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I find this take so hypocritical.
I bet you have more food than some people. Are you giving it to them?
You have a roof over your head, other people don’t. Are you giving it to them?
You most likely have more money than others, considering your access to the internet and ability to think up this post - are you donating all of your excess that isn’t going to your bills and food?
Calling it “hoarding” is just intentionally vilifying having money. Are some rich people bad? Absolutely. Are they bad because they’re rich? No. Do they have an obligation to give their money away? Also no.
I think you're missing the points about scale and marginal utility. If you have more food than 3 generations of your family will ever eat, and continue to take more while others are starving, you can make a moral argument that maybe you shouldn't have so much food. Much less continue to try and get more. It becomes more egregious when you, say, take food from your employees who don't always have enough.
Agree with this. We should remember that doctor-making-150k is far closer to being homeless than they are to a billionaire, with their individual wealth rivaling small countries.
Most doctors are one of us as many other well compensated professionals.
You better save that money while you can because if you are not able to trade your labour for money you are back where you started among the peasants.
Missing the point and misconstruing the argument to protect the wealthy is the point.
Bear with me here, I’m thinking about all this as a thought experiment…please don’t jump on me all at once :)
I don’t disagree with you, there is a difference in utility, however what would you say to someone who has two homes? Say a vacation home on a lake? This wasn’t uncommon for persons of older generations (before shit got expensive). Because while two homes may not seem egregious to citizens of highly developed countries, it is, relatively speaking, a true extreme luxury in many parts of the world, perhaps even obscene if you consider those who live in shanty towns or those who are homeless.
And what about extra cars? Or any other luxury for that matter? Anything that explains why those in less developed countries see middle-class individuals in developed countries as “rich”?
Now these are nothing in comparison to the several orders of magnitude greater that a billion dollars is, but take them as the best examples I can think of off the top of my head lol.
Remember marginal utility is relative. My point is that, who decides what defines excess to the point where you’d make the argument you just made? where is the line? Certainly billionaires qualify, but how many millions does one need to hit that threshold? And who makes that determination? The individual with the extreme wealth will have warped perceptions (“It’s one banana, Michael. What could it cost, $10?”), so then it must be the non-wealthy who have insight, if any, or is it all relative?
I’m not trying to defend or apologise for the ultra-rich, but I think about these things in the sense of: what would I do if I won the mega-millions? Or had some secret unknown relative bestow obscene wealth on me? Never in a million years of course, but I’m the kind of person who likes to have positions that don’t change situationally, I’d like to be confident enough of my beliefs that I’d know what I’d do if the situation were reversed.
Anyway, thanks for coming to my Ted Talk lol. Again please don’t think i’m trying troll or something, this is a philosophical question for me.
It's important to recognize just how much more billionaires make than millionaires, but at the same time, no, neither of them are good or can be while maintaining that amount of wealth, and the reason is because you cannot make that much money by working. The ONLY way to make that much money is by making profit off of others.
Idk man in some areas a house costs a million. If two people go into debt their whole life and work their butts off to pay for a house that now costs a million, I still think of them as normal people somehow yaknow
A lot of that is because we're in the middle of a housing crisis thanks to enormous companies buying up all the property, pushing normal people out of the house market to renting. On top of that, buying a 1 million dollar house doesn't make one a millionaire.
?? After you’ve paid off your million dollar house, you are a millionaire by definition.
Most of us don't pay off a million dollars in one payment??? Paying off mortgages takes a long ass time, In smaller increments. You might "technically" be a millionaire, but you won't be comparable to the kind of "rich" we're talking about here. You can make that kind of money by working.
...which was precisely their point?
This is a good point.
I remember often being confused why I was being treated weirdly when I was teaching in a east-central African country.
The disparity of wealth, in absoulte terms, was not that high - I got a middle salary for that country, because I lived on what my country gives for a volunteer. Back home that would be way below substance limit bit there it was a medium salary at that time. But the perception that was prevalent made it so that most people thought that I was, in some abstract order, richer than them. It wasn't really clear by how much or what order - factor 1, factor 10, factor 1000?
I noticed how people who didn't know me or how I lived would always treat me weird and I came to the conclusion that them thinking about this - what order of magnitude is it? - made people treat me weird
Now for the bezos of the world and me, I know exactly what order of magnitude it is. But from which order would I start to see it as obscene?
I could live with someone earning double from me. 10x would start to feel unfair. But that is far far far removed from the reality of the global super rich. That factor is way higher, and it's easy to focus on this really really high factor, but finding the low border up until which it is ok might be hard.
And I remember how people looked at me, trying to figure out exactly this
I hop I explain myself, it's late here. If not I will retry tomorrow
Not looking to be combative, I’m curious: where is your moral line where the scale is too great, and why is it there? A lot of these comments read that that line should be “above me somewhere”.
Have you looked up how much a Billion dollars really is? Billionaires are not living paycheck to paycheck. They could do so fucking much with their money and resources, but they choose to invest in shitty submarines and privatized space travel. I am all for pursuing advances in tech and life, but let's solve the issues with earth first like world hunger, homelessness, and climate change.
