When someone goes from $100k to $200k per year, they suddenly have a lot more pocket money, and will probably spend more - eating out more, buying more "nice stuff". When someone goes from $100m to $200m per year it makes zero difference to their spending.

I really respect you and your posts, but can we please call it what it is? "Trickle ON" economics. We've been trickled on since ERTA in 1983, TRA in 1986, Shrub's Tax Cuts, and tRump's tax cuts. All the while we've been trickled on, RĀPubliCONs have been telling us it's raining wealth on us.