Billionaires should not exist
Billionaires should not exist.
Bernie Sanders says billionaires should not exist. I couldn’t agree more. I find the fact of billionaires’ existence astounding, especially given how much money $1,000,000,000 actually is.
Most of the time, we don’t think about it. We use words like “billionaire” and “a billion dollars,” but rarely do we stop to comprehend the sheer size of these numbers.
Consider this: If you worked every day, making $5,000 a day, from the time Christopher Columbus sailed to the Americas in 1492 to the time you’re reading this, you still would not be a billionaire. (The math is simple: $5000 x 365 days x 528 years = $963,600,000.)
Even that might not register, so try this: if you work a full-time job (8 hours/day) at a living wage ($15/hour), you only make $120/day.
Or if you make what I do ($70,000/year), you get about $191/day.
Or this: if you receive compensation equivalent to the president of Allegheny College, you get (according to 2017 data) $432,428/year, or $1,184/day.
That means you’d have to make four times the president of Allegheny College just to get up to $5,000/day … and make it every day for 527 years (since Columbus) — and you still would not be a billionaire.
That’s a lot of money.
For some, however, it’s just chump change.
Consider Jeff Bezos, the CEO of Amazon and the richest person in the world.
If you made $5,000/day every day since Columbus, you’d still have less money than Bezos accumulates in one week (that’s right, one week).
That’s because Bezos has a net worth of $114 billion, which comes to roughly $2.2 billion a week, or $312 million a day. In fact, Bezos probably accumulated somewhere between $300,000 to $500,000 just within the timespan it took you to read this far.
And he’s not the only one. There are 607 billionaires in the U.S., including the guy currently occupying the White House, and most of them are multi-billionaires, meaning they amass more than $100 per second.
Bernie’s point, of course, is that hoarding that much wealth in a society like ours, where so many people are suffering, is grotesque and immoral.
Today, 38 million Americans live in poverty, 78% of workers live paycheck to paycheck, and half of all American families (61 million households) can’t afford basics like food and rent.
30 million Americans don’t have health insurance, and another 80 million are under-insured (meaning they skip the doctor because it costs too much).
Half a million Americans go bankrupt each year from medical bills and 40% don’t have $400 in the bank to cover emergency expenses.
80% of families have an average debt load of $135,768, and 44 million Americans are burdened with student debt, and over 2 million of them owe more than $100,000.
Bezos accumulates that much in 30 seconds.
Bernie’s point (and mine) is that these conditions are related. The super-rich flourish because the rest of us do not. Class inequality is relational.
Worker productivity is up 70% since 1980, yet wages are up only 11%. Workers’ share of income is going down while corporate profits are going up. The rich get richer at your expense.
Of course, the rich say they “deserve” their wealth because they “earned” it. Even if that were true — it’s not, by the way; 50% of billionaire wealth is inherited, another 15% is a result of monopoly control — it doesn’t justify a situation where the mega-rich sit on mountains of money while people are dying because they cannot afford insulin, losing teeth because they cannot afford a trip to the dentist, and graduating college with the equivalent of a mortgage.
The median Amazon worker makes $28,000 a year; Jeff Bezos collects more than that in 10 seconds. His company paid $0 in federal income tax in 2018, despite $11 billion in profits. The reason? Another billionaire gave him a tax cut.
As Forbes magazine put it, “Trump’s tax cuts helped billionaires pay less taxes than the working class in 2018.” Now, for the first time in history, the 400 richest Americans (of which Trump is number 275) pay a lower tax rate than every other income group.
Bernie wants to tax billionaires to help the working class. He thinks we should prioritize peoples’ basic needs (healthcare, housing, education) at the expense of billionaire fortunes. His wealth tax would leave Bezos with “only” $57 billion.
Meanwhile, Joe Biden has Bezos’ support, along with 44 other individual billionaire donors — so, naturally, he doesn’t want to “demonize” them.
