Where Do Billionaires Come From?

[Andylusion]

Billionaires come from eating poor people.

Or perhaps they come from government-structured tax rates?

The moral—and economic—case for progressive taxation

"In a typical sample of 1,000 respondents, only about 10 are in the top 1%.

"If you want to run for Congress, the implication is clear: Cut taxes on all but the top 1%, raise them enormously on the top 0.1%, 0.01%, and 0.001%, and leave the 1% the same.

"People will feel that you’ve made the taxes more fair, and you’ve also raised more revenue. In other words, make the tax system more progressive."

What people feel is not part of an objective argument.

What people feel is not part of an objective argument.

Making taxes more fair and raising more revenue will make a majority of Americans feel better about their futures.

You are one of the most hilarious posters ever. You shove your foot in your mouth so often, I'm starting to wonder if you put salt on your socks in the morning.

Here you are posting "thinking verses feeling"... and you do this right after saying something that was clearly feelings, not thinking.

Making taxes more fair and raising more revenue will make a majority of Americans feel better about their futures.​

So you are openly admitting that you are not thinking..... just feeling? Well that's good... since what you posted was a false claim.

A graph with just three data points, that blow up what you said.

The red line is the top marginal tax rate.
The green line, is tax revenues as a percent of GDP.

The blue line is a rolling average of all Federal income.

What can we learn from this? In the era of high tax rates, the government collected roughly 19% of GDP.
On a rolling average, the government collected slightly more money with low taxes, than it did with high taxes.

So your retard post about thinking verses feeling..... highly accurate. Brilliant meme. And the one who is most about feeling, and almost zero thinking.... is the one who posted them meme himself.

Well done sir.

 

[Andylusion]

Where Do Billionaires Come From?

Manipulating government contracting to their advantage.

Should We Have Billionaires?

"When talking about the financial industry, Michael Bloomberg deserves special mention.

"In addition to ranking among the top ten billionaires, with more than $50 billion in assets, he now seems poised to enter the race for the Democratic nomination.

"Bloomberg’s great genius was to develop an important service for large traders.

"It provided them with terminals that give them information relevant to the economy and particular stocks and commodities faster than anyone else.

"This allows them to profit at the expense of less well-informed investors.

"If society is better-off from this innovation, it is hard to see how."

It also helps less well-informed investors profit.

I work as a statistician for an Ag company, I work mostly with grain farmers, corn/soy/wheat. I provide them with data and analysis that helps them to profit more than the less well-informed farmers.

Is that unfair to the other farmers?

I work as a statistician for an Ag company, I work mostly with grain farmers, corn/soy/wheat. I provide them with data and analysis that helps them to profit more than the less well-informed farmers.

Is that unfair to the other farmers?

I suppose that depends on how much you charge compared to the cost of Bloomberg's terminals?

"All Bloomberg Terminals are leased in two-year cycles (in the late 1990s and early 2000s, three-year contracts were an option), with leases originally based on how many displays were connected to each terminal (this predated the move to Windows-based application).

"Most Bloomberg setups have between two and six displays.

"It is available for an annual fee of $20,000 per user ($25,080 per year for the small number of firms that use only one terminal).[3] As of October 2016, there were 325,000 Bloomberg Terminal subscribers worldwide.[4]"

Bloomberg Terminal - Wikipedia

I don't get it. Why would that matter? If you could create a terminal, that would help other people handle hundred million dollar investments..... would that not be worth a few thousand a year?

I actually saw one of these terminals, although I did not know what it was at the time. I was working info-tech for a investment firm, that ran the State of Ohio's Teachers retirement system.

If you have several billion in assets, and this terminal will help you manage that profitably.... seems a mere $25,000 a year is a reasonable cost.

And as far as it being 'unfair' to others.... ridiculous. What does a smaller investment firm, that only has a million dollars in assets, need with an expensive terminal? That's dumb.

That's like getting a strip mine truck, that can haul a small building, in order to move a refrigerator.

So I don't get what point you think you are trying to make.

