How billionaires are really affecting the economy.

[stompix]

As soon as I saw the main points I thought that the article on which you base your post is garbage, and, indeed, I see that it is written by a company (charity) whose business is based on defending the fact that there are many poor people.

A company and charity which would end with all its members in the unemployment office once there will be no more billionaires!

Millions of people are being forced deeper into poverty as the ultra-rich increase their wealth.

How is Suckerberg becoming a billionaire forcing a guy in Nigeria to be poor?
Can you show at least a hint of logic with outa triple reverse back side up front back to Neptune mental gymnastic?

Their very billions are earned because of cheap labor, and cheap labor is available because of poverty. More poverty creates more billionaires.

Another load of crap. If that would be real then it means Bangladesh and  India are turning billion faster than Foxconn is assembling iPhones. Probably just like those illiterates that made this study, you're forgetting that in order to profit from that cheap labor they need to sell these products, and if everyone is dirt poor to whom in the name of god and logic are you going to sell them?

let me put it like this, if you had a shop, in what town you would want to sell
- one full of low-wage earners that will buy only on debt from you
- a town where everyone earns above the average and doesn't give a fuck if they hand you a $100 bill instead of $10 by mistake and doesn't ask for it back

The whole idiocracy sounds like that stupid shit conspiracy when the Illuminati are destroying the economy of 3rd world countries so they could sell them shitty products...for what? Camelshitcoins?

Instead of investing that money in their employees, they paid $257 billion to their already rich shareholders.

Oh no, those rich shareholders with which the company would never have existed in the first place and those employees would be out of a job instead of out of a bonus!

People across the globe are facing dangerous climate change events, such as severe hurricanes, flash floods, and wildfires because billionaires are making climate change rapidly worse. In fact, 125 of the world’s richest billionaires invest so much money in polluting industries that they are responsible for emitting an average of 3 million carbon tons a year.

Another brain-dead stupidity, is they invest in that because PEOPLE use it, so if Hitler invested in BMW, and you would be driving a BMW daily, who is polluting, Hitler or you?

If multi-millionaires paid a 2-3% wealth tax rate and billionaires paid a 5% wealth tax rate globally, it would raise $1.7 trillion a year. With this tax rate, 2 billion people could be lifted out of poverty.

No surprise you don't understand wealth!
But anyhow:

Let me ask you something since you're here on Bitcointalk!!
Don't you think is outrageous somebody could be sending 1 billion and paying 1$ in fees while somebody that has to pay 5$ will also be charged the same?  Does this make you want to drop Bitcoin and embrace socialist coin?

To solve the issue posted on the economy by the billionaires, the followings can be done

👉👉 Go to sleep and read a book before!

[ZAINmalik75]

In short, billionaires are bad for the economy. How bad? Check out these top four ways:
1. Extreme wealth and poverty are rising simultaneously for the first time in decades

I do not know why but i do agree with this point, as i never thought for a second about billionaire affecting our economy, because, i do not know many billionaires, all i know is, to earn enough money so i could meet my daily life expenses. Of course i also have to worry about tax which we have to pay in any condition. But your mentioned points are eye-opening for me, but how can we make them to make a positive impact on economy.

Because it is out of budget for an ordinary man to start these types of issues with them. Because all an ordinary person try to avoid unnecessary fights which will increase their budget only.

I also watched so many videos that explains how Billionaire avoid so much tax as they have no job so they are charged less tax then those who are doing some job. In our country, there are not so many billionaires who achieved that position without doin correuption, yeah most billionaires are involved in politics and all of them do corruption on next level.

[khiholangkang]

Why do you define a billionaire is the most detrimental thing for human welfare in economy? Is not he used to be the same as those who starve today, not getting what he wanted when he was young, and they succeeded with his enthusiasm to become a billionaire. Do you hate the success of others in achieving their goals?
Do you mean someone's wealth must be controlled evenly?
Not a few billionaires share their wealth with charity institutions, and also the surrounding community.