Likewise, Biden says he has “no empathy” for students who face massive debt loads and bleak job prospects. As he told his Wall Street donors back in June, “No one’s standard of living will change,” if he’s elected. “Nothing would fundamentally change.”
That includes the system that produced Jeff Bezos, who accrued enough to pay the average American’s student debt, mortgage, medical bills and annual food costs — all within the time it took you to read this column.
There should be no billionaires.
Joe Tompkins is an assistant professor of communication arts at Allegheny College.
Ferghash • Feb 11, 2022 at 4:31 pm
Reading some of these comments is funny to say the least. People here will shill for billionaires while these billionaires literally don’t care if these people end up starving; such a baffling concept. All of us are closer to being homeless then ever being a billionaire. The existence of a homeless person and a billionaire both represent how broken our system is. These billionaires hide away their money in the stock market and avoid paying taxes which go to infrastructure, roads, education, etc… Warren Buffet pays a lesser tax rate than his secretary and admits that he should be paying more. Another laughable concept is how these billionaires deserve it because they “earned” it all despite neglecting the fact that the government gives them billions of dollars in subsidies. However when the government gives the working class money its called a handout. I’m not in favor of communism or eradicating capitalism entirely, but rather a more democratic socialist way forward that Europe has employed and has been working great for them. So people here in the US are so deluded believing that our country is still so great despite our laughable education, poverty, and growing wealth inequality. 3 billionaires control more wealth than more than the bottom 50% of our country and it only continues to get worse as the poor get poorer and the richer get richer as the middle class slowly starts to decay as the poverty line slowly rises to encompass the rest of us. Yet there are an endless sea of fools who know that, see that, and still defend it because they haven’t quite felt it yet.
et the rich • Aug 24, 2021 at 11:50 am
I agree with the author. Eat the rich.
Dan Grant • Aug 6, 2021 at 7:30 pm
I am laughing out loud reading the same garbage that left wing faculty have been putting out for over a century, and yet every theory they have advanced has failed miserably. Let’s take socialism—give me one truly socialist economy that has not thrived without some form of capitalism to support its inherent weaknesses? Sweden—sorry—it has capitalist elements. That Volvo you have your eye on didn’t build itself for a non-profit motive. Take France—relies heavily on capitalist economies to provide corporate and human income taxes to support its social care model.
Now move to Marxism/Communism. How many of you are clamoring to move to North Korea, China or Vietnam for the “paradises” that they are? China has a social credit system, which means most of you who actively protest against government (right OR left), say antisocial things over social media or even get a parking ticket might not be able to travel by plane, get a job or qualify for a mortgage. And you definitely couldn’t hit up your parents for that loan when you are in dire straights.
Without capitalism, we would have the world we live in and have these conveniences that you so depend upon hypocritically. That you would advance such theories while working for or attending a college that costs more than most people’s mortgage in Meadville (or Crawford County for that matter!) and the privilege that comes with that is just, as we say in the South, “TOO MUCH”. And I am a Crawford County native and Allegheny grad, so let’s not even go there.
A Writer • Jul 29, 2021 at 11:09 am
I agree with the author. Billionaires should not exist because they suck the system dry, don’t pay their fair share in taxes, and contribute absolutely nothing to the system they profit from. Bezos was born with a silver spoon in his mouth. His parents gave him a gift of 300,000 to get started. He didn’t earn it. He’s privileged and at that level, it’s straight up dangerous.
Wojciech • Jul 10, 2021 at 6:08 am
Just want to make a comment on one of the statements I have read here:
„”societal responsibility is bs”
If this would be true parents would not care for children, people would not help the sick, elderly, dying…even trade would not exist. This last one might be hard to understand but the main point is that in humanity social responsibility just will exist.
The above actions are not only done in self interest either.