 

[sparky]

Instead of arguing over a redistribution of income, restructure markets in such a way that vast private fortunes never come into existence in the first place.

You cannot restructure markets in such a way that vast private fortunes never come into existence in the first place without removing the ability of a family like mine to go from just above poverty level to the top 10% in 5 years.

You cannot restructure markets in such a way that vast private fortunes never come into existence in the first place without removing the ability of a family like mine to go from just above poverty level to the top 10% in 5 years.

I'm sure you know there's a huge gap between top 10% and becoming a billionaire, but if your economic rise required government-structured vehicles like patents and monopolies, it might have knocked a few percentage points off US GDP.

Should We Have Billionaires?

"Patents and related protections raise the price of prescription drugs alone by close to $400 billion a year over the free market price, or 1.8 percent of GDP. If we add in the impact of patents and copyrights on medical equipment, software, movies, fertilizers and pesticides, and other areas, the cost could easily exceed $1 trillion annually or close to 5.0 percent of GDP."

That's an idiotic conclusion since there wouldn't be any new prescription drugs without patent protection. The revenue from new drugs without a patent is zero.

That's an idiotic conclusion since there wouldn't be any new prescription drugs without patent protection. The revenue from new drugs without a patent is zero

Do you have any evidence in support of that (ignorant) conclusion?

Rigged: How Globalization and the Rules of the Modern Economy Were Structured to Make the Rich Richer | Op-Eds & Columns | CEPR

"My book, Rigged, highlights five areas where US policies were deliberately structured to redistribute income upwards.

1. "IP laws were strengthened, making patent & copyright monopolies longer and stronger

"This hugely increased the share of GDP that goes to sectors like pharmaceuticals, medical equipment, computers, and software. And it made stakeholders in these sectors hugely wealthy."

"But it was unnecessary.

"Alternative mechanisms for financing innovation and creative work – such as direct public funding for pharmaceutical research, with new drugs selling as generics – would not have led to the same sort of upward redistribution."

When we recognize that it was deliberate policy, and not the natural workings of the market, that gave us upward redistribution, it is much easier to find ways to rectify the problem.

this ^^^^ is why they, the top .01% push the concept of free trade, open market, etc.

while simultaneously lobbying Congress to their favor.

it's why Congress votes against the majority (read- middle class constituentcy) , and for this minority >>>

i find this no joke.....other than on us>>>

~S~

 

[AzogtheDefiler]

Do the richest among us owe their wealth to hard work and high IQs or government monopolies like patents and copyrights, minimum wage laws, or campaign finance contributions?

Should We Have Billionaires?

"The basic story is that if we have a market economy, some people can get very rich.

"If we buy the right-wing story, the super-rich got their money from their great contribution to society.

"If we look at it with clearer eyes, the super-rich got their money because we structured the economy in a way that allowed them to get super-rich..."

"This is a point which seems very obvious, but for some reason is largely ignored in policy debates.

"Most typically these debates take the market distribution of income as a given, and then ask the extent to which we might want to redistribute to have less inequality...."

"But it is completely absurd to treat the market distribution of income as given.

"The market is incredibly flexible and it can literally be structured in an infinite number of different ways."

Instead of arguing over a redistribution of income, restructure markets in such a way that vast private fortunes never come into existence in the first place.

You’re a jealous little piggy aren’t you? Asshole.

 

[sparky]

If you don't think we exist in a cyclical economy construed towards the top .01% winning when the fertilizer hits the ventilator, stop reading this post/link now

The Economic Collapse

~S~

 

[georgephillip]

Billionaires come from eating poor people.

Or perhaps they come from government-structured tax rates?

The moral—and economic—case for progressive taxation

"In a typical sample of 1,000 respondents, only about 10 are in the top 1%.

"If you want to run for Congress, the implication is clear: Cut taxes on all but the top 1%, raise them enormously on the top 0.1%, 0.01%, and 0.001%, and leave the 1% the same.

"People will feel that you’ve made the taxes more fair, and you’ve also raised more revenue. In other words, make the tax system more progressive."

