Richest 1% on target to own two-thirds of all wealth by 2030 • Hacker News Board

Re: Richest 1% on target to own two-thirds of all wealth by 2030

#11

Post by cstross » Sat, Apr 07, 2018, 5:47 PM UTC

orf wrote: post #2

So when do we get trickled down on exactly?

Trickle-down theory is accurate!

It's just not necessarily money that's raining down on our heads.

Less snarkily: Piketty observes that reinvested capital accumulates at a faster rate than labour. Also, we have no global taxation system, so capital flows through the cracks into regimes with the lowest tax rate -- meanwhile, labour is pinned down by strict laws restricting immigration, and mostly can't go where wages are higher. (In the tech sector we're privileged exceptions, but consider the plight of an agricultural labourer.)

The system itself is broken, and the people who run it have forgotten the lesson of history that people with no stake in a system eventually turn to violence when threatened with starvation.

Re: Richest 1% on target to own two-thirds of all wealth by 2030

#12

Post by LarryMade2 » Sat, Apr 07, 2018, 5:47 PM UTC

orf wrote: post #2

So when do we get trickled down on exactly?

We do, but what we din't take into account is that is, it is a trickle.

Re: Richest 1% on target to own two-thirds of all wealth by 2030

#13

Post by lisper » Sat, Apr 07, 2018, 5:47 PM UTC

gaius wrote: post #8

orf wrote: post #2

So when do we get trickled down on exactly?

If you are reading this site in a Western country you are almost certainly in the global 1%. Household income of $30k if I remember correctly.

No. The world's population is 7 billion so 1% is 70 million. That's less than the population of Germany.

Re: Richest 1% on target to own two-thirds of all wealth by 2030

#14

Post by bhouston » Sat, Apr 07, 2018, 5:48 PM UTC

gaius wrote: post #8

orf wrote: post #2

So when do we get trickled down on exactly?

If you are reading this site in a Western country you are almost certainly in the global 1%. Household income of $30k if I remember correctly.

Close.

In terms of income, it is 30K EUR/yr or 37K USD/yr or 47K CAD/yr.

But more accurate is to look at wealth, you are the top 1% if you have more than 700K EUR or 885K USE or 1.4M CAD. That is a fair bit. Most in US will not quality.

According to: https://www.investopedia.com/articles/personal-finance/05061...

Re: Richest 1% on target to own two-thirds of all wealth by 2030

#15

Post by Animats » Sat, Apr 07, 2018, 5:48 PM UTC

Communism went away. It's not that communism was better. It's that it was competition. There was, for half a century, a competitive threat - do better than the USSR, or face a revolution. That threat was taken quite seriously in the US for decades. Industrialists (the US economy was mostly manufacturing back then) were careful not to get too greedy or power-hungry.

They feared expropriation. Britain nationalized many industries. Most telcos were run by governments. Monopolies were routinely targeted by democratic governments.

Capitalism now has a monopoly position and acts like it.

Re: Richest 1% on target to own two-thirds of all wealth by 2030

#16

Post by ddorian43 » Sat, Apr 07, 2018, 5:48 PM UTC

gaius wrote: post #8

orf wrote: post #2

So when do we get trickled down on exactly?

If you are reading this site in a Western country you are almost certainly in the global 1%. Household income of $30k if I remember correctly.

Costs are not the same.

Re: Richest 1% on target to own two-thirds of all wealth by 2030

#17

Post by baddox » Sat, Apr 07, 2018, 5:49 PM UTC

gaius wrote: post #8

orf wrote: post #2

So when do we get trickled down on exactly?

If you are reading this site in a Western country you are almost certainly in the global 1%. Household income of $30k if I remember correctly.

But probably not in the top 1% of wealth, right?

Re: Richest 1% on target to own two-thirds of all wealth by 2030

#18

Post by bhouston » Sat, Apr 07, 2018, 5:50 PM UTC

forrestthewoods wrote: post #5

Top 1% Global Income - $32,500/year Top 1% Global Wealth - $770,000 assets via https://www.investopedia.com/articles/personal-finance/05061...

Just to be specific, those numbers you give are in EURs, not USD.

Re: Richest 1% on target to own two-thirds of all wealth by 2030

#19

Post by matt_wulfeck » Sat, Apr 07, 2018, 5:50 PM UTC

Animats wrote: post #15

Communism went away. It's not that communism was better. It's that it was competition. There was, for half a century, a competitive threat - do better than the USSR, or face a revolution. That threat was taken quite seriously in the US for decades. Industrialists (the US economy was mostly manufacturing back then) were careful not to get too greedy or power-hungry. They feared expropriation. Britain nationalized many…

We’re at the point now where labels such as “capitalist” and “communist” is meaningless. China is a purported communist country but is minting more billionaires per year than any other country.

Re: Richest 1% on target to own two-thirds of all wealth by 2030

#20

Post by jgh » Sat, Apr 07, 2018, 5:50 PM UTC

lisper wrote: post #13

gaius wrote: post #8

Earlier quoted context omitted.

If you are reading this site in a Western country you are almost certainly in the global 1%. Household income of $30k if I remember correctly.

No. The world's population is 7 billion so 1% is 70 million. That's less than the population of Germany.

depends if the measurement is income or wealth. Income is like $32k, wealth is much higher.