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Not to mention technology has given young people things us old folks never had. My wife communicates with her family in the Philippines almost every day.
Those peoples grandfathers often sweated doing their jobs.
No income inequality exists among three men in a lifeboat at sea with no food and water.
Just because someone has a big house or a fancy car does not mean they are rich... in fact they could and many most likely have a negative net worth.
Not saying I concur with Snuff but if you think the person making $50M is someone better/superior to the one making $5K (a notion widespread amongst the 1%) then there is nothing anyone can do you help you understand.
There is a pretty good chance he is. Luck has a role but other factors such as work ethic and intelligence do to. There is a positive correlation here.
Just because someone has a big house or a fancy car does not mean they are rich... in fact they could and many most likely have a negative net worth.
mmhmm. some fools get caught up in wanting to live above their means and they go broke doing it. The McMansion, new Lexus, country club membership, and private school tuition for the kiddies really adds up.
Those McMansions you pass by may be on on their second or third mortgages. Don't envy their owners; just pity them and learn from them.
People buy bottled water. Ain't no revolution happening.
Capitalism is often pretty crappy, but less crappy than any other system.
Big Pharm is a product of Big Government.
Venezuela is a good example.
But we can't pretend the issues here can be ignored. At some point someone will realize wine tastes better than water.
There really are people in America who would have better lives in Asia, and we have to confront what that means and where we go as a country from here.
There is a pretty good chance he is. Luck has a role but other factors such as work ethic and intelligence do to. There is a positive correlation here.
Ah, no. What he had over the other guy was access to capital. He levered his gain.
Notice if half the country doesn't have access to markets, then it's a problem for who wins and who loses.
Since when did busting your ass at manual labor or being very good academically translate into being wealthy?
It's in Genesis if I recall.
The point is hard work isn't enough. An ingredient, yes. But by far, far, far and away, super far and far away, the biggest factor in why someone is a billionaire or ends up with a making a lowly 85k is capital markets.
And as such to make sure we have something called fariness, you can't just make believe people are smarter or work harder. Luck and timing and Gov policy come into play.
The point is hard work isn't enough. An ingredient, yes. But by far, far, far and away, super far and far away, the biggest factor in why someone is a billionaire or ends up with a making a lowly 85k is capital markets.
Capital markets will supply me with 2/3rds of my income in retirement. I started out as a manual laborer 40 years ago.
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