So, lets say you "fix" it so there cannot be any billionaires...will you all then decide that millionaires are just as bad and go after them?

So, lets say you "fix" it so there cannot be any billionaires...will you all then decide that millionaires are just as bad and go after them?

I would suggest restructuring the tax code to make it far more difficult to amass a million dollar fortune:

The moral—and economic—case for progressive taxation

"In a typical sample of 1,000 respondents, only about 10 are in the top 1%.

"If you want to run for Congress, the implication is clear: Cut taxes on all but the top 1%, raise them enormously on the top 0.1%, 0.01%, and 0.001%, and leave the 1% the same.

"People will feel that you’ve made the taxes more fair, and you’ve also raised more revenue. In other words, make the tax system more progressive."

 

[Jitss617]

Trickle down created them

 

[sparky]

IIRC , the last potus contestant to bring the issue up was Steve Forbes, who was buried quicker than a turd in a cat box.....~S~

 

[georgephillip]

Where Do Billionaires Come From?

Their parents.

Bill Gates is a good example. Even though his parents were not among the richest one percent, they had an income that allowed Bill to acquire ten thousands hours of computer programming experience before he left for Harvard, and he's made good use of government since he moved on:

Should We Have Billionaires?

"Many of the country’s billionaires, starting with Bill Gates, owe their vast fortunes to these government-granted monopolies.

"As I, and others, have argued these can be extremely inefficient mechanisms for supporting innovation and creative work.

"Not only are they redistributing income upward, they also slow economic growth, and in the case of prescription drugs and medical equipment, impair people’s ability to get health care."

Please expound on the "government-granted monopolies"...or is that just your code patents and copyrights?

Please expound on the "government-granted monopolies"...or is that just your code patents and copyrights?

Someone who's studied this issue far long than I has suggested the word "tariffs" as a substitute for patents and other state sanctioned monopolies:

The Future of the Pharmaceutical Industry: Beyond Government-Granted Monopolies | Reports | CEPR

"March 2019, Dean Baker

"Patent monopolies on prescription drugs raise their price by one or two orders of magnitude above the free market price.

"In this way, they are equivalent to tariffs of several thousand percent or even tens of thousands of percent.

"Just as tariffs lead to economic distortions, and provide incentives for corruption, so do patent monopolies on prescription drugs.

"We continually see evidence of this as drug companies are routinely found to make payoffs to keep generics out of the market, promote their drugs for uses for which they are inappropriate, and conceal evidence they are less effective than claimed, or even harmful."

 

[georgephillip]

Do the richest among us owe their wealth to hard work and high IQs or government monopolies like patents and copyrights, minimum wage laws, or campaign finance contributions?

Should We Have Billionaires?

"The basic story is that if we have a market economy, some people can get very rich.

"If we buy the right-wing story, the super-rich got their money from their great contribution to society.

"If we look at it with clearer eyes, the super-rich got their money because we structured the economy in a way that allowed them to get super-rich..."

"This is a point which seems very obvious, but for some reason is largely ignored in policy debates.

"Most typically these debates take the market distribution of income as a given, and then ask the extent to which we might want to redistribute to have less inequality...."

"But it is completely absurd to treat the market distribution of income as given.

"The market is incredibly flexible and it can literally be structured in an infinite number of different ways."

Instead of arguing over a redistribution of income, restructure markets in such a way that vast private fortunes never come into existence in the first place.

Envy is a terrible basis for public policy.

Just sayin'.

Envy is a terrible basis for public policy.

Just sayin'.

So is greed and bribery.

Should We Have Billionaires?

"The basic story is that if we have a market economy, some people can get very rich.

"If we buy the right-wing story, the super-rich got their money from their great contribution to society.

"If we look at it with clearer eyes, the super-rich got their money because we structured the economy in a way that allowed them to get super-rich."

Billionaires acquired their wealth because of favorable tax and trade policies bought with their campaign donations, right?

 

[Grumblenuts]

What can we learn from this?

