Bashing the rich is all the rage these days. In a clear appeal to envy, Democratic leaders are trying to outdo each other with escalating bids on how much of rich’s wealth should be stolen by government.
In one tweet, Elizabeth Warren called out a billionaire NFL owner for paying $100 million for a “superyacht,” insisting that instead he should be paying Warren’s proposed “Ultra Millionaire Tax” to those less wealthy.
The wealthy’s purchase of luxury items invites scorn from statists looking to tax their wealth, as well as those believing it is crass consumerism to indulge in such unnecessary extravagance.
How Luxury Goods Benefit Everyone
But the wealthy’s purchase of “luxury goods” serves a social purpose.
For starters, as Ludwig von Mises wrote, today’s luxuries turn into tomorrow’s necessities.
Indeed, years ago, people would say ‘nobody needs such luxuries’ about things like air conditioning, air travel, telephones, color TV, refrigerators, and other items that are common household items now owned by the masses. Never mind modern items like the internet, laptops and smartphones that sci-fi writers a generation ago couldn’t have conjured up in their wildest imaginations that are now taken for granted and virtually considered necessities for the common man….[ ]