It's not debt per say that overwhelms an individual corporation or country. Rather it is a continuous increase in debt in relation to income that causes trouble.
The richer people, when they get another $100,000, or another million, or 10 million, don't tend to spend it as much as the poorer people would if they got another $100 or $1,000 or $5,000. All the empirical evidence suggests that the rich tend to consume a lower proportion of income than middle and lower-income people.
Any discuss about taxes ends up being, are you raising them or lowering them, as the opposed to the question I ask - are we raising them for high income individuals that can afford it, and lowering them for lower income people who really need help. Those old categories don't work, and they're preventing us from solving them problems.
Teddy Roosevelt supported a progressive income tax. If I am sitting pretty and you've got a waitress who is making minimum wage plus tips, and I can afford it and she can't, what's the big deal for me to say, 'I'm going to pay a little bit more'? That is neighborliness.
Indeed, I thought, slipping the silver into my purse, it is remarkable, remembering the bitterness of those days, what a change of temper a fixed income will bring about.
A very narrow income has a tendency to contract the mind, and sour the temper. Those who can barely live, and who live perforce in a very small, and generally very inferior, society, may well be illiberal and cross.