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If you really want a good argument as to why F1 need a budget cap then look no further than the situation involving Toyota, Honda and Porsche.
Toyota and Honda withdrew from F1 for one reason...they both deemed the sport too expensive of an investment to continue in. As for Porsche, their stated reason for not returning to F1 go right in hand with that of Honda and Toyota..F1 is too expensive and to be honest I don't give them any wrong.
In the end just as how MotoGP got a dose of reality after Kawasaki, Aprilia, and Suzuki decided to exit the championship for cost reasons(hence the on-going push by Dorna for a budget limit), likewise F1 will face the same reality if things keep going the way they are. In fact we're already seeing the effects not just in teams withdrawing, but also in fact that pay drivers are becoming the new norm.
The team(s) that spends the most alway be the ones that win the most. In the case of F1 its either Ferrari, Mclaren, or