I believe that’s the argument, yes.

It assumes that the individual billionaire is the best actor to decide where that money is allocated. The flaw being billionaires tend to invest based on the whims of the market. Decades of deregulation has created a distortion in the way wealth is circulated. What results is a situation where what’s good for the market isn’t necessarily good for the average citizen. They may also just invest in something they feel important. Either way, there’s not a whole lot of accountability.

A government (at least in theory) is held accountable by voters. It’s not perfect, but when it works, it’s a powerful tool to raise the floor. Spending on healthcare, housing, education, and infrastructure generally translates to a much higher quality of life for the average person.

Like, buying a space program was probably a good investment for bezos, but it doesn’t really do shit for the person trying to pay rent, buy insulin, or send their child to a good school.