Give this some thought.
yolo • Jul 9, 2021 at 9:55 am
Don’t you worry though. They can be billionaires in life but when i die I’ll be a trillionaire with Jesus Christ.
capitalism maximalist • Jun 29, 2021 at 5:02 pm
what you leftist snowflakes will never understand is that people have a right to spend the money they earned for themselves. but they even give some to charity and that is virtious.
like, where is this wealth cap comes from ? what if i said millionaries should not exist ? what if i said “why people make 6 figures while there are millions of americans are struggling” this isnt anything diffrent. you are coming up with a cap number out of your a*s. i can tell you you are immoral by making more than 100k a year. what you gonna tell me. im wrong ? i made this number up ? well you made this number up too. didnt base it on anything. ohhhh you gonna tell me what i really need and what i dont need ? here we go communism again. needs are subjective.
society doesnt owe you any money just because your mom and dad decided to have a fun time. population doesnt have a cap.
its unsustainable to try to give people a value for free if they cannot provide the same amount of value back.
like do you guys even understand the concepts of economics ? some person suggests billionaries should keep working even after a wealth cap, for the commune. ahahahha . the guy will work his brains out (you leftist communists cant even comprehand mental ,stretegical ,intellectual work. all you think of a value is labor.thats why your systems always failed.) he will work alot, all of that stress and everything just to give free loaders free stuff.
anddd why people are entitled to the money billionaire made again ? if someone does this its a big virtue, but he has every right to not give your free stuff.
ANDD HERE WE COME TO IMPORTANT PART
how do you freaking think airline indusrty , phones, cars, internet, any company that requires big scale capital to exist ?
one plane can cost 100 million dollars. if an airline has 10 planes you are playing with billions already. you literally need to be billionaire already to get into airline bussiness. or even if you are not a billionarie soon you gonna be.
why would people work their brains out if they wont get reward for that hard work you marxist communists ? (you will claim you are not but its the same mindset)
IM SORRY but i like my planes,phones,cars and internet. it requires billionaries. and those billionarie gives me goods/services i like. i give them money willingly. and millions of other people does too. thats how they really get rich,
“LOOP HOLES” wont create billions themselves you know. if people wont give their hard earned money to you, bye bye to you. no amount of loop holes will create billions out of thin air.
societal responsibility is bs , i dont care about you , who are you. i am an individual trying to give myself the best life standarts possible. you try that too. society is made out of individuals. if you are up for trade lets trade. you trade me your labor in exchange i offer to give you money. dont like it ? theres no gun on your head to work for me.
you can always reject society and live hunter gatherer in the remote parts of the country.
Jody van Bridges • May 13, 2021 at 5:52 am
Imagine the following scenario containing the following restriction:
No one is allowed to make more than 2 billion dollars. Whatever you make thereafter will flow into the rest of society to help those worse off. This does not necessarily do away with the incentive to create wealth. You still have to create wealth in order to maintain that 2 billion dollar threshold. And it should also be said that a motive for continuing to create wealth after obtaining that 2billion dollar cut-off is to generate more wealth for the general populace, especially those worse off, to create a more equal society. The latter motive entails the responsibility that each of us has towards our fellow human beings. This is more consistent with being a true philanthropist and genuinely altruistic.
A billionaire might object by saying that they already donate to charities. I do not think that they do enough. It can arguably be said that people have selfish natures. Therefore, proper systems should be created for the distribution of surplus wealth. In this century no one can claim that 2billion dollars is not enough for them to live a decent life (even better than decent).
So the charity-donation objection cannot be sustained. A system needs to be put in place to ensure that wealth is properly distributed in a more absolute form. Because we cannot have Jeff Bezos having 185billion dollars and only donating 4billion dollars, and Elon Musk having 57billion dollars and only donating 7billion dollars. Though they donate to charities, the general populace are at the mercy of a billionaire’s whimsical generosity.
