How billionaires are really affecting the economy.

[kaseygriffin]

Why are they rich? Why are we poor? And why do people prefer to lose to each other in terms of material and fame?
I find it funny to point out the reason that it may be wrong right from the moment we ask the problem, the problems in life have many different shades, and an invisible law is always present around. around us is its balance. As some of the stories have stated, it's just a small part of all that's going on, I don't like to blame when we're at a lower level without understanding what their position is going through.
I am a person who loves equality and justice in life, so I realize the problem is that it is so, so how to turn negative things into positive, and increase more positive things in life.

[so98nn]

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 just something I wanted to say here. Just perfect. Obviously man, why wouldn't they be rich? They are running A to Z around the world and what makes us think they are just enjoying in their little cocoon? They also started at some point. Some of them started from history for that matter and everything came down as thrones passed from generation to generation. But they are not just sitting somewhere and doing nothing? They have businesses, they have their leaderships running big companies and giving us employment.

If a poor man is frightened that how he will eat tonight, from where the money will come to him and etc etc, then just remember he is only thinking about himself or may be two or three family dependents.

BUT, let us not forget one thing, whenever there is the 30th or 31st of any month, the rich who runs the company has to preplan everyone's salary distribution and has to send millions of dollars from his share for the work we did and on which we pay the bills for food, travel, luxury and what not.

So come on, if there are rich peeps, then there is nothing wrong.

[Davian144]

Why are they rich? Why are we poor? And why do people prefer to lose to each other in terms of material and fame?

Maybe those who are rich because they have tried their best in their lives and also maybe we are poor because we still haven't tried our best in our lives. And for people who prefer to lose each other because of material and fame, it's not much different from people who are trying to get rich in their life, because that is also part of the effort that they can do to get material and fame so that they can get rich. Although not everyone is willing to do this kind of thing in their life.

I find it funny to point out the reason that it may be wrong right from the moment we ask the problem, the problems in life have many different shades, and an invisible law is always present around. around us is its balance. As some of the stories have stated, it's just a small part of all that's going on, I don't like to blame when we're at a lower level without understanding what their position is going through.
I am a person who loves equality and justice in life, so I realize the problem is that it is so, so how to turn negative things into positive, and increase more positive things in life.

There's nothing funny in this life if everyone wants to do positive things and always keep their minds off the wrong way of thinking. Because that is a better way of ending when someone wants to be rich in their life even though everyone has different problems in their life and different perspectives on every problem they face. But anyone will not find funny things in life if they are able to work and think positively regardless of what other people get.

[Gozie51]

I am a person who loves equality and justice in life, so I realize the problem is that it is so, so how to turn negative things into positive, and increase more positive things in life.

Despite our believe that things should be normal and that people should be equal to one another as human beings with the same features making us humans , we have to also know it within our minds that equality exist in the minds and not in reality whether in economic status, politics or family background which is even the strongest point to place someone on a particular level. It is unfortunate that we see social injustice everywhere in our daily lives which gives other the added advantage that they have rode on. The egalitarian society that is conceived by some social philosophers seem not to be near achievement because opportunities keep pushing the rich and poor apart.

[yhiaali3]

Honestly, it's not that I don't believe what you say, but they do surprise me because in my country, billionaires are paying more in taxes. In addition to taxes from their businesses, they are also taxed personally, although I don't know the exact percentage they pay. And I've always thought that people who work for the government will always have a very high salary, not a meager salary like you say, but I'm thinking $300, not $30 . By the way, corruption has almost become a culture in government, and it happens in any country, not just yours.

Yes I know it is hard for most people to believe it, but it is true that this is not a typo. My salary was “30$” and not 300$, and this meager salary becomes less day by day and loses its value due to inflation.

People who have not lived in developing countries will find it hard to believe a lot of things happen here because they are not used to such things, rich people here never pay taxes, they pay bribes to big politicians to protect them and so they control everything in reality.

[jaberwock]

The issue of global warming due to glass buildings and increasing pollution resulting from more and more factories owned by the rich maybe is indeed true.

But I don't want to cover up the fact that those rich people have also helped in expanding employment opportunities. Many people depend on their company. And even many ordinary people turn rich when they work in companies that make their financial stability better over time. So I think everything has its positive and negative sides.

