With wealth inequality and billionaire control over American society growing ever more obscene, it’s well past time to implement a maximum wage limit.
With wealth inequality and billionaire control over American society growing ever more obscene, it’s well past time to implement a maximum wage limit.
We desperately need to teach leftists academic economics. Yall have your heart in the right place but none of you have the slightest clue what the fallout of your policy suggestions are.
“Getting rid” of millionaires is ludicrous. There are people who are millionaires because a stock does well for a bit. There are people who had a million for a few days because they held Dogecoin when Elon manipulated that price. Millionaire is a much lower bar than you think.
You are framing this in a capitalist world. Getting rid of billionaires would also get rid of the stock market, they hold about 93% of stocks. The stock market is them buying a portion of working class wages and calling them dividends. If everyone’s material needs are met the accumulation of wealth isnt a driving force for ‘success’
Getting rid of stocks and billionaires would have a massive fallout hence why we need to teach leftists actual academic economics as this shift would be colossal and havea ton of externalities.
the vast majority of lawyers, doctors, and farmer owners have a net worth above a million even
Exactly, I graduated college at the right time for many of my friends to he worth 10+ million on paper entirely in the form of stock in their employer. One of my buddies had $16 million in AskJeeves that he couldn’t sell as an employee. By the time he could sell that was $64k. Not everyone who is a millionaire is actually a millionaire.
These largely aren’t working class people.
You would be wrong about that.
The top 10% of the wealthiest own 93% of all stocks with the 1% owning 54%
Those statistics are for volume of ownership and aren’t relevant to a discussion about wealth. I can own a handful of highly priced shares and be worth 1+ million while not holding a ton of shares.
I made about 60k when I started working as a dev. At the rate I saved back then, I’d be well in millionaire territory within about 10 years had I not left it for grad school.