I agree with the author that one cannot maintain the status quo given that we have a world in which many suffer (and die every day) due to things such as malnutrition. The only point on which I diverge from the author’s view is that “billionaires should not exist”. It is my view that it is okay for billionaires to exist, but not multi-billionaires. This is consistent with my example above i.e. restricting the amount someone can accumulate to 2billion dollars.
Adam Williams • Apr 16, 2021 at 10:32 am
Im mixed. Look, billionaires have earned it. Not the once who inherited it, but the ones you are talking about, Bezos, he earned it. He made up the biggest e-commerce company and loads more in his basement. He worked hard and he gets what he deserves. Elon, an intelligent man, I don’t think I have to speak much about him, all I am going to say is that he definitely deserves it. Sure, billionaires could sum up some of their networth to provide the others, and yes they should be taxed. But they have no responsibility to pay your bills and your healthcare. Ask the pharmaceutical companies why that cost is so high. Being a billionaire is fine, and suming up a little of your networth to people who need it is also good. And yes they should be taxed, but they have no responsibility to pay your bills or the others.
Chris Provencher • Apr 12, 2021 at 1:45 pm
If wealth isn’t a zero-sum game, then why do billionaires resist paying employees living wages and supporting single-payer healthcare?
Also, few billionaires invent anything – it’s the exception to the rule when they do. If they have, their inventions are kernels compared to the millions of man-hours their front line employees (and the billions/trillions of dollars of benefits afforded by industrial/industrializing societies) developed and carried to fruition (earning the minimum the billionaire can get away with paying/repaying them).
Billionaires are created (if not by inheritance) by owning things under a political/legal/use-of-force system that is designed to serve their interests over the polity in general.
If billionaires were doing an actual public service, people would be living with more financial security/better generational outcomes/higher on Maslow’s hierarchy of needs.
Anyone reading this article has more in common with homeless people than billionaires. YOU are, with statistical certainty, 6 bad months away from homelessness than you will ever be from being a billionaire.
Billionaires will not save you.
STeve • Jan 17, 2021 at 9:52 pm
Billionaires suck the economy out of the system.
I find it hilarious that people defend these blood sucking parasite billionaires.
People who defend billionaires are brainwashed into thinking they are doing YOU a favor.
Greed is a disease!
Sundous • Oct 2, 2020 at 2:13 am
I think that what the author is saying in this article is correct. Although it is also agreeable that it’s alright to be a billionaire, but how is it fair for individuals who make millions daily to evade taxes and not pay them while low income earners have to pay with their hard earned money
. If billionaires were to pay taxes it would help the economy a lot and provide them with the money to spend on things like free healthcare and increased funding towards things like education e.tc. The many people millionaires there are toady in America will always have the support from government officials as they benefit from them.
Kai • Sep 22, 2020 at 10:01 am
I disagree. I dont think there is anything wrong with someone becoming a billionaire. Most of us will never even earn a fraction of that amount of money. And that sucks. But just because you or I wont ever earn that much, why should we say someone like Jeff Bezos or
Elon Musk shouldnt?
Take Elon Musk. I think we can mostly agree he is an incredibly intelligent man. He has worked incredibly hard to get where he is today. He has built up multiple companies to earn him his current net worth. He didnt steal billions of dollars to be worth so much. He ran companies well and worked hard. Sure I could work my self to the bone and not even as much but that doesnt mean that its unfair that Elon did.
One thing that eludes me about most peoples interpretation of billionaires is that the overwhelming majority probably dont have a billion dollars or more in their bank account. Sure some may, and others might have a huge amount of money in property or similar assets. But billionaires like Jeff Bezos has the overwhelming majority of his net worth tied up in stock. Personally if he had that much in his bank account or stashed in a vault somewhere I could sort of understand people saying he is hoarding it.
I think it all boils down to people seeing someone elses success and not being happy with it.
The argument that billionaires should be taxed a huge amount to help with social inequality is fatality flawed in my opinion. Sure a massive influx of cash might solve afew smaller problems but it won’t stop the main causes of inequality.
