Trillionaires And Inequality - Musk is not the cause. He's the scoreboard. The real story is the game itself.
Posted by freedomforall 2 days, 8 hours ago to Government
Excerpt:
"Dear Senator Warren,
When I watched your recent video on X about Elon Musk becoming the world’s first trillionaire, I found myself in the unusual position of agreeing with you—at least in part. That is not a sentence I write often.
You see…you are correct that something has gone profoundly wrong in an economy that can produce a trillionaire. You are correct that the gap between the financial elite and ordinary Americans has become so vast that most people can barely comprehend it. And you are correct that millions of Americans increasingly feel as though the economy is rigged in favor of a small group of people at the top.
According to The Wall Street Journal, there are now roughly 430,000 American households worth more than $30 million, including approximately 74,000 households worth over $100 million. The growth of these groups has dramatically outpaced overall population growth over the past several decades.
You are correct that the wealth inequality gap is widening quickly:
Where I part ways with you is on the question of why.
You see Elon Musk’s wealth and conclude that the problem is Elon Musk. I see Elon Musk’s wealth and conclude that the problem is the system that made such wealth possible in the first place. Those are very different diagnoses, and they lead to very different solutions."
"Dear Senator Warren,
When I watched your recent video on X about Elon Musk becoming the world’s first trillionaire, I found myself in the unusual position of agreeing with you—at least in part. That is not a sentence I write often.
You see…you are correct that something has gone profoundly wrong in an economy that can produce a trillionaire. You are correct that the gap between the financial elite and ordinary Americans has become so vast that most people can barely comprehend it. And you are correct that millions of Americans increasingly feel as though the economy is rigged in favor of a small group of people at the top.
According to The Wall Street Journal, there are now roughly 430,000 American households worth more than $30 million, including approximately 74,000 households worth over $100 million. The growth of these groups has dramatically outpaced overall population growth over the past several decades.
You are correct that the wealth inequality gap is widening quickly:
Where I part ways with you is on the question of why.
You see Elon Musk’s wealth and conclude that the problem is Elon Musk. I see Elon Musk’s wealth and conclude that the problem is the system that made such wealth possible in the first place. Those are very different diagnoses, and they lead to very different solutions."
"But where you see a trillionaire problem, I see a monetary policy problem." well said. Back in 1970 having $100K net worth for a working man was very well off. The same as having a million $ net worth today. We have more gadgets, but hardly moved at all, really. I would expect a lot more millionaires, billionaires, and, yes, even more trillionaires coming up (until it all goes bust).