I don't think using a glass in a building is what causes a global warming but I can believe it more if you said they are using wood because they need to cut trees to produce it. A factory is still needed to produce a large quantity of product and the hazards that they emit can also contribute to the global warming.

But, I think talks like this are more in the environment already and not in the economy. When it comes to the economy, indeed a billionaire can both be helpful and can be damaging to the economy. It still possible to work on our own without depending on those billionaires. Being independent can also give us a higher chance of becoming wealthy because our income will not be limited.

[usekevin]

If the people is poor,it may be due to two different reason.One is their old generation was poor and not try to uplift their children to the next level.Second one is their children try to uplift their life but due some capitalism and capitalist policies.The second generation also in the poor condition,to over come this.The third generation should try their maximum to uplift their life to the next level.

[Davidvictorson]

My issue with Billionaires is that they tend to accumulate wealth and slow the overall flow of money through the economy. Their excessive wealth has no benefit to the economy. If these Billionaires would give at least half of their money back to their employees, it would give the economy a huge stimulus but do they do this? No, they don't. They are rather bent on hiring and firing(Mark Zuckerberg of Facebook and Elon Musk when he bought Twitter). The fact is that the one's who boost the economy are the Small and medium sized companies. The SMEs companies are the ones that create jobs not billionaires.

[topbitcoin]

Why are they rich? Why are we poor? And why do people prefer to lose to each other in terms of material and fame?
I find it funny to point out the reason that it may be wrong right from the moment we ask the problem, the problems in life have many different shades, and an invisible law is always present around. around us is its balance. As some of the stories have stated, it's just a small part of all that's going on, I don't like to blame when we're at a lower level without understanding what their position is going through.
I am a person who loves equality and justice in life, so I realize the problem is that it is so, so how to turn negative things into positive, and increase more positive things in life.

The thing you need to echo is equality in the right of justice as a human, I think what he tries to explain is like that, but refers to a different level of life. When talking about rights, someone has the right to become a leader, someone has the right to become a billionaire and the other, it is a right as a human being so you cannot equalize something that you really are unable to do or achieve that.
In the economy there is an ecosystem that is quite complex, and everything has also been set well in the structure of everyone's obligations, if you want to be viewed everything is equivalent, are you ready to pay taxes with the number of billionaire issued (instead of equal)? or vice versa? It becomes confusion, about justice does not mean all equally.

[TheGreatPython]

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. 

I was thinking about the same thing, those who have a lot of money usually create big companies and businesses and those businesses require employees, so they hire people who deserve to be hired and they also hire those who are poor to do the labor work and stuff, so rich people actually contribute a lot to the economy not only by paying taxes but also by producing more money with their money and more money will obviously mean more taxes.

So I don't believe in theories that prove that the rich have a negative impact on an economy because that is not true. There's one more thing, rich people create things like hotels, restaurants, wonderlands, etc. And these places make a city or a country more attractive to tourists which is another source for the government to get more revenue.

[kaseygriffin]

I am a person who loves equality and justice in life, so I realize the problem is that it is so, so how to turn negative things into positive, and increase more positive things in life.

<>The egalitarian society that is conceived by some social philosophers seem not to be near achievement because opportunities keep pushing the rich and poor apart.

I think more simply because life inherently has many different nuances, what we want, it will come closer to us. But the mundane laws of life are always erratic and they seem like a loop and we're stuck in it, the social equality we've achieved with some parts, then it degenerates and changes shape over time and gradually disappears, then people find themselves too wrong and then look for that equality in life. Everything we do creates new results whether we like it or not, it goes on forever until we really need to stop, so the ideal of life that I have learned through many experiences is try to live right and leave the wrong, also want to spread to many other people a positive outlook on life.

[FanEagle]

I have to say the biggest trouble with this is the numbers difference. In order to have 1000 people with at least a billion, and of course a lot more, that requires billions of people to be not rich. I am not saying lets all be communist and live with the same wage and all that, of course that is not the case and that will never be the case and that is a dumb thing to ask for. But, what if all the health things, from simple flu to hardest cancer, every single health thing was free? What if all of education, from worst to best, all of them were free? And got the students based on their test scores alone, ALL FREE. What if housing and food were free?

