Wealth of Five Richest Men Doubles Since 2020

[Mikeoxenormous]

As they should. When the laborers get a nice raise its always a good thing. Some complain about it. Hard to understand that. They like people to have lower wages. Truly a phenomenon.

Every time wages go up, then inflation soon follows, then wages need to go up, then inflation follows. See a trend there?

 

[georgephillip]

This is yet more democrat hypocrisy.

They bitch that these men are getting rich but just yesterday tried to use the stock markets records as proof the economy is doing well. It's well known that what drives up the stock market is the companies of the stocks doing well, i.e. MAKING HUGE PROFITS.

So profits are evil unless you can twist it to push your narrative. Got it.

Profits that stem from government interventions on behalf of its richest citizens are another example of privatizing profits by socializing costs.

Capital markets quintupled stock prices after the Federal Reserve flooded those markets with Zero Interest Rate Policy.

This engendered the largest bond market boom in US history but did nothing the revive tangible capital investment, real wages, or prosperity for the non-financial (real) economy at large.

https://michael-hudson.com/wp-content/uploads/2023/07/HUDSON1311.pdf

"Reversing the zirp in 2022 caused bond prices to fall and ended the runup of stock market and real estate prices.

"The great 14-yeardebt increase faced sharply rising interest charges, and by spring 2023 a number of banks failed, but all their depositors were bailed out by the Federal Deposit Insurance Corporation (fdic) and FederalReserve.

"The open question is now whether the U.S. economy will face the financial crash that was postponed from 2009 onwards by the vast expansion of debt under zirp that has added to the economy’s debt burden."

 

[Mikeoxenormous]

Those jobs are few and far between.. back in the 1960s there were tons of ‘em


But at least the folks at UPS are making really good money.

I got a better idea. Fire all the Non Essential workers in the federal government and then there would be a surplus of tax revenue....

 

[Mikeoxenormous]

Profits that stem from government interventions on behalf of its richest citizens are another example of privatizing profits by socializing costs.

Capital markets quintupled stock prices after the Federal Reserve flooded those markets with Zero Interest Rate Policy.

This engendered the largest bond market boom in US history but did nothing the revive tangible capital investment, real wages, or prosperity for the non-financial (real) economy at large.

https://michael-hudson.com/wp-content/uploads/2023/07/HUDSON1311.pdf

"Reversing the zirp in 2022 caused bond prices to fall and ended the runup of stock market and real estate prices.

"The great 14-yeardebt increase faced sharply rising interest charges, and by spring 2023 a number of banks failed, but all their depositors were bailed out by the Federal Deposit Insurance Corporation (fdic) and FederalReserve.

"The open question is now whether the U.S. economy will face the financial crash that was postponed from 2009 onwards by the vast expansion of debt under zirp that has added to the economy’s debt burden."

Obama was the QE queen, you know that right?

 

[georgephillip]

And who is the President of the United States again?

Income inequality declining under Trump policies, says Labor secretary

Due to President Trump's economic policies, workers' wages are growing faster than their bosses, according to Labor Secretary Eugene Scalia.

finance.yahoo.com

I guess when the Marxists/Demofascists stole the 2020 election that reversed the shrinking income inequality and made more people poorer. It always happen when Socialists get in power....

What effect did the Orange Fascist's tax cuts have on US economic inequality?

Income inequality in the United States - Wikipedia.

"Income inequality has fluctuated considerably since measurements began around 1915, declining between peaks in the 1920s and 2007 (CBO data[2]) or 2012 (Piketty, Saez, Zucman data[15]).

"Inequality steadily increased from around 1979 to 2007, with a small reduction through 2016,[2][16][17] followed by an increase from 2016 to 2018."

 

[Mikeoxenormous]

What effect did the Orange Fascist's tax cuts have on US economic inequality?

Income inequality in the United States - Wikipedia.

"Income inequality has fluctuated considerably since measurements began around 1915, declining between peaks in the 1920s and 2007 (CBO data[2]) or 2012 (Piketty, Saez, Zucman data[15]).

"Inequality steadily increased from around 1979 to 2007, with a small reduction through 2016,[2][16][17] followed by an increase from 2016 to 2018."

