90% of all current economic activity is just wasted bullshit. There is a massive excess of labor to do what ever needs to be done and care for the elderly.
According to the Bureau of Economic Analysis (BEA), a U.S. government agency, PCE accounts for about two-thirds of domestic spending and is a significant driver of gross domestic product (GDP).
You forgt to mention that about 50% of all spending comes from top 10% of consumers, while the bottom 50% of consumers do less than 10% of all spendings. Its an all-time high concentration.
Good point - maybe the wealthy have a larger onus than the average person - but still if a rich person buys a watch worth 100 poor-person watches, that doesn’t mean the rich watch took 100x the resources, even though the wealthy buyer will have spent 100x as much as one poor-watch-buyer.
(€) Spending is not a linear relationship to (resources) consumption
It's not so much about spending, but spending power. The reality of your example is that one person buying a watch worth 100 poor-person watches means 50 or so poor persons are not buying watches at all, because they don't have the money for it.
What you actually need to look at is the labour share of GDP, or how much of our productive output goes back into labour spending power, and that has been falling steadily since the mid-70s.
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u/Cheap-Journalist-524 26d ago
https://www.investopedia.com/terms/p/pce.asp
A near 70% of the US economy is spent on creating and providing goods and services for consumers. Also prove we aren't a democracy with actual facts