Capitalism, today, doesn’t mean industrialists are free to do whatever they want. For the sake of discussion, let's pretend that, indeed, all these billionaires shouldn’t exist. The Inherent Cruelty of a Billionaire Class. 139572029. I just suggest a different approach to tackle it. Report Save. Do we really want the whole economy to be concentrated into these seemingly corrupt hands? Share. new survey finds americans heartily disagree. Bezos was highly praised for donating $100 million to Feeding American in April, but Bezos makes $215 million a day. Jeff Bezos is one of the biggest offenders. Circling back to the seconds analogy, 11 days is equal to one million seconds. It is so large that it is incomprehensible. @one1flapjack, 16 tweets, 3 min read Bookmark Save as PDF My Authors. All billionaires and CEOs earn their wealth by exploiting the labor of workers. They should exist because progress is both possible and desirable; they should exist today because capitalism is optimism applied to markets; and they will exist in the future, in far greater frequency than today, unless we deny ourselves such success. According to the National Philanthropic Trust, 90% of high net worth families give to charity. You're very unlikely to accumulate that kind of wealth in a competitive market. trend is a rather sloppy dig at a few rich people who are worth around the same as the entire socio-economic bottom half of the Earth’s population. The point is that the very game that produces them should be played. Billionaires and why they shouldn’t exist. His love for amateur astronomy shouldn’t cause him to renege on his principles. "You're right, there shouldn't be multi-billionaires while the United States has the worst poverty level in the developed world, outside of Turkey, which is just a total scandal. This wealth gap has only been exacerbated by the COVID-19 pandemic. Jan 15, 2020 #181 Billionaires and the systems that allow people to become billionaires shouldn't exist. Do American infrastructure systems put people at risk? Billionaires shouldn’t exist. But charitable giving isn’t the only reason billionaires should exist. Oct 25, 2017 1,591 Longview. Asked if billionaires should exist, Senator Bernie Sanders said it was “a moral and economic outrage” that the three richest Americans control as much wealth as half the country. Just two months ago, Elon Musk, CEO of Tesla, SpaceX, and Neuralink, tweeted about how the term, “billionaire,” is being used by the media to, “devalue and denigrate the subject.”. If you really want to donate to someone, try to get them a job first), Here’s Why ‘#billionairesshouldntexist’ Shouldn’t Exist, Now before you call me names like ‘Capitalist Scum’, hear me out. We’ve established how huge Tim’s corporation is. Billionaires do not deserve to exist. This hoarding mentality is why billionaires have to go. I couldn’t agree more. Instead, we should focus on bringing more employment opportunities to them and improve education standards through systemic changes. Jeff Bezos is the paragon of doing the bare minimum. Why shouldn't it be? Billionaires shouldn’t exist, but when it comes to wealth, in most societies, the game is rigged. a thread: Their very existence is now the subject of political debate, sparked most recently by tax-the-rich proposals from two prominent politicians. While we must hold large companies responsible for how much they pollute, we shouldn’t be focused on charity, for this is simply a quick fix. However, I also see this picture in black and white. In fact, the top billionaires in the world could easily end extreme poverty in their countries and still remain billionaires in the end. Most of the time, we don’t think about it. File: 1589761401292.jpg (122 KB, 850x601) 122 KB JPG. Sen. Elizabeth Warren (D-Mass.) The industrialist basically wields unlimited power, and there’s nothing these poor workers can do about it, except maybe line up at the door. By Sophie Lindberg. september 25, 2019 by tristan justice. That business will make billions that the billionaire will keep thinking he made and earned that money. Bust the Billionaires: Why billionaires should not exist. If the farmer had the mentality of “billionaires shouldn’t exist,” then to be intellectually consistent he would have to either search doggedly for a telescope elsewhere or forgo it altogether. Why Billionaires Shouldn't Exist. The #billionairesshouldntexist trend is a rather sloppy dig at a few rich people who are worth around the same as the entire socio-economic bottom half of the Earth’s population. Imagine a World Where Billionaires and Their Companies Don’t Exist. The worker sells their labor power, the ability to labor for a period of time. If you aren’t convinced, you need to look no further than Mukesh and Anil Ambani. People still get wrongfully terminated, but for seemingly legitimate reasons on paper. According to Business Insider, Amazon CEO Jeff Bezos makes $8,961,187 an hour. The London-Shanghai Stock Connect: A Risky Proposition. With prominent men like Jeff Bezos and Elon Musk emerging as the new