Topic: How billionaires are really affecting the economy. - page 7. (Read 1204 times)

I remember when Elon Musk said he would donate his money (or some of it actually) if it could end world hunger. He just wanted a calculation proof first that it was possible.

After many weeks nobody could come up with a way for his wealth to solve world hunger problems. Most don’t realize that. Even if they donated all their billions most of the world would still be poor. There are bigger issues at play here.

If I may share my thoughts about how millionaires affect the economy, I would say that they have the biggest negative impact, yes they do create jobs which creates movement in the market thus making it grow but they can also layy off those people that they've given those jobs, one example of this behavior is the Amazon one, I don't remember the specifics buttt iirc, Bezos didn't get his way with one of the states so he closes shop in that state resulting in mass layoffs thus affecting the economy. The biggest solution that I can see based on what OP pointed out is the austere taxation to these rich crooks without any way to get exempted but the lobbying industry makes sure that doesn't happen.

This sentence is completely bullshit, income tax is progressive tax where people get taxed based on the income they earn. If they earn lower than minimum, they don't need to pay any tax. If they earn minimum salary, they only get small taxed. If they earn a lot money, they need to pay a lot tax too!

But the problem is those billionaires can evade or avoid pay tax by manipulation.

You sounds like rich people is an evil while poor people is good people, the reason why they're poor is they're not want to try hard like the rich people.

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

2. American billionaires are 33% richer than they were at the start of the pandemic[/b]
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.

Oxfam is a global organization that fights inequality to end poverty and injustice. We offer lifesaving support in times of crisis and advocate for economic justice, gender equality, and climate action. We demand equal rights and equal treatment so that everyone can thrive, not just survive. The future is equal.

Why do you define a billionaire is the most detrimental thing for human welfare in economy? Is not he used to be the same as those who starve today, not getting what he wanted when he was young, and they succeeded with his enthusiasm to become a billionaire. Do you hate the success of others in achieving their goals?
Do you mean someone's wealth must be controlled evenly?
Not a few billionaires share their wealth with charity institutions, and also the surrounding community.

I think most people forget one of the biggest contributions that Billionaires bring to the economy, namely : Job creation

You mentioned that they only contribute 3% to the taxes of a country, but how much is 3% of say 5 Billion Dollars... for only 1 person. How many services can be paid by that contribution and how many government salaries can be paid by that. 

They also create a lot of jobs in the private sector and those people also pay taxes and that money is also being used to fund projects in the public sector. 

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

As soon as I saw the main points I thought that the article on which you base your post is garbage, and, indeed, I see that it is written by a company (charity) whose business is based on defending the fact that there are many poor people.

Millions of people are being forced deeper into poverty as the ultra-rich increase their wealth.

Their very billions are earned because of cheap labor, and cheap labor is available because of poverty. More poverty creates more billionaires.

Instead of investing that money in their employees, they paid $257 billion to their already rich shareholders.

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.

To solve the issue posted on the economy by the billionaires, the followings can be done

Spend too much money on eating food, and you become obese (and usually in a cash crisis).

👉👉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.

As soon as I saw the main points I thought that the article on which you base your post is garbage, and, indeed, I see that it is written by a company (charity) whose business is based on defending the fact that there are many poor people. In those points they always make the same trap and it is a change in the definition of the poor, that 100 years ago they were starving and many millions died of hunger and cold, while today they are fat. With that alone you can see how biased the article is.

You only have to look at countries like China or Mexico and see the obesity problem they have. There are other countries where there is not and there is a problem similar to the previous definition but that is not what the biased article talks about, which has not lacked the diatribe against the rich.