I think most people forget one of the biggest contributions that Billionaires bring to the economy, namely : Job creation

You mentioned that they only contribute 3% to the taxes of a country, but how much is 3% of say 5 Billion Dollars... for only 1 person. How many services can be paid by that contribution and how many government salaries can be paid by that. 

They also create a lot of jobs in the private sector and those people also pay taxes and that money is also being used to fund projects in the public sector. 

This is a very good point, those billionaires open job vacancies for many people, pay tax obligations in accordance with applicable regulations in their country, and sometimes they sponsor education for the development of education and also free infrastructure development.
I don't understand where the point of view of the article is.

[Faisal2202]

Why do you define a billionaire is the most detrimental thing for human welfare in economy? Is not he used to be the same as those who starve today, not getting what he wanted when he was young, and they succeeded with his enthusiasm to become a billionaire. Do you hate the success of others in achieving their goals?
Do you mean someone's wealth must be controlled evenly?
Not a few billionaires share their wealth with charity institutions, and also the surrounding community.

I mean no disrespect, but everything whether it's human or not, has good and bad sides, and from my perspective, OP tried to shed some light on the bad side of Billionaires which in my POV is not a bad thing. Because, TBH, i merely give thoughts to the bad sides of anyone, whether they are billionaires or poor. It is my nature to ignore the bad side of someone (like keeping it hidden).

But, sometimes, it becomes necessary to shed light, because it will open many people's eyes, who considered them job providers while they (billionaires) are filling their own pockets too. We should not act like we are fully dependent on them, as the OP tried to say in his point that, Poor are ready to work even for lower rates, so if the poor come to a single agreement of getting paid according to increasing inflation. Then they will earn a decent amount and many laborers do make such protests against their employees so that they increase their pay rate.

[disconnectme]

If you want to be rich and become a Billionaire, you can't be blaming them for the problems caused by the politicians. When you reached a level of wealth what you buy is control and how do you gain this control by buying the politicians, but you see people keep voting for these politicians that just looking at them you know they have been bought. People forget the positive contribution of these Billionaires to the world but only pick on the negative ones, are they the ones creating poverty or the politicians that you keep voting for. I want to be rich and become richer by the grace of God.

Ask your Politicians what they are doing with the taxes they collected from you, instead of going after those people creating jobs for you.

[Gyfts]

2. American billionaires are 33% richer than they were at the start of the pandemic[/b]
In 2020, the US experienced the worst economic growth since World War II. Much of the country felt this burden, especially marginalized groups, but the top 1% did not struggle. Instead, they became significantly richer.

There's a reason for this, and it isn't because billionaires gamed the system.

COVID was the biggest systematic wealth transfer from the lower and middle class to the upper class ever seen, and it was entirely government sponsored. The billionaires didn't have to ask for it -- bureaucracy gave it to them for free. No lobbying, no campaign contributions required.

The government essentially told businesses that they must comply with COVID lockdowns and regulations or cease operations. The large corporations owned by the wealthy were able to make adjustments to their business operations, especially those involved with digital commerce, while smaller businesses were decimated. The smaller businesses couldn't afford the increase in operating costs either with much of the labor force being paid to stay home. Large corporations had the capital to manage, and with smaller businesses closing, their competition was reducing.

Can't forget the stimulus checks. Where do you think much of that went? Straight into the pockets of corporations as consumers flocked to spend the free money the government printed for them. Billionaires face unfair scrutiny when the government created an anti-capitalistic environment. Ask them why.

Your source is Oxfam. Can't imagine where their political views may lay.

Oxfam is a global organization that fights inequality to end poverty and injustice. We offer lifesaving support in times of crisis and advocate for economic justice, gender equality, and climate action. We demand equal rights and equal treatment so that everyone can thrive, not just survive. The future is equal.

