Comment of the Day: Omega CentauriWhy Is the Austerity Movement so Powerful?: "I think [Frank Pasquale] hits the nail on the head... https://www.bradford-delong.com/2017/09/must-read-frank-pasquale-2011-economic-policy-for-the-worried-wealthy-why-is-the-austerity-movement-so-powerful-in.html?cid=6a00e551f08003883401bb09c1b12a970d#comment-6a00e551f08003883401bb09c1b12a970d
...As someone in the lower levels of his "wealthy" category, I still recognize that a couple of disastrous personal events and or a financial crisis could put paid to my accumulation, so the feeling that I need 25-50% more to fell secure is always there. Then there is the tendency to compare against those one or two rungs above me[*]. Of course using politics to lift all yachts, if successful doesn't really relieve the psychological comparison dynamic, as it lifts the next rungs at least as far as the rung we are sitting on. So, we demand even more help, because ironically we see the gap growing, not shrinking. Its really an expectations ratchet.
[*] I don't think this one has much impact on me, and certainly not at the political level. But, I think it is a potent force nevertheless.