Not saying lets all eat lobsters, but if you can afford your own food buy it, if you can't then government gives everyone who can't afford food for free, something simple, like rice and pasta and so forth cheap stuff but at least it feeds them, nobody sleeps hungry ever again. These are simple stuff, and can be done, and billionaires are the ones who prevent that.

[southerngentuk]

According to my observations, billionaires have a strong impact on the direction of starting a business, focusing on the motive of making money in parallel with the search for high added value at all levels. Their contributions are impressive, and the dynamism and competition of this bloc have created pressure to change the way the state sector does business. So no one can deny their real business talent. Society needs to recognize, cherish, and appreciate such entrepreneurial talent. Otherwise, we will stifle the momentum of society. Besides, these billionaires inspire young people to strive. That is good news because the very emergence of this class creates pressure to promote social capacity reforms to meet that need. These reforms bring mutual benefits, like fragrance, and spread values to the whole society.

[Cling18]

According to my observations, billionaires have a strong impact on the direction of starting a business, focusing on the motive of making money in parallel with the search for high added value at all levels. Their contributions are impressive, and the dynamism and competition of this bloc have created pressure to change the way the state sector does business. So no one can deny their real business talent. Society needs to recognize, cherish, and appreciate such entrepreneurial talent. Otherwise, we will stifle the momentum of society. Besides, these billionaires inspire young people to strive. That is good news because the very emergence of this class creates pressure to promote social capacity reforms to meet that need. These reforms bring mutual benefits, like fragrance, and spread values to the whole society.

Billionaires play a vital role in the society. They are actually one of the foundations of the economy. They provide jobs and they support the government through their taxes. They are the strongest support of businesses in each country. Without them, the economy will surely have a hard time surviving different tests of time. No wonder why they are always treated better by the government because they are actually the life support of the economy.
I agree that they are also the inspiration and motivation of the younger generation even the us, adults. Everyone wants to be billionaires and they should really be our role models since they're successful in their own fields.

[Accardo]

It's funny how people will always speak positively about the billionaires and don't think about why then do people suffer? If billionaires help improve the economy why is everything going wrong on earth? Billionaires work closely with Government officials yet they don't bother about the people or citizens or even their customers who made them the billionaires. Quite ok, they pay salaries to people, but they add no extra funds to cover for their taxes knowing that the workers will be taxed by the government. Rich gets richer and the poor gets poorer, because they keep slaving for the rich. Recently, everyone is blaming Bill gates for the outbreak of malaria in Florida, if it's true, we all know how much money he'd gather for providing the vaccines used in treating ill citizens. Everyone thinks about the front and forget completely the back side of rich people. Billionaires invest more in war and crisis than in schools, employees and well being of the people. It takes a lot to become a billionaire and that shouldn't strike the thought of poor men envying the billionaires or blaming them for their condition. The world is a collective effort of people, the poor madee the rich who they're today, the average men buy their services and patronize them everyday. Hence, without the poor men they'll be no rich man. People work hours and get paid peanuts yet blamed for not being industrious or starting their own business. We must understand that satisfaction is not guaranteed, nobody get satisfied of whatever thing they've got including the billionaires that's why, they do everything possible to maintain their position. Don't forget that the billionaires can also end up poor and broke before they die, don't see them as gods or super men, one mistake and they're gone to nothing. In a nutshell, we shouldn't claim that what OP said is not happening.

[Framelover]

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.

To say that the increase in poverty is primarily due to billionaires' wealth is excessively simple. Poverty is caused by a number of things, such as systemic problems, economic policies, and possibilities for employment. Blaming only the wealthiest people ignores how complicated the issue is.

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.

There are many other elements outside merely the behavior of billionaires that might affect economic growth and wealth accumulation. It's essential to examine the broader economic landscape and structural inequalities to understand the disparities. Additionally, some billionaires actively support charitable causes and social causes, having a good influence on society.

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.

It is unfair to solely blame billionaires for climate change. Addressing climate change requires collective efforts from individuals, corporations, and governments. Many billionaires have shown commitment to renewable energy and sustainability initiatives, while others are actively investing in climate solutions. Do your research and you'll find this.

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

The focus should be on improving the effectiveness of tax systems generally rather than targeting billionaires specifically.

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

👉👉Reducing the rising levels of global inequality and more billionaire-busting policies should be created.