[Fortify]

Millions of people are being forced deeper into poverty as the ultra-rich increase their wealth. People in the US and around the world struggle to pay the high costs of food, gas, and other necessities, yet over the past two years, the richest 1% have secured nearly twice as much wealth as the rest of the world combined. How is this possible?
Most people believe billionaires are there to help the economy, this is a total NO in most cases. Their very billions are earned because of cheap labor, and cheap labor is available because of poverty. More poverty creates more billionaires. They are rich because they utilze the opportunities coming from developing and poor nations.

In short, billionaires are bad for the economy. How bad? Check out these top four ways:


1. Extreme wealth and poverty are rising simultaneously for the first time in decades
Now more than ever, workers are struggling to pay their bills, buy their groceries, and support their families because inflation is skyrocketing across the world. Corporations are raising the prices on goods, not because they have to, but because it increases the payouts for their shareholders. This lines the pockets of the ultra-wealthy while forcing more people into poverty.

Last year, 95 food and energy corporations doubled their company profits. Instead of investing that money in their employees, they paid $257 billion to their already rich shareholders. In the backdrop of this outrageous corporate greed, 1.7 billion workers live in countries where inflation now outpaces wages.

2. American billionaires are 33% richer than they were at the start of the pandemic
In 2020, the US experienced the worst economic growth since World War II. Much of the country felt this burden, especially marginalized groups, but the top 1% did not struggle. Instead, they became significantly richer.

This is possible because, for decades, the system has been rigged in favor of the rich. Labor laws, CEO compensation, the privatization of public assets, and much more are skewed toward making the rich richer. This leaves little protection and support for the average person, putting them in a vulnerable position.

3. Billionaires are contributing a million times more carbon to the atmosphere than the average person
People across the globe are facing dangerous climate change events, such as severe hurricanes, flash floods, and wildfires because billionaires are making climate change rapidly worse. In fact, 125 of the world’s richest billionaires invest so much money in polluting industries that they are responsible for emitting an average of 3 million carbon tons a year. The more they invest in fossil fuels, the more they protect the use of them, no matter how much the rest of the world suffers in response.

4. The super-rich are taxed at a dangerously low rate
Billionaires paid a low tax rate of 3% while most people with less money, like nurses and teachers, paid far more. If multi-millionaires paid a 2-3% wealth tax rate and billionaires paid a 5% wealth tax rate globally, it would raise $1.7 trillion a year. This money could be used for underfunded social programs, environmental policies, and economic programs. This would reduce the stress of necessities like the cost of childcare and healthcare.

With this tax rate, 2 billion people could be lifted out of poverty. We need to reduce inequality to end poverty and injustice. Increasing taxation up to 5% for the richest people in the world would be a strong step toward equality

CONCLUSION
Everyone want to become a billionaire and it's a good thing to become one but what will be your impart to your community, nation or the world if you become a billionaire today. People like Warren Buffett, Chuck Feeney, Oprah Winfrey and many more can not be forgotten for their impart on the society. Only few billionaires are ready to help. To solve the issue posted on the economy by the billionaires, the followings can be done

The trouble isn't necessarily the billionaires, although some use their wealth in the wrong way to manipulate politicians and try to rewrite laws for their own benefit. The problem is the governments that do not properly tax these people while they are accumulating such vast fortunes. We should really have far fewer of these super rich and even people with hundreds, or tens of millions, should be doing much greater (forced) contributions back to society. It's difficult though, because these people are the most mobile group around the world and they reach a certain point where they can reside anywhere but travel freely - every country in the world needs to band together so they cannot abuse their wealth in this way.

[dothebeats]

4. The super-rich are taxed at a dangerously low rate

This sentence is completely bullshit, income tax is progressive tax where people get taxed based on the income they earn. If they earn lower than minimum, they don't need to pay any tax. If they earn minimum salary, they only get small taxed. If they earn a lot money, they need to pay a lot tax too!