For context: https://mkorostoff.github.io/1-pixel-wealth/
Fantastic fucking visual.
Holy shit somehow this struck harder than the Tom Scot video where he drives the length of the thickness of a billion dollar bills.
I suggest to scroll the entire page. Including the 3.2 trillion of the richest 400 americans. And remember that the tiniest scroll you can make would lead to you becoming a multi-multi millionaire that never has to look at their bank account ever again.
I am incredibly disgusted
WOW!!
Everyone please see this!!
There's a huge difference between having food to eat
And having millions of dollars doing nothing
Or me living in an apartment
And someone living in a building that could take up a whole city block
It's not the fact that they have money. It's how they get it and what they do with it.
I have money, but I don't have enough to save. I don't make enough to do much outside of maybe buy a small amount of food for a homeless person. I'm not solving shit. However, living in the city I have had people ask for some change, and I've done it. But I can't do shit.
However, there are people who can actually help that won't. They get more money than they need and then just sit on it. Many of them get it through exploiting others.
But if we want to ignore things scaling and just reach, if I give a homeless person a dollar, should he not share that?
I'll add on here that there's a major difference between
And
Even for Americans who are living a little better than paycheck to paycheck, I have read something like 30% of them are one personal disaster away from homelessness, themselves.
I have nothing new to reply to this with because others who have replied to you have already said what I would have said perfectly. I do want to say I find your reply incredibly ignorant and I hope the other replies have opened your eyes a bit.
My 'excess' that doesn't go to bills and food is like 15 bucks, while theirs is several hundred million. Great comparison 👍🏼
I don't think everyone should be forced to give away everything they don't need to survive, I just think (in America's case) if you have enough wealth for several generations to live in luxury while our people are dying from inaccessible medicine and healthcare and more than half of our country has no savings living paycheck to paycheck, we've massively failed as a society to provide basic needs for our people. You could fund universal healthcare with just a tax on billionaires and they wouldn't have to change their lifestyle at all. If I had enough money that I lost 90% of it and I literally couldn't notice the difference, I'd be full of guilt every night watching people die because they rationed their insulin.
Even without a tax in place (and I seriously and truly support putting a tax in place), millionaires and billionaires could take relatively small steps to improve life for a lot of people.
Do you remember last year that news story where a church used the donations from the collection plate to buy up the medical debt for some people? If I'm recalling correctly, the church bought up the debt, pennies on the dollar, and with like $50k were able to help over 100 people. I may have wrong figures for the money value and the number of people impacted, but I think the point remains that a lot of people's lives got better without the medical debt, both financially and emotionally.
Billionaires have the capacity to do this same type of thing. Just pick any city and throw money at a major problem that directly impacts citizens. You don't even need to work with the city or state government there! Get together with your other billionaire friends and strategize to pick a variety of cities. Make a game out of it about who can afford to pay off the problems in Los Angeles or Chicago, and who can only afford to pay off the problems in Sacramento or Springfield.
I 100% agree they could and should, but I don't think it should be made their responsibility. You also wouldn't have to tax very drastically, because replacing the healthcare system with something like Medicare for All would cost less than the overall cost of our current bloated system, so the money could just get reallocated and the tax increases would just shift the responsibility slightly to the wealthiest of us. It should be popular with the "party of small business" and "lowering tax for the middle class" since it would cost businesses and workers both less money for better outcomes, but they only pretend to have principles when it can be leveraged for power. Health insurance is a fucking scam, and the fact that we can't unanimously agree companies making money extorting us with our lives aren't beneficial to society is bleak.
Yeah this is missing magnitudes of scale here. Someone with 100,000 and someone with 1,000,000,000 are wildly different scales of magnitude. It's like people who look at a mag-4, mag-5, and mag-6 earthquake. Each of those is on a log scale, so while you're just going form 4 to 5, the scaling means that's a massive amount of change.
Same diff here. The economy is mostly based around the buying power of the median. So every log₁₀ past that point means massive change. So going from 100,000 to 1,000,000 is a pretty big change in the amount of security one has. So going from 1e5 to 1e9, that's a change of 1000 on the scale. The level of change between those two is absolutely astronomical.
I get this facet of mathematics eludes folks. All the while the whole "double the number of grains per square on a chessboard" thing we all like to play with because it's interesting. But this is that IRL. The average person and the average billionaire are on two totally different scales. It's like saying, "why a beetle doesn't glow when the sun does?" Like you can't reasonably compare those two things. Yeah, both contain hydrogen at some level but in massively, massively different quantities. It's like saying, your computer is just an overgrown abacus. It's just ignoring scale so much that it veers into very wrong.
I get what you're trying to say. But you've got to acknowledge the vast difference of scale here and that your point is not just oversimplification of an issue, but a gross by planetary magnitudes oversimplification of an issue. Just mathematically speaking, the average person and the average billionaire are not even close to the same kind of person in economic terms. It's just completely unreasonable to even remotely think they are. The numbers are just too far apart, to even attempt this argument in good faith.