Nothing. "We" already knew you were just a dull tool desperate to appear sharp.

 

[xband]

Billionaires come the wrath of God.

 

[georgephillip]

Market distribution of income, is in fact a given, because it's part of the market.

Due to lobbyists legislation...

Manipulating government contracting to their advantage.

Because wealth controls governance here....

China was home to more members of the global top 10% than ... For the first time ever, there are more ultra-wealthy people in China than the US .

top 10% is a statistical facade , try the top 1%, or better yet, top point 1% , and get back to us on wealth inequity....

You cannot restructure markets in such a way that vast private fortunes never come into existence in the first place without removing the ability of a family like mine to go from just above poverty level to the top 10% in 5 years.

You're asking if a meritocracy can exist in a 'casino capitalist' society

Rather grand Q Gator....

How many children were helped by Dr. Salk, who didn't patent his polio vaccine so he could be a billionaire?

A lot, his story is iconic....

~S~

One thing is certain about billionaires, they are psychopaths. They could alleviate much suffering, but they don’t.

That moron Bezos is using his massive wealth not to help the poor or sick, but to build a space station on Mars because he thinks our time is limited on Earth. What a fucking jack ass.

One thing is certain about billionaires, they are psychopaths. They could alleviate much suffering, but they don’t.

That moron Bezos is using his massive wealth not to help the poor or sick

Jeff Bezos’ Whole Foods slashes medical benefits for nearly 2,000 part-time workers

"Amazon-owned grocery chain Whole Foods Market announced last month that it is eliminating medical benefits for nearly 2,000 part-time workers employed at its stores across the United States...."

"The healthcare cuts for his employees stands in sharp contrast with the vast wealth of Amazon CEO Jeff Bezos who sits atop a personal fortune of $115 billion.

"Analysis provided by consumer tracking group Decision Data found that Bezos makes enough money in 2 to 6 hours to more than cover the cost of an entire year of benefits for all of the workers facing cuts."

 

[JWBooth]

Jeff Bezos’ Whole Foods slashes medical benefits for nearly 2,000 part-time workers

"Amazon-owned grocery chain Whole Foods Market announced last month that it is eliminating medical benefits for nearly 2,000 part-time workers employed at its stores across the United States...."

"The healthcare cuts for his employees stands in sharp contrast with the vast wealth of Amazon CEO Jeff Bezos who sits atop a personal fortune of $115 billion.

"Analysis provided by consumer tracking group Decision Data found that Bezos makes enough money in 2 to 6 hours to more than cover the cost of an entire year of benefits for all of the workers facing cuts."

His money, his business.

 

[gipper]

Market distribution of income, is in fact a given, because it's part of the market.

Due to lobbyists legislation...

Manipulating government contracting to their advantage.

Because wealth controls governance here....

China was home to more members of the global top 10% than ... For the first time ever, there are more ultra-wealthy people in China than the US .

top 10% is a statistical facade , try the top 1%, or better yet, top point 1% , and get back to us on wealth inequity....

You cannot restructure markets in such a way that vast private fortunes never come into existence in the first place without removing the ability of a family like mine to go from just above poverty level to the top 10% in 5 years.

You're asking if a meritocracy can exist in a 'casino capitalist' society

Rather grand Q Gator....

How many children were helped by Dr. Salk, who didn't patent his polio vaccine so he could be a billionaire?

A lot, his story is iconic....

~S~

One thing is certain about billionaires, they are psychopaths. They could alleviate much suffering, but they don’t.

That moron Bezos is using his massive wealth not to help the poor or sick, but to build a space station on Mars because he thinks our time is limited on Earth. What a fucking jack ass.

One thing is certain about billionaires, they are psychopaths. They could alleviate much suffering, but they don’t.

That moron Bezos is using his massive wealth not to help the poor or sick

Jeff Bezos’ Whole Foods slashes medical benefits for nearly 2,000 part-time workers

"Amazon-owned grocery chain Whole Foods Market announced last month that it is eliminating medical benefits for nearly 2,000 part-time workers employed at its stores across the United States...."