But the problem is those billionaires can evade or avoid pay tax by manipulation.

You sounds like rich people is an evil while poor people is good people, the reason why they're poor is they're not want to try hard like the rich people.

Rich individuals who own businesses can opt to receive $1 dollar salary, and that is to avoid paying more taxes. I guess you can say that since the business is already paying tons of taxes to the government, the individual no longer needs to pay that much as well but still, rules are rules, and when you are rich and can literally do whatever you want, these rules don't apply to you.

Rich individuals still need to pay taxes just like the rest of the common folk, though they are getting taxed less in terms of percentage because they opt to receive only that much of an income, so in a way they are still playing by the rules.

[Chukwudumaga]

The number of rich people in the world is increasing tremendously along with the rate of poverty. As the number of rich people increased, the number of poor people was supposed to decrease, but in reality it has been different. People around the world, including the United States, are struggling to meet their basic needs. But even in this situation, only 1% of people own twice as much wealth as the remaining 99% of people.

Based on various factors, many have expressed that millionaires are bad for the economy. Today the richest earn 6 times more than the poorest 90% of the world. And this extreme gap is increasing drastically.

Rich people tend to pay very little tax. Its impact is greater in poor countries. But the poor people are relatively ahead in paying taxes. If the rich people had paid taxes properly, then the government could have used more money for the social development of the country and overall development of the country. Moreover, their proper taxation helped lift some people out of poverty.

Due to inflation, the number of poverty is increasing greatly. Nowadays a worker has to spend more than before where their income has not increased. The prices of daily essentials are now skyrocketing. Businesses have increased the prices of their products many times and they have adopted this inflation as a strategy to collect their money. Due the fact the rich get richer.
A study found that many companies made huge profits during this period while depriving their workers of the wages they received in return.

Some company owners have become billionaires when people are devastated by the pandemic. In countries like America, 33% of people are wealthier than before the pandemic and this is possible due to some reasons one of them can be corruption. Various measures to protect their own interests by using various government institutions have created opportunities for some people to make a lot of money.

Today rich people are destroying the environment where poor are suffering. The poor have no other choice but to look on, their various institutions are constantly obstructing them at various levels starting from environmental issues. But even if this disparity could not be removed, if the rich pay their taxes properly, a nation can be rich and prosperous. For various reasons people today are forced to say that the rich have nothing to contribute to the country.

[Becassine]

It's not about criticizing the rich out of jealousy.

It's very good if a guy starts his business and succeeds, it's even very good. It is normal that he is rewarded for his efforts. Here we are talking about the super rich, people who can buy anything at any time.

Everyone knows that capital makes more money than work. What happened to make the rich get richer? It's simple with low interest rates, they borrowed and bought including (but not only) real estate for example.

Rentals will bring them even more and drive up prices. And this has been going on for years, today young people can no longer buy and find it difficult to rent, even though it is still a vital need! Is it normal to pay off your house for 30 years? Is it normal to enter the workforce after graduation with huge debts?

Now the rates are going up, but the ultra-rich don't care, on the contrary, now it is their investments that will bring them in. And by having also bought the media, by lobbying etc... they can also make you believe that they create jobs and are benefactors of humanity when in fact by their monopoly situation they only promise minimum wage. The less rich in debt for housing have no choice but to go to work at a lower cost for a minimum wage. And when we take a look at the Panama Papers and other papers, we know that in addition the super rich manage to put their money in tax havens.

Of course, this situation cannot last any longer, the ultra-rich dominate the world for cheap labour. Capital should be taxed more when it goes beyond understanding. People must be able to find accommodation, eat normally and have leisure with the fruit of their salary. It's a minimum.

A few decades ago a worker could buy a house and a car and supported the whole family. Today if both spouses do not work, it is almost impossible. It's fine for women to work unless it's for under-qualified miserable work which also obliges the parents to pay someone to take care of the children. But the media made it seem like it was great anyway, when in fact it just became impossible to stay home and raise the kids (no matter which parent stays home for that matter).