generation of billionaire poster boys, the billion dollar question has once again emerged. The difference between one million seconds and one billion seconds is more than 31 years. In 2018, Americans gave $427 Billion to charity, which accounts for 2.1% of the our GDP. Second, they donate enough to make a good headline, but not nearly enough as they can. I see it as a simple Capitalism vs. Socialism debate, and this is what I make of it. There are even policies that aid your local engine manufacturer in his/her fight against Tim’s behemoth, which isn’t even how Capitalism was meant to be in the first place. proposed placing a 2 percent tax on wealth over $50 million and 3 percent on assets over $1 billion. In this article I set out 5 reasons why billionaires shouldn't exist. He has a sizeable plant in Australia, and while much of the work is taken care of by a chain of machines, he still needs workers to take care of a few different things. Rep. Should Billionaires exist? Inequality flamethrower Anand Giridharadas on why billionaires shouldn't exist and his hopes for the Biden administration Juliana Kaplan . Bernie Sanders is right, billionaires shouldn’t exist December 18, 2019 9:25 AM CST By Joel Wendland-Liu. Sean. That would be true, but let’s look at the causes. Member. written by Minzie Kim October 5, 2018. Billionaires should not exist. … Now before you call me names like ‘Capitalist Scum’, hear me out. 190 multiplied by 32 is 6,080. Let that sink in. Instead, we must focus on finding the right balance between government regulations on how these companies operate, and the opportunities we create for the underprivileged. 3 months ago. 60% Disagree. They just choose not to. “Why on earth shouldn’t people be able to be billionaires?” she countered. Not just that, he holds the right to drop the wages of his workers, especially the band at the bottom, fire whoever he wishes to, or even decide to flip the organisation over its back. Here, we discuss the ethical issues surrounding the accumulation of wealth by billionaires. According to CNBC, about 44% of the world’s billionaires inherited their wealth or built off of their families’ already massive fortunes. Is it okay to have millions struggling to survive when a small number of people hoard a huge amount of resources? Some workers are exploited due to low job security, and are paid ridiculously low wages, below the minimum sometimes, or are made to work in unsafe conditions. Industrialists seem to be conspiring against the common folk and using every trick in the book to maintain their stronghold. Billionaires are an existential threat to democratic societies. I think I heard one candidate claim in an advertisement, “People, not billionaires,” so apparently billionaires are no longer people. Inequality is as American as apple pie. 139572103. To their detractors, billionaires are nothing more than a policy failure, the very worst of capitalism and epitome of greed. Well, he doesn’t. Give me one good reason why billionaires shouldn't exist >> Anonymous 09/19/20(Sat)23:31:49 No. Forbes estimates that the the 400 richest Americans have as much combined wealth as the poorest 64% of households. Virus Fears Heighten, BoC Turns Dovish, Norges Bank and ECB Take Their Turn, Revolution, not Reform: Moral Courage, Redefining Progress, and the Myth of Social Democracy. Bezos is worth $190 billion. 139572103. cute and … It's assumed to be some kind of radical leftist position. First of all, converting that investment into billions of dollars today is not a feat just anybody can flaunt. In all these, the common problem seems to be corruption, predominantly in the administration that handles these problems. Bernie Sanders says billionaires should not exist. Billionaires aren’t philanthropists “Billionaires don’t deserve hate because they give their money back to the people through charity.” This notion is wrong for many reasons. Because it’s detrimental for the vast majority of those who play, for the ecosystems, and so on. The opposite is true. This means that he keeps a relatively minuscule amount in ready-to-spend cash, which is possibly what he could give for charity. While billionaires continue to walk this earth, inequality will continue like a plague and will only grow worse and worse. Economist 37a5. 139572029. First, the money they are donating is the money they stole from the people in the first place. “Billionaires should not exist” Billionaires shouldn’t exist, according to a chorus of voices on the left, including Labour MP Lloyd Russell-Moyle, whose Radio 5 Live assertion went viral, US Senator and 2020 hopeful Bernie Saunders, and Democrat upstart Alexandria Ocasio-Cortez. A billionaire will pay his employees minimum wage or less and then take home the biggest piece of the pie, living large while the people whose backs he stood on barely scrape by. This plant produces 150,000 engines a year, and employs around 200 people to do so. Anonymous 09/19/20(Sat)23:31:49 No. All billionaires and CEOs earn their wealth by exploiting the labor of workers. (P.S. When I utter the