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> this benefits "the rich" is so far as "the rich" are shareholders of these companies The rich are the shareholders of companies. According to the Departmen
by VictorPath 5y ago
> this benefits "the rich" is so far as "the rich" are shareholders of these companies
The rich are the shareholders of companies. According to the Department of Labor's survey of consumer finances, the wealthiest 1% own 38% of stock. The wealthiest 5% own 71% of stock. The bottom half of the country owns 1% of the stock.
https://www.nytimes.com/2021/01/26/upshot/stocks-pandemic-inequality.html https://www.nytimes.com/2021/01/26/upshot/stocks-pandemic-in...
> It doesn't benefit "the rich" to have a poor population, if anything it makes the rich more vulnerable.
That means after a company does its capital investments, the rich would prefer money going to wages over profits. The opposite has been the case for past centuries (not that they never lose the battle).
It may be dialectically self-destructive, but so is the arms race with Russia (and China), so is increasing carbon production. Russia's czar in the early 20th century had self-destructive properties as well.