Listen to this man, he's right, it's not possible anymore : https://www.youtube.com/watch?v=NzpQYLZByQo

[bitzizzix]

I don't think there is anything good or bad for the economy, because the economy is just a system. If your system isn't working the way you want it to, it's because you have a crappy system, not because someone is richer or controls the resources within the parameters of that system.
but billionaires generally help the economy intentionally or unintentionally, and for the country's economic problems most of them are the cause of our economic problems. The reason why the middle class is in freefall is because the rich hoard all their money.

[adaseb]

I remember when Elon Musk said he would donate his money (or some of it actually) if it could end world hunger. He just wanted a calculation proof first that it was possible.

After many weeks nobody could come up with a way for his wealth to solve world hunger problems. Most don’t realize that. Even if they donated all their billions most of the world would still be poor. There are bigger issues at play here.

[Uruhara]

If I may share my thoughts about how millionaires affect the economy, I would say that they have the biggest negative impact, yes they do create jobs which creates movement in the market thus making it grow but they can also layy off those people that they've given those jobs, one example of this behavior is the Amazon one, I don't remember the specifics buttt iirc, Bezos didn't get his way with one of the states so he closes shop in that state resulting in mass layoffs thus affecting the economy. The biggest solution that I can see based on what OP pointed out is the austere taxation to these rich crooks without any way to get exempted but the lobbying industry makes sure that doesn't happen.

I don't know how rich people in other countries are treated. But in my country the tax for rich people is much bigger. Even in our country, if you have more than 3 private vehicles, the taxes imposed on us will be much higher.

that is, they are rich people who are able to multiply their wealth because of their large capital. But the poor people find it difficult to improve their standard of living because they only have small capital in business. Which is where small businesses can't be price controllers. but only have to follow the prices of the big businessmen.

billionaires do have a big impact on the surrounding economic structure. either negatively or positively.

[Inspiron14]

I remember when Elon Musk said he would donate his money (or some of it actually) if it could end world hunger. He just wanted a calculation proof first that it was possible.

After many weeks nobody could come up with a way for his wealth to solve world hunger problems. Most don’t realize that. Even if they donated all their billions most of the world would still be poor. There are bigger issues at play here.

Because donating money only addresses the root of the problem, not the root,
besides that the problem of hunger also occurs because of a very complex problem,
Hunger cannot be simply overcome.

[davis196]

The rich people became wealthier because of the big central banks and their money printing machines.
Inflation is "tax over the poor" and it benefits many companies and rich people, but we have to know that the rich people didn't create the inflation.
The rich people pay low taxes because there are problems with the tax legislation, which create legal opportunities to avoid high taxation.
Many rich people are investing in polluting industries and so what? This is perfectly legal in most countries. Did anyone declare it illegal?
The billionaires are simply taking advantage of a rigged system. The people, who are maintaining this rigged system are the politicians and the central bankers.

[franky1]

its simple

imagine there was 30trill in the economy. one year and 33trillion the next year
it appears as 10% inflation of the economy..

however that new 3trillion is not sitting in the bank accounts of average joe
that 3billion went to institutions, its not circulating amongst the average joe people

average joe are still playing with each other with a far smaller amount. that has not moved much

the covid stimulus did put funds into average joe.. but within the same month it trickled up to the institutions when average joe bought stuff/invested the stimulus

during the 2008 crises the bank stimulus was to stop banks from calling in trillions of debt. but that stimulus did not trickle down. it stayed at institutional level

so while billionaires had boosted their valuations of their wealth on paper.. the average joe had the same amounts as previous but were told that their lives had 10% higher demands on them. thus they got poorer.

just remember. billionaires are only billionaires because they hoard their wealth, not spend it

poor people spend over 95% of income. billionaires spend under 5% of their income

[Becassine]

The rich people became wealthier because of the big central banks and their money printing machines.
Inflation is "tax over the poor" and it benefits many companies and rich people, but we have to know that the rich people didn't create the inflation.
The rich people pay low taxes because there are problems with the tax legislation, which create legal opportunities to avoid high taxation.
Many rich people are investing in polluting industries and so what? This is perfectly legal in most countries. Did anyone declare it illegal?
The billionaires are simply taking advantage of a rigged system. The people, who are maintaining this rigged system are the politicians and the central bankers.

