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His point, I’m sure, is that the common criticism of the middle class wasting money on avocado toast is somehow stopping them saving that money and being super
by hnbear 3y ago
His point, I’m sure, is that the common criticism of the middle class wasting money on avocado toast is somehow stopping them saving that money and being super wealthy.
But, in reality, that amount of money, while non-trivial (~$3500/year) over a lifetime (not counting inflation) saved is still a fraction of a running error on a billionaire’s wealth. Over 40 years at current 5% is <$500,000.
Personally, I’d have the avocado toast.
Endlessly avocado for personal austerity while the super wealthy consume in ever increasing amounts is nonsense.
- infecto 3y agoAnd I agree on most of these points. I did a poor job but what I was getting at in my original post was 1)We need education or something similar to help the poor from getting poorer. 2)I am not opposed to the idea of transferring wealth but I believe it is easier said than done. I don’t believe it’s something that would happen anytime soon in America and I get the feeling it’s the same in the UK. Because of that, I like to explore other solutions.
- hnbear 3y agoI agree, the billionaires have better lawyers and accountants than the governments. They also have far more flexibility. The UK has been such a finance powerhouse for a long time because it ignores all the issues and foibles of the super wealthy customers it serves. As soon as they start punishing them with taxes and rules they’ll just move. It would only work with a global alliance which would never happen. You’d end up with even more wealth moving to small specialized off shore jurisdictions. I largely agree with what you mean, just not the way it was expressed. I actually think something closer to name and shame, or setting better examples would work better. Trying to get Musk to emulate Carnegie setting up the libraries, Guggenheim and his art. Encourage and reward the behavior that sees the wealthy spending money to create great and lasting public institutions, rather than great and lasting private wealth. All coupled with an insane inheritance tax without loopholes.
- infecto 3y agoThanks for the discourse. I think my tone changed when I saw the sarcasm with avocado toast because I grow tired too quickly when people just dismiss discussions and ideas so quickly.