Our economy would collapse if no one was a multimillionaire? I don't even have the knowledge needed to say whether that's true or not, but I'd like to see some studies on that.
Also, it occurs to me that there is definitely a cap on how much poor people can have to qualify for assistance to help them lift themselves out of poverty (there are plenty of people who don't make enough to, say, rent an apartment or home, but make too much to qualify for assistance to get to that amount, and hence are stuck in chronic housing insecurity, or housing projects that are full of crime, desperation, and mental illness), so why would it be incredible to suggest that there also be some kind of cap at the other end?
It seems that the standard answer has something to do with innovation (e.g., they wouldn't be incentivized to innovate, and hence the economy would stagnate), which has never really made sense to me when so many of today's largest and wealthiest companies like Apple and Amazon were proudly started in somebody's basement, garage, or individual office space for well under $2 million (Jeff Bezos started Amazon in the garage of his rented home in Bellvue, Washington with $250,000 invested by his parents). Not to mention that caring about who will come out with the newest i-Phone or erectile dysfunction medicine or whatever seems a little strange when set against the economic reality of many millions more who are on the edge of homelessness and starvation in American society. What are our priorities, and should we/how can we maybe change them to be more responsive to the actual needs of the majority of society? Isn't the economy supposedly made up of individual people, and supposed to be responsive to their needs?
Maybe having new iterations of things that already exist can wait. Maybe we don't need more multimillionaires and most people should be able (and happy) to live on $1.9 million.
Again, I'm not claiming to have stats to back this up, so maybe this is all wrong, but I know what I see every day (I live in a not super-great area at the moment), and it's pretty soul-crushing. If this is the American economy working as it should, then maybe looking to other models, or some kind of mixed American-European model, would not be such a bad idea.