My final point is, if we as a society want to try combat inequality and uplift people from less financially lucky backgrounds, maybe we should start by lowering the cost of university. Instead of blaming billionaires for all the world woes, maybe look at pharmaceutical companies and ask why the cost of medacine is so high.
Anyway
Have a good day
Marc Foucher • Aug 16, 2020 at 2:31 pm
I agree with the author. I cannot understand the comments of people who do not. “Generating wealth is not a zero sum game”?
What does that mean?
Accumulating billions of dollars should not be possible. In fact, it is only possible because of loopholes in our tax system that permit the ultra-wealthy to avoid their fair share of taxes.
Wealth inequality is hilarious? Who commented that, and please elaborate.
Vincent Albanese • May 6, 2020 at 5:31 pm
The folks who laughed at this ought to be ashamed. Life shouldn’t be a win or lose proposition, because too many factors tilt the playing field towards some, while making it impossible or near impossible for others to have a chance at even middle class.
A billionaire is a stain on our society. When 10 million dollars, spent freely, would last anyone in relative comfort for 100 years, WITHOUT interest, anything MORE than that means that a resource…wealth…that could be used to help someone else…is being hidden away.
No. I am NOT saying to just GIVE it to the poor…But…if you are making that much money…it is time to lower the costs of your product or service, increase the wages of those working for you to MAKE you rich…because YOU DID NOT DO IT ALONE…or it is time for society to tell these people that enough is enough and tax them.
The top 1000 people alone in our country could probably pay down our national debt by 1/2 without losing their lifestyle OR their power.
Nate Pistocco • Apr 8, 2020 at 4:22 pm
There are several things this author doesn’t understand. 1) no one becomes a billionaire by working a 9-5 minimum wage job- they create businesses or design products that consumers want. Becoming a billionaire is more attributable to ingenuity than manual labor. For the author to not acknowledge means he is either ignorant or disingenuous. 2) wealth creation isn’t a zero sum game. My neighbor becoming a billionaire through a successful businesses in no way exploits me or hinders me from starting my own business. 3) Billionaires could not singlehandedly end homelessness overnight because simply writing billion dollar checks would not change the root causes of homelessness- drug usage, higher living costs etc. which they are not responsible for to begin with. 4) If inequality equals inequity, should college GPA points be redistributed from cum laude honorees to those who slack off, never study, and never go to class? This is literally how stupid you sound when you complain about income inequality. 5) It’s an oversimplification to argue that solving problems such as lack of affordable healthcare and student debt is only contingent on billionaires paying more in taxes. If our country’s 22 trillion debt is an any indicator, the gov would likely squander all that money away rather than use it for efficient purposes. And since when is it the responsibility of Bill Gates and Jeff Bezos to pay for your lifestyle choices? What makes you entitled to money they earned? 6) A net worth is calculated by adding up an individual entire assets and subtracting liabilities. Contrary to what socialists believe, no billionaire has room filled to the brim with money akin to Scrooge McDuck. Bezos’ net worth comes from the value of all his investments- which can’t be confiscated or resdistributed.
Elias Bullock-Moreno • Mar 11, 2020 at 6:11 pm
I agree wholeheartedly with the author. It’s baffling to me that anyone could hoard this much wealth considering the poverty that exists in this world, even this country. At least have these people pay taxes.
Joe Tompkins • Mar 10, 2020 at 4:54 pm
Totally agree with Doug. This author’s an idiot. Wealth inequality is hilarious.
Doug Barnes • Mar 9, 2020 at 6:21 pm
I agree with Lashawn — this must be satire? It’s like his central argument is that billionaires shouldn’t exist because it’s too hard for his brain to comprehend that big of a number. Comical.
Author doesn’t understand that generating wealth is not a zero-sum game.
Lashawn Smith • Mar 6, 2020 at 5:59 pm
You can not be serious. funniest shit I done read all day long lmao FR