You're looking at just the APY on savings accounts. Actually the rich make far more than that on interest-derived financial products through various forms of rent-seeking. Interest is the hidden tax baked into every transaction. Some studies found interest accounts for roughly half of end-user prices—12 percent on garbage collection, up to 77 percent on public housing.[1]
And as Musk warns: “If we don’t act, the entire government budget will be used just to pay interest — there won’t be money for anything. No, there won’t be money for Social Security, no Medicare, nothing. That’s where we’re headed.” [2]
In the late-stage capitalist West, most public and private money goes to servicing interest at some point in the food chain.
You're looking at just the APY on savings accounts. Actually the rich make far more than that on interest-derived financial products through various forms of rent-seeking. Interest is the hidden tax baked into every transaction. Some studies found interest accounts for roughly half of end-user prices—12 percent on garbage collection, up to 77 percent on public housing.[1]
And as Musk warns: “If we don’t act, the entire government budget will be used just to pay interest — there won’t be money for anything. No, there won’t be money for Social Security, no Medicare, nothing. That’s where we’re headed.” [2]
In the late-stage capitalist West, most public and private money goes to servicing interest at some point in the food chain.
[1] https://base.socioeco.org/docs/margrit_kennedy.pdf
[2] https://economictimes.indiatimes.com/news/international/us/e...