Trickle UP Economics
It’s a waterfall of wealth heading in the wrong direction. The world’s 500 richest people gained $1.2 Trillion in wealth. That averages to $76 per second! Most of us would dream of $76/hr in an overtime shift. Imagine getting paid over $4500 just to commute. The average commute to and from work is 1 hour.
But that’s what Jeff Bezos, Bill Gates, Warren Buffet, Mark Zuckerberg and the other richest 497 people are earning just from brushing their teeth. I’m not saying it’s bad to make money, be comfortable, take nice vacations, but when is it enough that you and a few generations of heirs can’t spend that much in a lifetime it’s when we need to start looking at the distribution of wealth.
Bezos and Zuckerberg have most of their wealth tied up in stocks as does Gates and Buffet; however, Gates and Buffet have stock ownership in companies that give off dividends. For example, Bill Gates owns 400 million shares of Microsoft. Just the dividends alone provides him with a yearly income of $813,000,000. He pays only $162,000,000 in taxes. This gives him $54,000,000 per month in spending money.
To be fair, I don't know what he does with his wealth. I know he pledged his wealth to charity and he might donate all that income when he receives it, but the the name is just the example of the wealth of the names that you don't know and don't have to maintain an image.
I’ve said before that I’m not a socialist, yet when a decent amount of people start to identify as a socialist is when a capitalist asks: what’s going on?! We need to look for solutions.
The United States came dangerously close to a revolution in the 1930s to only be saved by the New Deal. One hundred years later we need a Great Deal to save Capitalism.