"The healthcare cuts for his employees stands in sharp contrast with the vast wealth of Amazon CEO Jeff Bezos who sits atop a personal fortune of $115 billion.

"Analysis provided by consumer tracking group Decision Data found that Bezos makes enough money in 2 to 6 hours to more than cover the cost of an entire year of benefits for all of the workers facing cuts."

Bezos is one sick MFer.

 

[Harpy Eagle]

Market distribution of income, is in fact a given, because it's part of the market.

Due to lobbyists legislation...

Manipulating government contracting to their advantage.

Because wealth controls governance here....

China was home to more members of the global top 10% than ... For the first time ever, there are more ultra-wealthy people in China than the US .

top 10% is a statistical facade , try the top 1%, or better yet, top point 1% , and get back to us on wealth inequity....

You cannot restructure markets in such a way that vast private fortunes never come into existence in the first place without removing the ability of a family like mine to go from just above poverty level to the top 10% in 5 years.

You're asking if a meritocracy can exist in a 'casino capitalist' society

Rather grand Q Gator....

How many children were helped by Dr. Salk, who didn't patent his polio vaccine so he could be a billionaire?

A lot, his story is iconic....

~S~

One thing is certain about billionaires, they are psychopaths. They could alleviate much suffering, but they don’t.

That moron Bezos is using his massive wealth not to help the poor or sick, but to build a space station on Mars because he thinks our time is limited on Earth. What a fucking jack ass.

One thing is certain about billionaires, they are psychopaths. They could alleviate much suffering, but they don’t.

That moron Bezos is using his massive wealth not to help the poor or sick

Jeff Bezos’ Whole Foods slashes medical benefits for nearly 2,000 part-time workers

"Amazon-owned grocery chain Whole Foods Market announced last month that it is eliminating medical benefits for nearly 2,000 part-time workers employed at its stores across the United States...."

"The healthcare cuts for his employees stands in sharp contrast with the vast wealth of Amazon CEO Jeff Bezos who sits atop a personal fortune of $115 billion.

"Analysis provided by consumer tracking group Decision Data found that Bezos makes enough money in 2 to 6 hours to more than cover the cost of an entire year of benefits for all of the workers facing cuts."

Bezos is one sick MFer.

Jealousy is an ugly thing.

 

[Harpy Eagle]

Market distribution of income, is in fact a given, because it's part of the market.

Due to lobbyists legislation...

Manipulating government contracting to their advantage.

Because wealth controls governance here....

China was home to more members of the global top 10% than ... For the first time ever, there are more ultra-wealthy people in China than the US .

top 10% is a statistical facade , try the top 1%, or better yet, top point 1% , and get back to us on wealth inequity....

You cannot restructure markets in such a way that vast private fortunes never come into existence in the first place without removing the ability of a family like mine to go from just above poverty level to the top 10% in 5 years.

You're asking if a meritocracy can exist in a 'casino capitalist' society

Rather grand Q Gator....

How many children were helped by Dr. Salk, who didn't patent his polio vaccine so he could be a billionaire?

A lot, his story is iconic....

~S~

One thing is certain about billionaires, they are psychopaths. They could alleviate much suffering, but they don’t.

That moron Bezos is using his massive wealth not to help the poor or sick, but to build a space station on Mars because he thinks our time is limited on Earth. What a fucking jack ass.

One thing is certain about billionaires, they are psychopaths. They could alleviate much suffering, but they don’t.

That moron Bezos is using his massive wealth not to help the poor or sick

Jeff Bezos’ Whole Foods slashes medical benefits for nearly 2,000 part-time workers

"Amazon-owned grocery chain Whole Foods Market announced last month that it is eliminating medical benefits for nearly 2,000 part-time workers employed at its stores across the United States...."

"The healthcare cuts for his employees stands in sharp contrast with the vast wealth of Amazon CEO Jeff Bezos who sits atop a personal fortune of $115 billion.

