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Your scale is wrong because the economy is around 29 trillion a year just in the usa so the present value of the future is around 322 trillion. Even the richest
by snapplebobapple 2y ago
Your scale is wrong because the economy is around 29 trillion a year just in the usa so the present value of the future is around 322 trillion. Even the richest billionaire has wealth that is only 0.09 percent of that and a bunch of his wealth is global not just usa based. They would be a rounding error except their wealth is usually concentrated in large companies they have founded giving them outsized control of the company (or their ancestor founded) that are themselves concentrated in a small set of industries or one industry. Even then they wouldnt matter except for the market power the company exerts to unfairly benefit itself and ruin a level playing field stopping a better but smaller company from outcompeting them. The solution is the same one i already recommended: remedy the market power abuse situation of the company by breaking it up (my defacto preference) or rwgulating it more aggressively (not as good because it opens up political corruption/extortion weakening democracy).