Dan Held Expressed: Total wealth of US billionaires = $3 trillion.
If we confiscated all of their wealth, we’d only be able to run the federal government for less than 6 months. Perhaps our problem isn’t how much billionaires have but how much politicians spend.
Community Response: Brilliant observation. Total wealth of US billionaires = $3 trillion. Shiba Inu market cap = $20 billion. Still early. +589 trillion tokens requires a lot of burning over the next millennium. Still early.
That’s 100% our problem and anyone that tells you otherwise is pandering.
Who’s saying confiscate their money. No one. Just be nice if they paid a higher effective tax rate than the regular Joe.
Sure and I agree but we would only get enough taxes out of them to run the government for like two weeks.
There are like 100 billionaires. The fact that so few people have wealth that could fund the entire US government, everything included, for 6 months is sort of a problem.
Nope, you’ve missed the point entirely.
If government spending was less, it would only mean that these individuals could fund it for even longer. How does that make it better?
The point is that government is a machine designed to reward inefficiency and failure. Literally every dept in the gov burns resources at the end of the fiscal year so they don’t get a reduced budget the following year.
Have you ever worked in a business with a budget? Happens all the time.
Businesses subject to the free market cannot do this ad infinitum as the government can, a very notable difference, and when a private business makes bad financial decisions in that case, because I am not footing the bill.
It is, but I suspect you are confused as to the source of the problem.
You are way off if that statistic. The government money printer destroyed the natural mechanism of capital allocation. And still there are groups who are thinking that the government can solve every problem on earth. It’s time to take them their printing machine away.
“Your problems are not caused by someone else being a billionaire”
Not everyone can be a billionaire. So actually, it is. Competition for wealth, yeah, but we don’t need to have loosers in that system. The system of the future will allow people to opt of even playing the game, and still survive.
It could also be both. Why target one thing vs a broad and sweeping solution?
What if we take their money and yield farm with it? You want to take their money so you can make money for yourself then? And then, when you become the rich one, what happens then?
Not to mention in order to do that you will need to liquidate their companies where the residual value lies. This would effectively shut down things like Tesla and Amazon. They just keep spending though.
Should anyone in a civilized society have this much power (political influence) without accountability?
But also, the world’s 2000 billionaires have as much wealth as the poorest 4 billion people.