Why even good billionaires are bad

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I thought this was an interesting video:



But basically, leaving it to billionaires instead of the democratic process to do philanthropy, puts all the power in the hands of billionaires, allowing them to plaster their names on buildings and to control how their money is used. It deprives the people of the power to direct how this money is spent in ways that are important and beneficial for them, through the democratic process.

If they were good they wouldn’t be billionaires

I think this is a tricky subject... I mean on one hand, people who are talented and work hard should get more than those who don't, because who would bother to constantly do their best if they only got the same things as others who aren't doing as much? On the other hand, it seems a bit wrong that some inherit millions while others starve. Maybe some kind of income roof could be used? As in, if you earn/inherit above a certain huge sum, the amount that goes over that would go to the state. BUT! The person paying would get to decide on what good things the money will be used for, like schooling, animal rights, hospitals etc.

I'll give it she's funny, but the video is incredibly surface level and doesn't acknowledge what several of the billionaires themselves were saying.

Take for example the statitistic of the three richest billionaires having more wealth than the bottom 50% of the country. This is true, and to some is a moral outrage. But it's not that the bottom 50% is poorer than they used to be, it's that the 3 richest people are richer than they used to be.


Poor people in the bottom 20% of the country make on average $15,000 more than they did in 1979 ADJUSTED FOR INFLATION. If we look at wealth.



The bottom 50% held nearly double in 2007 what they held in 1988. The recession wiped out most of those holdings, but that's the point. While the economy is growing everyone benefits. When the economy contracts it is bad for everyone.

When people state a broken economic system as if it were fact, it is worth considering that at least in the U.S. poor people make more money than at any time prior. When people state that billionaires take money from the masses, that betrays a misunderstanding of free market economics. The only way to make money is to provide your customers with value. The uber rich control a lot of wealth, but it is actually the millions of high wage earners that control most of the wealth in the country:

source: https://www.theatlantic.com/magazine/ar ... cy/559130/

One of my concerns is that mega-billionaires seem to achieve their wealth through exploitation rather that absolute luck, skill, honesty, etc. Bezos is a good example with Amazon and worker exploitation, listening devices masquerading as electronic tabletop assistants and what most people would consider tax evasion (inconsequential whether it's legal or illegal).