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That's my point. It's simple math. By definition if I am compounding a larger amount my wealth is going to grow exponentially more than someone that can only invest a small amount each year. Even if the person that invests the small amount actually gets much better returns each year (which almost certainly isn't plausible).
Right. and how it this harming anyone?
If we could extract the jealousy out from the conversation, I am having difficulty focusing on what harm this gap causes.
Our economy is the aggregate goods and services produced and purchased. How the money (wealth) from this activity lands in one person's lap vs another depends on policies/laws... how the "game" is structured.
A lot of people "earning" $100M/year are not doing anything productive. They are merely using the rules of the game to extract wealth from the economy and put it in their accounts. Who do you think that $100M is being extracted from? Even if they were doing something productive, was their contribution worth the amount they extracted?
What a wonderfully naive view of how the wealthy make money. Simple wealth extraction? LOL!
What do you think would happen if the wealthy withdrew all of their capital from the market and went full on Gault? Yeah, the economy would suck really bad really fast.
What a wonderfully naive view of how the wealthy make money. Simple wealth extraction? LOL!
It's become much more common. The wealthy make money however the system lets them. Prior to the 70s it was primarily via investment in capital and infrastructure, and laws were designed to ensure that demand (consumer wages) was high and profits would be reinvested in production. That's how a capitalist system operates efficiently and sustainably. In the last 40 years there has been a radical shift.
If you live in a low COL area, then a Minimum-Wage income is enough to support a family.
Quote:
Originally Posted by damba
Wow are you ignorant.
No, you are.
Not only does someone earning minimum wage recover all of their federal taxes paid, they also get a $6,444 bonus if they have 3 children.
The fact that some people insist upon living in a high Cost-of-Living area and refuse to move to an area with a lower Cost-of-Living is not reason to condemn the system.
Even Homo Erectus was smarter than those people.
Quote:
Originally Posted by rruff
I think a UBI would achieve this reasonably well, and would be simple and efficient.
You couldn't afford it.
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