Dude, of course the poor who pay no taxes dont get a tax break, why the fuck should they?

 

[georgephillip]

Obama was the QE queen, you know that right?

I knew what to expect from Obama after he accepted a $900,000 campaign donation from Goldman Sachs.

Cornel West saw Obama more clearly than anyone:

Cornel West Blasts Obama As a 'Mascot of Wall Street'

"Cornel West Blasts Obama As a 'Mascot of Wall Street'"​

 

[2aguy]

The world's five richest parasites have more than doubled their fortunes from $405 to $869 billion since 2020 while nearly 5 billion people have become even poorer; some parasites eagerly anticipate the globe's first $trillionaire within ten years, but seem indifferent to the claim poverty will not be eradicated for another 229 years:

Wealth of five richest men doubles since 2020 as five billion people made poorer in “decade of division,” says Oxfam | MR Online

"'This inequality is no accident; the billionaire class is ensuring corporations deliver more wealth to them at the expense of everyone else,' said Oxfam International interim Executive Director Amitabh Behar.

If they make products or services people want or need and creqte millions of jobs in the process, how are they parasites?

I would say people who dont work at all and get government welfare when they are able to work would fit that word better

 

[georgephillip]

Dude, of course the poor who pay no taxes dont get a tax break, why the fuck should they?


View attachment 890907

So maybe we need fewer poor people?

"Average income—which heavily weights extremely high-income families—substantially exceeds median income (families in the fiftieth percentile).[45] Further, average income outgrew median income from 2019 through 2022.[45]"

Income inequality in the United States - Wikipedia.

"In 2017, the Tax Cuts and Jobs Act of 2017 reduced personal and corporate income tax rates, which critics said would increase income inequality.[46]

"Also in 2017, Forbes found that just three individuals (Jeff Bezos, Warren Buffett and Bill Gates) held more wealth than the bottom half of the population.

"In 2018, and for the first time in U.S. history, U.S. billionaires paid a lower effective tax rate than the working class.

"A study found that the average effective tax rate paid by the richest 400 families in the country was 23 percent, a full percentage point lower than the 24.2 percent rate paid by the bottom half of American households."

 

[struth]

The world's five richest parasites have more than doubled their fortunes from $405 to $869 billion since 2020 while nearly 5 billion people have become even poorer; some parasites eagerly anticipate the globe's first $trillionaire within ten years, but seem indifferent to the claim poverty will not be eradicated for another 229 years:

Wealth of five richest men doubles since 2020 as five billion people made poorer in “decade of division,” says Oxfam | MR Online

"'This inequality is no accident; the billionaire class is ensuring corporations deliver more wealth to them at the expense of everyone else,' said Oxfam International interim Executive Director Amitabh Behar.

Not surprised by this, meanwhile the majority of Americans are worse off since xiden took office

This is what demafasict policies do for the country.

 

[initforme]

Every time wages go up, then inflation soon follows, then wages need to go up, then inflation follows. See a trend there?

Yep. So you are saying some people need to take it on the chin for the nation. I'd say stick it nation.

 

[Mikeoxenormous]

So maybe we need fewer poor people?

"Average income—which heavily weights extremely high-income families—substantially exceeds median income (families in the fiftieth percentile).[45] Further, average income outgrew median income from 2019 through 2022.[45]"

Income inequality in the United States - Wikipedia.

"In 2017, the Tax Cuts and Jobs Act of 2017 reduced personal and corporate income tax rates, which critics said would increase income inequality.[46]

"Also in 2017, Forbes found that just three individuals (Jeff Bezos, Warren Buffett and Bill Gates) held more wealth than the bottom half of the population.

"In 2018, and for the first time in U.S. history, U.S. billionaires paid a lower effective tax rate than the working class.

"A study found that the average effective tax rate paid by the richest 400 families in the country was 23 percent, a full percentage point lower than the 24.2 percent rate paid by the bottom half of American households."

So keep giving the poor people free money so they can sit on their sorry asses and bitch and moan about billionaires. Stop paying them free money (inflation) and make them earn it, and then the Gross Domestic Product goes up and the national debt goes down....