"Analysis provided by consumer tracking group Decision Data found that Bezos makes enough money in 2 to 6 hours to more than cover the cost of an entire year of benefits for all of the workers facing cuts."

Quoting the Word Socialist Web Site is not likely to win you much support on this forum.

 

[georgephillip]

Instead of arguing over a redistribution of income, restructure markets in such a way that vast private fortunes never come into existence in the first place.

Its none of your business how much someone else earns, get a job moocher earn your own damn money.

ts none of your business how much someone else earns, get a job moocher earn your own damn money.

Trump’s G-7 scam further illustrates he’s a faux-rich moocher — and not the billionaire he claims to be

 

[Grumblenuts]

Market distribution of income, is in fact a given, because it's part of the market.

Due to lobbyists legislation...

Manipulating government contracting to their advantage.

Because wealth controls governance here....

China was home to more members of the global top 10% than ... For the first time ever, there are more ultra-wealthy people in China than the US .

top 10% is a statistical facade , try the top 1%, or better yet, top point 1% , and get back to us on wealth inequity....

You cannot restructure markets in such a way that vast private fortunes never come into existence in the first place without removing the ability of a family like mine to go from just above poverty level to the top 10% in 5 years.

You're asking if a meritocracy can exist in a 'casino capitalist' society

Rather grand Q Gator....

How many children were helped by Dr. Salk, who didn't patent his polio vaccine so he could be a billionaire?

A lot, his story is iconic....

~S~

One thing is certain about billionaires, they are psychopaths. They could alleviate much suffering, but they don’t.

That moron Bezos is using his massive wealth not to help the poor or sick, but to build a space station on Mars because he thinks our time is limited on Earth. What a fucking jack ass.

One thing is certain about billionaires, they are psychopaths. They could alleviate much suffering, but they don’t.

That moron Bezos is using his massive wealth not to help the poor or sick

Jeff Bezos’ Whole Foods slashes medical benefits for nearly 2,000 part-time workers

"Amazon-owned grocery chain Whole Foods Market announced last month that it is eliminating medical benefits for nearly 2,000 part-time workers employed at its stores across the United States...."

"The healthcare cuts for his employees stands in sharp contrast with the vast wealth of Amazon CEO Jeff Bezos who sits atop a personal fortune of $115 billion.

"Analysis provided by consumer tracking group Decision Data found that Bezos makes enough money in 2 to 6 hours to more than cover the cost of an entire year of benefits for all of the workers facing cuts."

Bezos is one sick MFer.

Jealousy is an ugly thing.

Jealous of his part-time workers. What an ass.

 

[Harpy Eagle]

Due to lobbyists legislation...

Because wealth controls governance here....

top 10% is a statistical facade , try the top 1%, or better yet, top point 1% , and get back to us on wealth inequity....

You're asking if a meritocracy can exist in a 'casino capitalist' society

Rather grand Q Gator....

A lot, his story is iconic....

~S~

One thing is certain about billionaires, they are psychopaths. They could alleviate much suffering, but they don’t.

That moron Bezos is using his massive wealth not to help the poor or sick, but to build a space station on Mars because he thinks our time is limited on Earth. What a fucking jack ass.

One thing is certain about billionaires, they are psychopaths. They could alleviate much suffering, but they don’t.

That moron Bezos is using his massive wealth not to help the poor or sick

Jeff Bezos’ Whole Foods slashes medical benefits for nearly 2,000 part-time workers

"Amazon-owned grocery chain Whole Foods Market announced last month that it is eliminating medical benefits for nearly 2,000 part-time workers employed at its stores across the United States...."

"The healthcare cuts for his employees stands in sharp contrast with the vast wealth of Amazon CEO Jeff Bezos who sits atop a personal fortune of $115 billion.

"Analysis provided by consumer tracking group Decision Data found that Bezos makes enough money in 2 to 6 hours to more than cover the cost of an entire year of benefits for all of the workers facing cuts."

Bezos is one sick MFer.

Jealousy is an ugly thing.

Jealous of his part-time workers. What an ass.

Jealous of him you dumb fuck...do try and keep up.