👉👉Wide-ranging increases in taxation of the super-rich, and we call on world governments to tax multi-millionaires and billionaires

👉👉Creation of total education, full employment and health care facilities for the masses.

While valid concerns exist, it is important to acknowledge that the global economy's current state is not completely influenced by the choices made by the wealthiest individuals. In order to resolve these complex issues and advance humanity, collaboration between organizations including governments, corporations, and people at large is crucial.

[Framelover]

It's funny how people will always speak positively about the billionaires and don't think about why then do people suffer? If billionaires help improve the economy why is everything going wrong on earth? Billionaires work closely with Government officials yet they don't bother about the people or citizens or even their customers who made them the billionaires. Quite ok, they pay salaries to people, but they add no extra funds to cover for their taxes knowing that the workers will be taxed by the government. Rich gets richer and the poor gets poorer, because they keep slaving for the rich. Recently, everyone is blaming Bill gates for the outbreak of malaria in Florida, if it's true, we all know how much money he'd gather for providing the vaccines used in treating ill citizens. Everyone thinks about the front and forget completely the back side of rich people. Billionaires invest more in war and crisis than in schools, employees and well being of the people. It takes a lot to become a billionaire and that shouldn't strike the thought of poor men envying the billionaires or blaming them for their condition. The world is a collective effort of people, the poor madee the rich who they're today, the average men buy their services and patronize them everyday. Hence, without the poor men they'll be no rich man. People work hours and get paid peanuts yet blamed for not being industrious or starting their own business. We must understand that satisfaction is not guaranteed, nobody get satisfied of whatever thing they've got including the billionaires that's why, they do everything possible to maintain their position. Don't forget that the billionaires can also end up poor and broke before they die, don't see them as gods or super men, one mistake and they're gone to nothing. In a nutshell, we shouldn't claim that what OP said is not happening.

It is true that there are valid concerns regarding the actions and priorities of billionaires, but it's also important to recognize that not all billionaires behave in the same manner. Some billionaires have made positive contributions to various cases, positively impacting people's lives. It is important to maintain a balanced perspective and acknowledge the complexities and varying perspectives involved in discussions about billionaires and their influence on the world.

[Andrija Branislav]

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

The focus should be on improving the effectiveness of tax systems generally rather than targeting billionaires specifically.

Maybe, generally the opinion of those people will widen the social and economic center of attention. Yeah. The focus should be on increasing the effectiveness of the tax system as you wrote,  and in my view it is very logical if the government is a bit calculating if the taxes set against them can have a negative impact on economic growth and investment. But, Just wait the time, the game can be reversed at any time. The government has its own way of doing this.

[bussybuddy]

1. Extreme wealth and poverty are rising simultaneously for the first time in decades

The imbalance is really disturbing because it is this part that causes other major problems in society as it is part of war, looking back in history parts have taken place in the process. Past social problems such as class disparity are also the reason leading to the overthrow of the government. So I also think about whether people who only look at self-interest can imagine the broader problem with our society, our economy over time with different ups and downs, scientific problems, and so on. Today's technology gives us the feeling that everything is really great, but it's clear that this imbalance will lead us to self-destruct.

[Nwada001]

1. Extreme wealth and poverty are rising simultaneously for the first time in decades

The imbalance is really disturbing because it is this part that causes other major problems in society as it is part of war, looking back in history parts have taken place in the process. Past social problems such as class disparity are also the reason leading to the overthrow of the government. So I also think about whether people who only look at self-interest can imagine the broader problem with our society, our economy over time with different ups and downs, scientific problems, and so on. Today's technology gives us the feeling that everything is really great, but it's clear that this imbalance will lead us to self-destruct.

One of the problems faced by many in society today is channeling their problems to others, always looking for someone to blame as the major reason why they are unable to make a living. If you support the motion that states that rice is the major reason why most citizens are poor, why not be part of the rich, which people are talking about, if you could make a difference?
 
I Know there is a level of unfairness in some societies where the rich are considered powerful and they use their power to manipulate things, especially their businesses, but that did not stop anyone from getting rich. Every business person will want to do whatever's going to make his or her business a success, and you as an individual also have that option. You can either choose to do nothing and remain poor, using your time to blame the rich, or you can find your way in society and make something out of yourself.