word ‘Capitalism’, do you picture a wealthy industrialist, wearing his $15,000 suit, walking amidst hundreds of workers, who, by the look of it, don’t even earn that much money every year? Bernie Sanders says billionaires should not exist. Anonymous 09/19/20(Sat)23:33:53 No. theyre jewish now, i officially dub this a cardcaptor sakura thread! -64. Share on Facebook Share on Twitter The other 56% grew their wealth by exploiting the working class. Seeing that, he must be ultra-rich. Thread: 1/16 The average UK wage for *full-time* workers, […]" Thread Reader vote labour 2019. Of course billionaires shouldn’t exist. Let’s assume that Tim is unable to sell enough shares to donate the amount he wants to. Thus, a common analogy has been created to accurately illustrate the difference between a million and a billion using seconds. However, this doesn’t mean all his personal wealth is available readily in his bank account. But billionaires shouldn’t exist AT ALL? This shouldn’t be a remotely controversial thing to say; it shouldn’t even be considered a leftwing thing to say. You can imagine, Tim must be rich (Hold on to this thought). Billionaires. When converted from time into money, this analogy epitomizes the absurdity of billionaires. Firstly, let's try to wrap our heads around just how much £1 billion is - we hear it a lot but have we ever stopped to think how much it really is? Though we like to believe that billionaires are geniuses who have worked hard to earn their wealth, that just isn’t true. A billion is a ridiculous number. The. If you spend a few minutes reading these letters, you will understand why Billionaires Should Exist. I see it as a simple Capitalism vs. … According to Newsweek, Billionaires Earned Enough Money in 2017 to End Extreme Poverty Seven Times Over. Moreover, selling his assets and donating money isn’t as simple as they seem. “Why on earth shouldn’t people be able to be billionaires?” she countered. 60% Disagree. Wealth inequality, in other words, is an anti-democratic force.” — Annie Lowrey, the Atlantic. He did not do the marketing, he did not help with the production or packaging, he did no actual labor. Why? As estimated by The Guardian, $100 million is only 11 days of income for Bezos. He runs a large (albeit not too large) corporation, that primarily manufactures engines. Billionaires should not exist. The true billionaire problem of the 21st century is not one of overabundance, but scarcity. In other words, Bezos donated 11 days out of his 6,080 years. written by Minzie Kim October 5, 2018. >> Anonymous 09/19/20(Sat)23:33:53 No. Billionaires are criminals and an injustice to the world. Firstly, the value of assets are usually much higher compared to the amount of cash that can be moved around in the economy, which means that it is impossible for all billionaires to source enough cash to sell off their assets. The answer is a hard, simple, and resounding NO. September 25, 2019 By Tristan Justice. The worker sells their labor power, the ability to labor for a period of time. Secondly, there is a cost to everything. Thread: 139 Goods vs 111 No Goods; Economics Job Market Rumors » Economics » Economics Discussion. How much is a billion? I understand the need for limiting wealth inequality. “Billionaires don’t deserve hate because they give their money back to the people through charity.” This notion is wrong for many reasons. In order to maintain logical consistency, if billionaire Jeff Bezos never existed, then there would be no Amazon. In this scenario of mind-blowing inequality, there are also these arguments about how billionaires don’t earn the money they have today. You arguably are using the resources of the rest of us to make money and then hoard it away from the government for taxes. In America, the contrast between billionaires and common folk is stark. The title is a quote from Senator and Presidential candidate Bernie Sanders. No billionaire or CEO has earned their wealth in a just way. Continue this thread 70 more replies. Asked if billionaires should exist, Senator Bernie Sanders said it was “a moral and economic outrage” that the three richest Americans control as much wealth as half the country. https://www.essentialmillennial.com/2020/08/06/billionaires-shouldnt-exist 32 years is equal to 1 billion seconds. New Survey Finds Americans Heartily Disagree. He sat comfortably and let others do all of the work and then rewarded himself by taking what belonged to everyone. the people who have billions should of course be allowed to stick around, but they won't have billions anymore if this country moves toward justice. Rep. Alexandria Ocasio-Cortez (D-NY) stated during her Wednesday interview on "The View" the billionaires behind companies like Walmart and Amazon should not exist … Concentrated wealth is bad for democracy “Dramatic inequality in wealth means dramatic inequality in terms of political power means a political system unresponsive to what most people want. According to TIME, the world’s top 26 billionaires own as much wealth as the poorest 2.8 billion people. The