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I think of this question mostly in terms of the trajectory I think this nudges us towards. It feels like there's something of a hierarchy of needs for humanity as a whole, and getting out of the zone where we have extreme poverty feels like the right first step, in a way that makes me feel more optimistic about wise decision processes being able to rise to the top thereafter.
I'm not certain what current spending looks like; that might make me change my mind here. (I think it's definitely right to start ramping up spending on animal welfare at some point before poverty is entirely eliminated.)
OK thanks for your perspective, although it doesn't seem convincing to me. I could be more convinced by an argument that inequality / poverty in rich countries results in poor decision-making in those same rich countries.