This is a great point, and the same logic applies to someone who's destitute vs someone with the median net worth of about $100,000. The average person could give away half of their net worth to feed a bunch of people in the developing world and it wouldn't ruin their life, but we don't. We're all less guilty of ignoring the suffering of others that a billionaire is, but not without blame.
Maybe the average person in YOUR social circle lol
I love when people say something highly specific to their social class but frame it as "everyone". Bubbles, man.
If the average American gave away half their net worth they would be giving away any hope of retirement. If the average billionaire gave away half their net worth they would still be a billionaire.
See this is where you failed logarithms. Let's talk domestic and then we'll move on to developing world. To explain it a bit better here's a breakdown. Let's say I take all my net worth and sell it. Lock, stock, and barrel. Convert it to cash and then take 50% of that dollar amount and hand it to someone. That value will allow a single person to have an apartment, furnish it, and pay rent for about 48 months. Now take the same billionaire and put it towards that same person. That 50% of that dollar amount is 43 times more money than if you completely liquidated the entire town of 12,000 in middle of nowhere Tennessee I live in. The billionaire could purchase forty-three of my towns. I can grant someone an apartment for maybe four years.
It's all the same 50%, but because of MATH, it's wildly different in what is possible with that same 50%. That's the "great point" you should be walking away with. Logarithms and orders of magnitude are wild things!
Now let's move to international. Minus the whole point I just made, one would think, oh if I give some money overseas, they'll be able to go to Walmart and grab some rice. Well they don't have Walmart. If I gave them $50k it is about as worth $0 because there's nowhere for the money to go that'll directly help them. It's not till I give them enough money to actually build the Walmart (or whatever shopping center, or you can call the Walmart farming equipment, or access to seed and fertilizer, or whatever basically enough money to grant them access to a resource that is just removed completely from them).
That's the thing people forget about abject destitution. They are so poor and exist in an environment that is so resource poor, handing them $100,000 might help keep them warm at night by burning the cash. But they are SO poor, you need a massive injection of funds to literally kick start their economy, and surprise $100,000, a quarter million, or half a million ain't going to cut it. You need nine figures to even get started and that massively ignores the complexities of the geopolitics and the fun details of despotism. But I side step all of that for simple fact that we just need to keep this to math and what I had previously indicated.
A developing nation's economy is in 1e-n territory for the median buying power relative to the US dollar. So for large n, you need large positive exponents to compensate. If some economy relative to the US dollar is 1e-6 for purchase power, then me sending 1e5 in funds is still fractional buying power on the order of like 0.1 relative to the dollar.
The feeding you have to remember is someone here in the US buying the food and then sending the food. We buy the food at US prices, so it'll feed at the same rate it feeds a US mouth, because we didn't buy it at developing world nation price, we bought it at US price. We buy the food in the US because those nations are so poor, they do not even have food to buy for them to eat, you have to bring all the money required to invent all of that there.
So like I said, that whole 50% means vastly different things in terms of different log base. It's all the same 50%, yes, but it's wildly different values.
I'm sorry, but being able to feed yourself and dedicate decades of your life saving for a home, is not comparable to having multiple homes, and going on holidays for half of the year.
I have all these things because of subsidies and welfare, or I'd be out on the street because I'm a disabled older person on SSDI. And even these things are a pittance, barely allow me to make ends meet, and are always in danger of being cut or completely gutted by the rich fucks hoarding all the money. So yeah, I think multi millionaires and billionaires are bad people by default.
How is the take hypocritical? Having a roof over your head and money to spend on nice things isn't the same as having enough money to live 10 lives and never run out. You've drawn parallels that quite literally don't exist.
Why aren’t you giving yours away? Same reason as the rest of us. Pretty disingenuous and hypocritical to call people out on that.
The majority of people of adequate means have more than the vast number of people below that status. Most of them are probably hedging their bets against misfortune or retirement, and the former can wipe out most of the advantages they had, and the ability to actually attain the latter is pipe dream for most people.
Point being, there’s a huge difference between someone with multiple lifetime’s worth of money hoarded that would afford food and shelter to tens of thousands of people and still not hurt their ability to enjoy life vs the person who is trying to shore up the minimum barrier between themselves and poverty and prepare for the day they can’t work anymore. For a lot of us that’s a pretty tough goal to reach.
there’s a difference here
Might want to be a little less ignorant.
Can there be good billionaires? Maybe. Are there any? Not that I know of. It is conceivable that somebody inherited their wealth and elect to invest it altruistically- in a manner that at least sees it not degrade but still beneficial to everyone else.
I do not see any billionaire acting in such a manner, and “hoarding” is would seem to be an accurate description
You're missing the magnitude of scale in your examples.
I have a fridge big enough to feed 1 family. Wealthy people have refrigerators the size of a shopping mall. "Not my food!" says the Billionaire.
It's raining. My house is big enough for 1 family. Wealthy people have a roof that is 50 miles square but refuse to share.