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this post was submitted on 17 Jul 2023
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I think billionaires are a sign that capitalism is out of control.
Yep. They are a glitch in the system. An exploitation. There's no way that any person should deserve a hundred thousand times more money than the average full time worker.
They're not a glitch, they're the natural end result. When you have an economic system that rewards those with the most money, those with the money with have the most advantages and be the most successful. Naturally, over time, money will consolidate at the top.
Of course you can impose things like regulations or taxes, but that's subverting the natural course of capitalism. You're literally doing things to prevent the system from working as designed.
Billionaires aren't a glitch of capitalism, they're a feature.
Fair point. Though I believe we can still have capitalism without such extreme wealth distribution. Tax 99% of every dollar earned above 10 mil. Make it extremely hard to reach 100 mil. Think of how much good that tax money will do for society as a whole, assuming it's used properly.
There’s no glitch, this is simply capitalism.
“Billionaires hate capitalism” as exemplified by Peter Thiel’s mantra “competition is for losers”.