 

[Mikeoxenormous]

Yep. So you are saying some people need to take it on the chin for the nation. I'd say stick it nation.

Yet, when President Trump was in office, he had less people relying on the government and more people working, thus more people were happy, and the Marxists/Demofascists cant have happy people, so they stole the 2020 election, and now those people are miserable and poor...The Left is happy again..

 

[Independent thinker]

The world's five richest parasites have more than doubled their fortunes from $405 to $869 billion since 2020 while nearly 5 billion people have become even poorer; some parasites eagerly anticipate the globe's first $trillionaire within ten years, but seem indifferent to the claim poverty will not be eradicated for another 229 years:

Wealth of five richest men doubles since 2020 as five billion people made poorer in “decade of division,” says Oxfam | MR Online

"'This inequality is no accident; the billionaire class is ensuring corporations deliver more wealth to them at the expense of everyone else,' said Oxfam International interim Executive Director Amitabh Behar.

So?

 

[frigidweirdo]

In 1992 Ross Perot acquired nearly 19% of the popular vote for POTUS while running on the Libertarian Party.

There's virtually no way any third party POTUS candidate can accomplish anything except advance the interests of either the Democrat or Republican seeking that office.

However, if tens of millions of US voters picked the House and Senate candidates from third parties, it becomes possible to flush dozens of incumbents from the US Congress in a single news cycle.

That could start revolutionary change in the greatest purveyor of violence in the world.

We're still moving 'beyond Vietnam'.

Easier if people push for Proportional Representation. Change the system, rather than trying to get people to change something within a system that's very inflexible.

 

[progressive hunter]

 

[georgephillip]

Easier if people push for Proportional Representation. Change the system, rather than trying to get people to change something within a system that's very inflexible.

It's hard to imagine Republicans and Democrats currently serving in congress would ever support proportional representation:

Proportional representation, explained

"Proportional representation is an electoral system that elects multiple representatives in each district in proportion to the number of people who vote for them.

"If one third of voters back a political party, the party’s candidates win roughly one-third of the seats.

"Today, proportional representation is the most common electoral system among the world’s democracies.

"How is this different from what the United States uses?..."

PR's a good idea that's far more likely to be seriously considered after the current two-party, corporate duopoly disappears.

 

[Blues Man]

If they make products or services people want or need and creqte millions of jobs in the process, how are they parasites?

I would say people who dont work at all and get government welfare when they are able to work would fit that word better

Do we really "need" the products these people are selling?

I don't think so. It's time we take our power ( and money) back from these consumerist gurus and stop buying the crap they are selling.

 

[georgephillip]

So?

So what's the bigger threat to society, inflation or parasitic billionaires?

Wealth of five richest men doubles since 2020 as five billion people made poorer in “decade of division,” says Oxfam | MR Online

"The past three years’ supercharged surge in extreme wealth has solidified while global poverty remains mired at pre-pandemic levels. Billionaires are $3.3 trillion richer than in 2020, and their wealth has grown three times faster than the rate of inflation.

• "Despite representing just 21 percent of the global population, rich countries in the Global North own 69 percent of global wealth and are home to 74 percent of the world’s billionaire wealth.
• Share ownership overwhelmingly benefits the richest. The top 1 percent own 43 percent of all global financial assets. They hold 48 percent of financial wealth in the Middle East, 50 percent in Asia and 47 percent in Europe."

 

[Blues Man]

So what's the bigger threat to society, inflation or parasitic billionaires?

Wealth of five richest men doubles since 2020 as five billion people made poorer in “decade of division,” says Oxfam | MR Online

"The past three years’ supercharged surge in extreme wealth has solidified while global poverty remains mired at pre-pandemic levels. Billionaires are $3.3 trillion richer than in 2020, and their wealth has grown three times faster than the rate of inflation.

• "Despite representing just 21 percent of the global population, rich countries in the Global North own 69 percent of global wealth and are home to 74 percent of the world’s billionaire wealth.
• Share ownership overwhelmingly benefits the richest. The top 1 percent own 43 percent of all global financial assets. They hold 48 percent of financial wealth in the Middle East, 50 percent in Asia and 47 percent in Europe."

What the hell is "Global wealth" ?

Do you have an actual definition?