Your reasoning is correct but incomplete. The power of money makes it possible to corrupt politicians who then vote for laws in favor of the ultra-rich (taxation, pollution permits, etc.). And here the loop is closed. We have already seen multinationals benefit from state subsidies to settle somewhere against the promise of local jobs and leave as soon as the subsidies have been pocketed.

Morality: the richer the super-rich, the more corruptible politicians become.

[michellee]

The billionaires must have a lot of businesses in various fields so that's what keeps them rich and have a lot of money. They help the economy through their business and even though the economic situation is getting more difficult, the billionaires can survive well. Maybe the billionaires will put the inflationary moment to good use by offering something to people who need help.

Those affected by the disruption of the economic problems are the lower middle class, who are not prepared for the worsening situation. They will lose control and eventually lose their money because they must meet their needs.

But some billionaires may influence the economy with their power because some billionaires are close to the government. They move behind the wall in controlling the economy with the rulers.

[el kaka22]

The problem with rich people becoming richer and poor people becoming poorer is real, but the solutions we have come up with do not provide any sort of real tangible result so far. The problem is, if you end up taxing the rich too much, and try to help the poor with that money, which is the logical thing to do, then there is a chance that those rich people would just take their business elsewhere. Too many companies have headquarters in Singapore and Ireland, have you asked, "why".

Because they wanted to pay less taxes. So, what can you do? You can do all the revenue made within your own nation, and not tax the people who buy the thing, but tax the company that sells it, so the company doesn't sell something for 2k+tax, they sell it for 4k, no taxes, taxes then paid by the company. See if those huge companies can still sell that much, and people will get awareness about it too.

[stompix]

The number of rich people in the world is increasing tremendously along with the rate of poverty. As the number of rich people increased, the number of poor people was supposed to decrease, but in reality it has been different.

BS:

Also, the way poverty is calculated has changed so much in the last decades that is no longer even remotely the same as at the beginning of the last century, it has added a ton of things that weren't even debatable possible a century ago.

In countries like America, 33% of people are wealthier than before the pandemic and this is possible due to some reasons one of them can be corruption.

Again, how in the name of god did 33% of the Americans get wealthier if yous aid only billions get richer and the rest end up poorer?
Do you actually read what you type and give a second though on it?

It's not about criticizing the rich out of jealousy.

Not jealousy, sometimes is also stupidity!

Rentals will bring them even more and drive up prices. And this has been going on for years, today young people can no longer buy and find it difficult to rent, even though it is still a vital need! The less rich in debt for housing have no choice but to go to work at a lower cost for a minimum wage. And when we take a look at the Panama Papers and other papers, we know that in addition the super rich manage to put their money in tax havens.

Can you tell me, if the poor end up being paid less, and not affording housing, how are the people that sell them fewer goods and not being able to rent out hosues making more money? Because never in my life have I experienced a year where we would sell less meat for cheaper and make more money, for example as this is our family business.
Not in all my years of work for a company have I seen a year where we had fewer clients, ordering less and we would make more!
It's one of those mysteries of the socialist manifesto, so can you please explain to me how this is even possible?

I remember when Elon Musk said he would donate his money (or some of it actually) if it could end world hunger. He just wanted a calculation proof first that it was possible.
After many weeks nobody could come up with a way for his wealth to solve world hunger problems.

Because that would imply work, and socialists are only after getting free money, working for that money would make them... capitalist!