The Economics Explainers have arrived, so I'm locking this post
But what if I do want to reduce the number of billionaires?
You'll have to unclog the pipes of society. I'd recommend a good plumber.
Well yes, but unless you dismantle things it'll probably backfire. A ton of that wealth is in owning companies, and if that ownership transfered to the state, it would need to be liquidated by selling it to... someone. Which would tank stocks, which would then tank 401ks and IRAs and a lot of other retirement funds, etc.. It would get messy and a ton of non-billionares would be impacted.
Now you can argue that you then use your newfound government cash to pay a new universal social security, and that's possible but you'd need to design all that ahead of time. Plus if your goal is to not impact people with less than a billion... well, no dice. It's hard to target just the billionaires, basically.
Still, if we could at least start the process that'd be lovely. Dismantling the whole system is more effective and way better, but my money would be on gradual socialist improvements paid via higher taxes and not a system overhaul. As it is, we're going backwards, though, so meh.
If you're in this community, it's because you believe the system should be dismantled and replaced. I understand this post may be confusing because of that, but it's more of a thought experiment.
Aaaaaaaahhhhhhhhhhhhhhhhh.
Thanks for listening.
The worst part is most of that money would end up right where it started.
You can always redo it. Family wealth counting together next time.
Yeah true. El problema es el capitalismo.
I agree, but don't let the subtext to this be why even try (not saying your sentiment is cynical, but people will read it this way).
A lot of good can be done by the right kind of disruption. Won't solve the system, but would allow for some economic mobility
This would solve world hunger forever. Money wouldn't be syphoned anymore.
That's not how money works.
Explained something like this to a friend back in the day. He said the government could easily give us each $1M. And he was right!
Me: "You know I have a small lawn service, right? Charge $20 per lawn? What would you have to pay me if I had a million in the bank? I probably wouldn't consider anything less than $10,000 for a job."
Mike: "Yeah, but you could still eat at McDonalds for $5."
Me: "Who would work there?!"
Yes, we need to start extracting the wealth back downwards, but we can't just flood the streets with dollars.
If a company cannot afford to pay employees a living wage, then that company can go fuck itself. I don't' care if it's McDonalds.
They didn’t suggest giving everyone a million dollars, they suggested using the seized money to pay people to do work on giant social issues.
It could feed everybody - by paying farmers the normal rate for their food.
It could halt climate change - by paying people the normal rate to install renewable energy.
The number of jobs would increase, and society’s problems would be solved, all without causing hyperinflation via huge handouts.
Why would we flood the streets? Invest the money in public projects, services, etc. People work them as jobs, now we have more middle class - other businesses make money selling them services - the economy grows.
For an example of this working in America look up Franklin D. Roosevelt’s “New Deal”.
we can't just flood the streets with dollars.
Where in the post was this suggested or even referenced? I see nothing indicating “just give everyone lots of money, yay!”, but I do see how the money referenced could be put to use.
Everything you think you know about economics is wrong, and you probably learned it because an oligarch tricked you.
Your comment is bizarrely off-topic.
But anyway, since we're already off topic, let's abolish currency and give everyone what they need instead of creating a system that encourages the hoarding of wealth and resources.
"ThIs Is NoT hOw MoNeY wOrKs" <-- take that arrogance to reddit
You're confounding redistributing money versus injecting money.
Gotta keep people poor so they're willing to flip burgers for you
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