Topic: How billionaires are really affecting the economy. - page 2. (Read 1204 times)

Millions of people are being forced deeper into poverty as the ultra-rich increase their wealth. People in the US and around the world struggle to pay the high costs of food, gas, and other necessities, yet over the past two years, the richest 1% have secured nearly twice as much wealth as the rest of the world combined. How is this possible?
Most people believe billionaires are there to help the economy, this is a total NO in most cases. Their very billions are earned because of cheap labor, and cheap labor is available because of poverty. More poverty creates more billionaires. They are rich because they utilze the opportunities coming from developing and poor nations.

In short, billionaires are bad for the economy. How bad? Check out these top four ways:


1. Extreme wealth and poverty are rising simultaneously for the first time in decades
Now more than ever, workers are struggling to pay their bills, buy their groceries, and support their families because inflation is skyrocketing across the world. Corporations are raising the prices on goods, not because they have to, but because it increases the payouts for their shareholders. This lines the pockets of the ultra-wealthy while forcing more people into poverty.

Last year, 95 food and energy corporations doubled their company profits. Instead of investing that money in their employees, they paid $257 billion to their already rich shareholders. In the backdrop of this outrageous corporate greed, 1.7 billion workers live in countries where inflation now outpaces wages.

2. American billionaires are 33% richer than they were at the start of the pandemic
In 2020, the US experienced the worst economic growth since World War II. Much of the country felt this burden, especially marginalized groups, but the top 1% did not struggle. Instead, they became significantly richer.

This is possible because, for decades, the system has been rigged in favor of the rich. Labor laws, CEO compensation, the privatization of public assets, and much more are skewed toward making the rich richer. This leaves little protection and support for the average person, putting them in a vulnerable position.

3. Billionaires are contributing a million times more carbon to the atmosphere than the average person
People across the globe are facing dangerous climate change events, such as severe hurricanes, flash floods, and wildfires because billionaires are making climate change rapidly worse. In fact, 125 of the world’s richest billionaires invest so much money in polluting industries that they are responsible for emitting an average of 3 million carbon tons a year. The more they invest in fossil fuels, the more they protect the use of them, no matter how much the rest of the world suffers in response.

4. The super-rich are taxed at a dangerously low rate
Billionaires paid a low tax rate of 3% while most people with less money, like nurses and teachers, paid far more. If multi-millionaires paid a 2-3% wealth tax rate and billionaires paid a 5% wealth tax rate globally, it would raise $1.7 trillion a year. This money could be used for underfunded social programs, environmental policies, and economic programs. This would reduce the stress of necessities like the cost of childcare and healthcare.

With this tax rate, 2 billion people could be lifted out of poverty. We need to reduce inequality to end poverty and injustice. Increasing taxation up to 5% for the richest people in the world would be a strong step toward equality

CONCLUSION
Everyone want to become a billionaire and it's a good thing to become one but what will be your impart to your community, nation or the world if you become a billionaire today. People like Warren Buffett, Chuck Feeney, Oprah Winfrey and many more can not be forgotten for their impart on the society. Only few billionaires are ready to help. To solve the issue posted on the economy by the billionaires, the followings can be done

👉👉Reducing the rising levels of global inequality and more billionaire-busting policies should be created.

👉👉Wide-ranging increases in taxation of the super-rich, and we call on world governments to tax multi-millionaires and billionaires

👉👉Creation of total education, full employment and health care facilities for the masses.

Billionaire are super talented people which control the economy of country. Billionaires play important role in country's economy. They work for country growth and they provide jobs to poor people . The prosperity of country depends on rich and poor people ratio. If more rich people are present in a country, more educated people will arise. Billionaire and millionaires  are those people on which most middle class and poor people depends. Billionaire produce a billionaire and poor produce a poor people. It totally depends on nurturing that ' s why poor are poor because of Poor people thinking and rich are rich because of mind of rich people.

If we are also billionaires one day, what problem are we going to solve to help boost the economy, are we going to be a solution giver or a problem compounder, the rich fellows aren't affecting the economy the negative ways just because they have the money, they will have to rely on the middle class men to engage their tasks and get them done, they can't do things on their own, we both depends on each other for sustainability and achievement of our goals, the economy actually needs money to fund many things and put the in place, this and many more they cover which may seems not clear to us.

That may be true in some regions of the world, but not in my nation, where millionaires are the root of our nation's economic woes since they are opportunistic and attempt to control every industry that will boost the economy while ultimately avoiding paying taxes to the government.

If millionaires can support the farmers in this way, there will surely be an increase in production capacity, which will improve the agricultural sector of the country's economy and give farmers optimism that they can make a comfortable living by paying for their kids' education.

