It can even be argued that what these millionaires are saying is entirely appropriate to counter the runaway inflation in capital asset prices. Just look at housing and the stock exchange for evidence of that.
But this does not mean that the rich must pay so that least well off do not have to. The fact is that we do not have to balance government books. There is also no evidence that government spending is creating inflation, even if other things are.
Govt has stuck £875 billion of new money into the economy. There’s no inflation. Asset inflation doesn’t count apparently.
I’d say there’s a difference between inflation of things in the shops & asset inflation. Turnover. The prices you see in the shops are meaningful. Whatever’s priced is generally being sold at that price. There’s a seller & buyer. Asset prices are meaningless. What proportion of whatever class of asset’s being looked at is actually subject to a trade at that time. Trivial. So asset prices are a guess & asset values fiction. What would the price be if you tried to trade? As I’ve said before, bids & offers are by definition transactions that haven’t happened. What would be the offer price on something everyone was trying to sell?
The inflation we are starting to see is so inevitable that you wonder why no one in power or central banks was able to predict it. Were they all so interested in MMT that they didn’t realise that slamming the door on global supply chains while hosing money into the economy would inevitably lead to inflation? With any luck, it will force the MMT nut jobs to shut up