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"Share" of the wealth says nothing about what the amount is. For example, if you create $10 of wealth, my share of the total wealth goes down, but my wealth is

"Share" of the wealth says nothing about what the amount is. For example, if you create $10 of wealth, my share of the total wealth goes down, but my wealth is unaffected.

ceejayoz 7mo ago
https://www.marketplace.org/story/2023/01/16/how-the-worlds-richest-people-became-much-richer-during-the-pandemic https://www.marketplace.org/story/2023/01/16/how-the-worlds-... "About $42 trillion in new wealth was created in the first two years of the pandemic. Two-thirds of that has gone to the richest 1% of the world’s people, according to a report out Monday from the nonprofit organization Oxfam. In the United States, billionaires are a third richer now than they were before the pandemic." > For example, if you create $10 of wealth, my share of the total wealth goes down, but my wealth is unaffected. Sure. Inflation doesn't exist. Isn't that lovely?
- WalterBright 7mo ago
  > Two-thirds of that has gone to the richest 1% of the world’s people Their wealth was not transferred to them, they created the wealth. > billionaires are a third richer now than they were before the pandemic That gives zero information about the non-billionaires. 66% of the federal budget goes to entitlements (welfare, medicare, social security, etc.). Not to rich people. > Sure. Inflation doesn't exist. Isn't that lovely? Inflation is the result of government deficit spending, not rich people.
  - ModernMech 7mo ago
    What exactly did the 1% do to "create the wealth"?
    - nickpp 7mo ago
      I know a few categories falling under this "richest 1% of the world’s people": entrepreneurs, highly paid professionals and politicians. The entrepreneurs invested in or built from scratch organizations able to deliver an incredible amount of value to our society in the form of products, services and jobs. These organizations, called businesses, are the unsung heroes that differentiate our lands of plenty from the hunger and cold of countries suffering under communism. The professionals (doctors, lawyers, programmers) worked in such organizations and added significant value ensuring their success in the market place. Finally, politicians managed to convince a sufficient number people that only they can solve their problems and thus got themselves elected into positions where they control significant flows of money and/or influence.
    - WalterBright 7mo ago
      1. start a business 2. invest in an existing business May I recommend reading biographies of Gates, Jobs, Bezos, Musk, Buffet, etc.
      - ModernMech 7mo ago
        Starting and and investing in businesses are matters of filing paperwork. The mere act is worth nothing but the investment and paper it's written on. So the question still remains, what did they create to make them worth the money they have? Because it seems to me the only thing that correlates to their wealth isn't what they created but the contracts they've signed. Which is fine but your contention was they as individuals created something to make them worth that much, and I'm wondering what that is.
        WalterBright 7mo ago
        Selling a product or service for more than it costs you is creating value. That's what a business is. I again suggest picking up and reading one of those biographies.
        ModernMech 7mo ago
        I've read biographies on Gates and Jobs, also Satya Nadella. I sidestepped that comment because it seemed snide to me. I know who these people are and what they did with their lives, and how they made their money. Maybe you might re-read their biographies and note how their successes were a combination of skill, luck, connections, circumstance, and survivorship bias, and how each one was backed by an army of workers. > selling a product or service for more than it costs you is creating value. Okay but other people are building and selling the service, not the 1%. I agree that's what business is, and they create value, but the 1% is not "the business". So again I'm left wondering what the 1% actually created themselves such that wealth was not transferred. Because if the value is in selling the product or service, then it would seem to me the people who deserve the benefit are the sales/engineering/manufacturing/service people. But you said it's not a transfer of wealth, it's the actual 1% who created the value. You still haven't said what they create and why that means they deserve to own and control all that wealth.

"Share" of the wealth says nothing about what the amount is. For example, if you create $10 of wealth, my share of the total wealth goes down, but my wealth is unaffected.

ceejayoz 7mo ago

https://www.marketplace.org/story/2023/01/16/how-the-worlds-richest-people-became-much-richer-during-the-pandemic https://www.marketplace.org/story/2023/01/16/how-the-worlds-... "About $42 trillion in new wealth was created in the first two years of the pandemic. Two-thirds of that has gone to the richest 1% of the world’s people, according to a report out Monday from the nonprofit organization Oxfam. In the United States, billionaires are a third richer now than they were before the pandemic." > For example, if you create $10 of wealth, my share of the total wealth goes down, but my wealth is unaffected. Sure. Inflation doesn't exist. Isn't that lovely?

WalterBright 7mo ago
> Two-thirds of that has gone to the richest 1% of the world’s people Their wealth was not transferred to them, they created the wealth. > billionaires are a third richer now than they were before the pandemic That gives zero information about the non-billionaires. 66% of the federal budget goes to entitlements (welfare, medicare, social security, etc.). Not to rich people. > Sure. Inflation doesn't exist. Isn't that lovely? Inflation is the result of government deficit spending, not rich people.
- ModernMech 7mo ago
  What exactly did the 1% do to "create the wealth"?
  - nickpp 7mo ago
    I know a few categories falling under this "richest 1% of the world’s people": entrepreneurs, highly paid professionals and politicians. The entrepreneurs invested in or built from scratch organizations able to deliver an incredible amount of value to our society in the form of products, services and jobs. These organizations, called businesses, are the unsung heroes that differentiate our lands of plenty from the hunger and cold of countries suffering under communism. The professionals (doctors, lawyers, programmers) worked in such organizations and added significant value ensuring their success in the market place. Finally, politicians managed to convince a sufficient number people that only they can solve their problems and thus got themselves elected into positions where they control significant flows of money and/or influence.
  - WalterBright 7mo ago
    1. start a business 2. invest in an existing business May I recommend reading biographies of Gates, Jobs, Bezos, Musk, Buffet, etc.
    - ModernMech 7mo ago
      Starting and and investing in businesses are matters of filing paperwork. The mere act is worth nothing but the investment and paper it's written on. So the question still remains, what did they create to make them worth the money they have? Because it seems to me the only thing that correlates to their wealth isn't what they created but the contracts they've signed. Which is fine but your contention was they as individuals created something to make them worth that much, and I'm wondering what that is.
      - WalterBright 7mo ago
        Selling a product or service for more than it costs you is creating value. That's what a business is. I again suggest picking up and reading one of those biographies.
        ModernMech 7mo ago
        I've read biographies on Gates and Jobs, also Satya Nadella. I sidestepped that comment because it seemed snide to me. I know who these people are and what they did with their lives, and how they made their money. Maybe you might re-read their biographies and note how their successes were a combination of skill, luck, connections, circumstance, and survivorship bias, and how each one was backed by an army of workers. > selling a product or service for more than it costs you is creating value. Okay but other people are building and selling the service, not the 1%. I agree that's what business is, and they create value, but the 1% is not "the business". So again I'm left wondering what the 1% actually created themselves such that wealth was not transferred. Because if the value is in selling the product or service, then it would seem to me the people who deserve the benefit are the sales/engineering/manufacturing/service people. But you said it's not a transfer of wealth, it's the actual 1% who created the value. You still haven't said what they create and why that means they deserve to own and control all that wealth.