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Old 01-30-2022, 11:34 AM
 
7,289 posts, read 4,066,698 times
Reputation: 4665

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Hear me out, I’m just a socialist with a spreadsheet and a search engine.

According to Forbes--
1. The combined wealth of the world’s 10 richest people ballooned by over $400 billion in 2021.
2. There are over 400 billionaires in the USA.

Here's a thought experiment:

If we merely BORROWED 80% of the wealth from the top 40 wealthiest people in the USA for 5 years, interest free, we could set up a fund for free post-secondary education for anyone who needs it.

Important to note that they would still be billionaires several times over (each of them would temporarily be worth only between 3-40 billion instead of 18-201 billion).

This LOAN amount would be a total of one trillion, 854 billion, 800 million dollars.

Low-risk investments can easily earn 10% on the principal, amounting to well over $185 billion annually.
Skim off enough to pay for college (or trade school) nationwide for everyone from a household making less than $125,000.

This would be about $75 billion annually. (SOURCE: Georgetown University Center on Education and the Workforce,The Dollars and Sense of Free College, 2020.)

You would still have earnings of over $100 billion left, to which you will add $100 billion every year for 4 more years, earning 10%. At the end of the five years, the earnings with compounded interest would total well over $600 billion.

Then you can give them back their money back AND continue to fund post-secondary education in perpetuity.

What do you think? Can we afford to provide a free post-secondary education to all who need it? Should we? Wouldn't it be better if we could? Maybe it would even save money in the end, since it would give disadvantaged people a way out of extreme poverty and make college loans a thing of the past. It could actually be a huge boost to the economy.

Last edited by AguaDulce; 01-30-2022 at 12:06 PM.. Reason: fixed typo
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Old 01-30-2022, 11:53 AM
 
Location: My beloved Bluegrass
20,103 posts, read 16,059,193 times
Reputation: 28275
Quote:
Originally Posted by AguaDulce View Post
Hear me out, I’m just a socialist with a spreadsheet and a search engine.

According to Forbes--
1. The combined wealth of the world’s 10 richest people ballooned by over $400 billion in 2021.
2. There are over 400 billionaires in the USA.

Here's a thought experiment:

If we merely BORROWED 80% of the wealth from the top 40 wealthiest people in the USA for 5 years, interest free, we could set up a fund for free post-secondary education for anyone who needs it.

Important to note that they would still be billionaires several times over (each of them would temporarily be worth only between 3-40 billion instead of 18-201 billion).

This LOAN amount would be a total of one trillion, 854 billion, 800 million dollars.

Low-risk investments can easily earn 10% on the principal, amounting to well over $185 billion annually.
Skim off enough to pay for college (or trade school) nationwide for everyone from a household making less than $125,000.

This would be about $75 billion annualy. (SOURCE: Georgetown University Center on Education and the Workforce,The Dollars and Sense of Free College, 2020.)

You would still have earnings of over $100 billion left, to which you will add $100 billion every year for 4 more years, earning 10%. At the end of the five years, the earnings with compounded interest would total well over $600 billion.

Then you can give them back their money back AND continue to fund post-secondary education in perpetuity.

What do you think? Can we afford to provide a free post-secondary education to all who need it? Should we? Wouldn't it be better if we could? Maybe it would even save money in the end, since it would give disadvantaged people a way out of extreme poverty and make college loans a thing of the past. It could actually be a huge boost to the economy.
Only if we get to borrow” 80% of your wealth for 5 years interest free, with no access to it for you those 5 years, also. Your wealth includes the value of your car, your home, all your bank accounts, your furnishings, your income, your tax return, etc.

I’ve heard some delusional ideas in my time but this is a doozy.
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When I post in bold red that is moderator action and, per the TOS, can only be discussed through Direct Message.Moderator - Diabetes and Kentucky (including Lexington & Louisville)
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Old 01-30-2022, 11:55 AM
 
18,308 posts, read 8,111,549 times
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yep....trade schools would be a good place to start
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Old 01-30-2022, 12:02 PM
 
7,289 posts, read 4,066,698 times
Reputation: 4665
Quote:
Originally Posted by Oldhag1 View Post
Only if we get to borrow” 80% of your wealth for 5 years interest free, with no access to it for you those 5 years, also. Your wealth includes the value of your car, your home, all your bank accounts, your furnishings, your income, your tax return, etc.

I’ve heard some delusional ideas in my time but this is a doozy.
You are comparing apples to oranges, friend. But thanks for the reply.

Actually, I'd be happy to donate 80% of my wealth if this were actually happening. My house (my only asset) is worth >100K.
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Old 01-30-2022, 12:03 PM
 
Location: San Diego
18,653 posts, read 7,508,315 times
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When you say "WE can borrow", do you mean you, yourself, personally going to these people who earned so much? Maybe along with all your friends on your block, and maybe in nearby houses in your town?

Or do you mean GOVERNMENT can go in, use govt force to take the money from them, and leave them a note promising to pay it back some day? You know, the same government that has already been rolling up TRILLIONS of dollars in debt for the last decade or three, with no plans on how to pay that back except by borrowing even more?

If you send in government to take it whether the guy who earned it want to give it or not, what makes you think he will even try to earn that much money again next year, to pay for your government troops' demands next year?

These schemes sometimes appear to work for a while, especially for people who haven't thought through them very well... until they run out of Other People's Money.

Nothing I like better than to take financial advice on what to do with $billions of dollars, from somebody who calls theft "BORROWING", and can't even spell "annually".

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Old 01-30-2022, 12:04 PM
 
7,289 posts, read 4,066,698 times
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Quote:
Originally Posted by Corrie22 View Post
yep....trade schools would be a good place to start
Yes--trade schools are definitely part of the thought experiment, not just universities.
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Old 01-30-2022, 12:05 PM
 
Location: My beloved Bluegrass
20,103 posts, read 16,059,193 times
Reputation: 28275
Quote:
Originally Posted by AguaDulce View Post
You are comparing apples to oranges, friend. But thanks for the reply.

Actually, I'd be happy to donate 80% of my wealth if this were actually happening. My house (my only asset) is worth >100K.
No, your car, your checking account, your bank account, your retirement account, the furnishings in your home, and the very clothes on your back are also assets.

Nothing is stopping you from setting up a 5 year $80K trust fund to pay for post secondary education for unknown, unrelated individuals.
__________________
When I post in bold red that is moderator action and, per the TOS, can only be discussed through Direct Message.Moderator - Diabetes and Kentucky (including Lexington & Louisville)
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Old 01-30-2022, 12:06 PM
 
8,181 posts, read 2,762,859 times
Reputation: 6016
Yet another solution looking for a problem.

Not everyone SHOULD be going to college and not every degree actually has value.
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Old 01-30-2022, 12:07 PM
 
7,289 posts, read 4,066,698 times
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Quote:
Originally Posted by Roboteer View Post
and can't even spell "annually".

Oooh sick burn. Thanks, I fixed it.

And thanks for coming along for the thought experiment.
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Old 01-30-2022, 12:07 PM
 
Location: San Diego
18,653 posts, read 7,508,315 times
Reputation: 14909
Quote:
Originally Posted by AguaDulce View Post
You are comparing apples to oranges, friend. But thanks for the reply.
It is your belief that this was an apples-to-oranges comparison, that reveals your astounding ignorance of the nature of money, the actual purpose and use of investment (by the person who earned the money), and the actual result of your scheme.
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