history of humanity and of this earth is not one of billionaires, and the conditions necessary to maintain them have been conquered not by reason, not by resolve, but by force and at gunpoint. Billionaires shouldn’t exist. The rich get richer, while the majority of us are left worrying about what our finances will look like in a couple of months, or worse. AOC’s thread on why billionaires ‘shouldn’t exist’ goes OH so very, very wrong Posted at 9:25 am on February 20, 2020 by Sam J. Most of Tim’s net worth is in the form of his company shares, and the rest may be other investments, properties, and financial assets. If so, you picture the same thing as me (If you don’t, try watching ‘Modern Times’). I see it as a simple Capitalism vs. Socialism debate, and this is what I make of it. Now before you call me names like ‘Capitalist Scum’, hear me out. level 1. According to the Business Insider, billionaires made approximately $42 billion a week during the pandemic, getting $565 billion richer. 8/12/2020. Billionaires should not exist. Secondly, Bezos got 22 investors for Amazon, out of 56 he pitched to, and I dare everyone reading, who is privileged enough to get a few hundred thousand dollars from their parents to start a company, to devise an idea and gather even 15 investors. “An Amazon worker earning the $15 minimum wage would need to work about 597,412 hours, or 24 hours a day for about 68 years, just to earn what Bezos makes in one hour.”. Billionaires should not exist. Billionaires should not exist. Billionaires not only shouldn’t exist, they don’t deserve to exist. This is 100% a refutation of the claim that billionaires are a symptom of a dying society, or of any other number of social ills. In this article I set out 5 reasons why billionaires shouldn't exist. I find the fact of billionaires’ existence astounding, especially given how much money $1,000,000,000 actually is. Billionaires shouldn’t exist. This would mean that we would be reducing the number of engines produced, and the number of workers employed at Tim’s plants, to instead support the currently unemployed. Robert Reich: Under real capitalism, billionaires shouldn't exist | Opinion Warren "vilifies successful people," says Jamie Dimon, CEO of JPMorgan Chase. What would you reply to such an statement 6 months ago # QUOTE 0 Jab 1 No Jab! I find the fact of billionaires’ existence astounding, especially given how much money $1,000,000,000 actually is. Billionaires and why they shouldn’t exist. Simply inheriting vast amounts of wealth isn’t enough, it takes a lot of ability to run a large company. https://miahoss.medium.com/billionaires-shouldnt-exist-134e500466b8 During the Democratic presidential debate, Sen. Bernie Sanders (I-VT) and billionaire businessman Tom Steyer discuss their plans for closing the wealth gap. Actually, it's a pretty plausible position for liberals too. Apparently he used to say, “Millionaires shouldn’t exist,” but given that he is now a millionaire thanks to his books, he has altered his slogan. One could argue that things don’t play out exactly as I described it earlier. Posted October 16, 2020. It came to my attention that Jeff Bezos took over $200,000 from his parents in 1995, which supposedly meant that his ‘privilege’ was the means of his success. Being a billionaire has nothing to do a with being successful in free market capitalism.Rubbish. These numbers exemplify the term “hoarding wealth.” While much of the world’s population lives in poverty without shelter, food, or medical care, there are a select few who sit on gold thrones and let much of the world’s money collect dust. The 'billionaires shouldn't exist' hullabaloo is very revealing. Even if you don’t break any rule (which I doubt – Amazon’s workers are underpaid and exploited af for example), you’re still playing a corrupted game.The point isn’t that billionaires shouldn’t exist. My personal anguish towards billionaires started when I was swiping through Instagram stories a few months back and came across a thread about why billionaires shouldn’t exist. Billionaires not only shouldn’t exist, they don’t deserve to exist. But this is not the only plant he has, there are many more, and with a workforce in the thousands, his company records increasing profits each year. Billionaires will take an idea, product, or service and market it into a successful business. Capitalism as a system has evolved drastically since. I couldn’t agree more. He decides to disinvest that money from the company. Bernie says billionaires shouldn’t exist. Had the billionaire Walton family never existed, then there would be no Walmart. Everytime i go into a thread about american tipping culture i get reminded that it doesn't take a billionaire to exploit both his workers and paying customers . Billionaires can’t exist. Way too extreme. That is about 315 times the $28,466 median annual salary of an Amazon employee. A few of these billionaires donating money is not the way to tackle poverty, global warming, and other persistent societal issues.
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