I wasn't proposing some new measure of Quality of Life through the size of the living room TV but using it as an illustrative example of technology becoming more accessible to more people at lower costs. Same with the smartphone reference, having the sum total of human knowledge at your fingertips seems like a quick and easy way to improve one's lot in life.
I do wonder if people would complain if Walmart managed to decrease housing and healthcare costs using their aggressive bargaining tactics like they've done with generic prescription drugs?
--edit--
Forgot a requisite huffpo link praising Walmart for prescription drugs prices (whoops, wrong link the first time around) --> https://www.huffingtonpost.com/paul-a-london/a-way-to-save-b...
The quality of food Walmart sells is abysmal. The pressure Walmart put on food manufactures to drop prices played a significant role in the malnutrition and obesity in the us. TVs and smart phones are a very small part of Quality of Life. Having fulfilling work, good health, and a clean environment are more important aspects that Walmart worsen.
Making food less expensive is bad? Never really understood that argument but maybe it's just me...
There are studies on the percentage of income a family spends on food today vs. some time in the past (with "time" depending on whatever study you look at) and it has steadily declined. Less money spent on food == more money to spend on some other necessary thing to live a quality life.
Also, I'd put more blame on the USDA[0] for "obesity in the us" than Wallyworld selling people what they want to buy. People grow up believing in the Food Pyramid and end up becoming overweight through a "well balanced diet" dreamed up through regulatory capture.
[0]https://www.huffingtonpost.com/jonathan-bailor/obesity-epide... -- note: #1 result on the google for "food pyramid obesity" is the huffpo so it has to be true...
Making equivalent food lower cost is good. Reducing food quality to reduce price is bad.
Perhaps the hedonistic acquisition of inessential physical goods is not necessarily commensurate with a higher standard of living?
While there has been progress in the past 50 years, there has certainly also been much regress. When measuring the advancement of a civilization, it seems something other than the pervasiveness of bigger, cheaper screens for reruns of Baywatch (et al.) should be the yardstick.