Okay 🪄. Everyone who makes under 70k will never eat out again.

This eliminates more than half of the customer base of the restaurant industry, most of which promptly implodes. Millions lose their jobs. What's worse is that all that restaurant spending gets redirected towards grocery stores. Grocery stores move far more product with just a fraction of the workers and they will be damned before they hand out raises to share their new windfall profits. This drastically reduces the velocity of money in the economy and drags us into a sudden contraction.

The storefronts those restaurants occupied, the ones that used to be central meeting points for their communities, become urban blight. Those workers, too, stop being able to pay rent or buy much of anything else, which deals a collateral blow to residential real estate and every business that makes consumer goods. The collapse of the restaurant industry and the sudden blow to landlords of all varieties takes a large tax base with it, and state and local governments that rely on sales and property tax see an immediate budgetary shortfall.

These so-called titans of industry cannot see, will never see, that the "wasteful" and "unthrifty" spending they hate is utterly vital. Their distaste for the poors experiencing such luxuries as participating in simple consumption blinds them to the fact that that spending is the economy.

ETA: Instead of the rest of us tightening our belts even more, the wealthy need to spend a lot more. Fund a literacy program, hand a million dollars to a small electric car conversion company, drop a cool 10 million on urban infill, fuck, build a pyramid. Anything is better than sitting on your wealth doing nothing but chasing rent-seeking enterprises like stock buybacks and cloud infra.