It's a good thing when billionaires care for the little people who need help. They can create jobs and absorb more workers who are crammed into communities that really need jobs. The rate of unemployed people has recently increased. And this happens due to the lack of land for jobs and the high number of job applicants. thus causing more unemployment. So here the role of billionaires is needed if they really care about the grassroots. But somehow I feel that nowadays there are more rich people who only care about themselves without much concern for other people who are under them. Although not all of them are like that.

Now more and more millionaires are concerned with humanity, of course, the popular ones are Bill Gates who like to make donations throughout the world with well -designed programs, in my country of assistance from millionaires, of course, it is immediately useful because it is related to the agricultural system, 5 or 6 years ago there are millionaires which provides assistance worth $ 10 million and is used for rice field irrigation systems thereby increasing farmers' production

Now more and more millionaires are concerned with humanity, of course, the popular ones are Bill Gates who like to make donations throughout the world with well -designed programs, in my country of assistance from millionaires, of course, it is immediately useful because it is related to the agricultural system, 5 or 6 years ago there are millionaires which provides assistance worth $ 10 million and is used for rice field irrigation systems thereby increasing farmers' production

Now more and more millionaires are concerned with humanity, of course, the popular ones are Bill Gates who like to make donations throughout the world with well -designed programs, in my country of assistance from millionaires, of course, it is immediately useful because it is related to the agricultural system, 5 or 6 years ago there are millionaires which provides assistance worth $ 10 million and is used for rice field irrigation systems thereby increasing farmers' production

4. The super-rich are taxed at a dangerously low rate

Now more and more millionaires are concerned with humanity, of course, the popular ones are Bill Gates who like to make donations throughout the world with well -designed programs, in my country of assistance from millionaires, of course, it is immediately useful because it is related to the agricultural system, 5 or 6 years ago there are millionaires which provides assistance worth $ 10 million and is used for rice field irrigation systems thereby increasing farmers' production

What's surprising? We all know that in today's society, as long as you have money, you can buy anything, so it will not be a surprise if the rich are always favored over the poor in all circumstances. There will be no fairness, whoever comes first will have priority, whoever comes later will enjoy the benefits later. Even us, if we had money in that situation, we would spend more to get better care. But because we are not as rich as those rich people, we feel that society is not fair.

Ive seen in the news that most of those rich people can still be catered to in the hospital, while for poor people, the hospital will just say to find another hospital as they are full, which they can really do, and I can't imagine the poor beg for food at that time as they can't go outside to work and the government is not giving them rations, while the rich people are just saying they are getting bored and want to go on vacation.

The rich were still able to survive the pandemic crisis at that time, but if you look at India's death rate due to lockdowns and the government was unable to cope with finances to support economic needs, can you still say that rich people feel the same way? In fact, very rich people can survive in these conditions and can still experience optimal health services. In the post-pandemic economy, the rich can continue their lives because their financial stocks are still abundant, but the poor who have managed to survive only start over from zero.

That isn't true for everyone, there are millionaires and billionaires who are living great lives without any problems as you are telling here, it all depends on you and how you manage your relationship with people from the beginning and what kind of a life you have been living before becoming a millionaire or a billionaire, one thing is for sure, problems and issues exist as long as you are alive, but it isn't necessary for you to be in trouble just because you are rich.

The only problem that I can think of as a billionaire or a millionaire is that you might be under the radar of robbers and kidnappers all the time for your money, and that might affect your family's wellbeing as well, so you might need to take care of that by having some security and asking them to not go anywhere alone.

I also dreamed to be a billionaire, (Who will refuse this?). But as i watched the lives of some millionaires and billionaires and their family, there are always conflicts, problems and other factor that giving them a hard life. Yes, i believe they affecting the economy either good or bad. But this balance is needed for our economy pursue.

I agree with all of your points. Unfortunately, some people will always have the mindset that rich people are the antagonists of their dreams. It's as if they are to be blamed for living the life everyone is dreaming of and having the things everyone is working hard for. The harsh reality however is hating on these billionaires (especially the young ones, since I've been seeing a lot of them getting hate on social media) will not magically lift you up from your economic and social status. Raining on other people's parade will not make yours better.

Just come off it, I hate it when people praise these rich people too much, it's just a misconception that all of them made it out of hard work, a lot tried better than them but didn't make it. Many of you are just misinformed and judged amiss because they are rich, so why are some rich become poor later? Have they suddenly stopped? No one wants poverty and if you hear the stories of many of these rich people, you will be able to infer grace, luck, hard work, circumstance, family and friends, and environment as what makes them rich. Mind you, some encountered one, two or more of these factors listed, so it's a wrong judgement for concluding that poor people are poor because they are lazy or didn't take steps.

As much as hard work is good, not all who do it are successful, fate also counts here, and even for some people, their riches cames very easily and further use the brain of their employees to be richer or maintain their richess, not hard work.