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

theguardian.com

81–90 of 368 posts

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

#81
post #51

Someone else on HN commented that the poor need to stop reproducing in order to improve equality. At first I found the comment kind of troubling, but the more I think about it the more it seems to make sense. Watching this video kind of backs up the point to a degree, even though the topic is immigration. https://www.youtube.com/watch?v=LPjzfGChGlE Can someone come back with a decent counterargument? I haven't been a…

[deleted]

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

#82
post #77
post #51

Someone else on HN commented that the poor need to stop reproducing in order to improve equality. At first I found the comment kind of troubling, but the more I think about it the more it seems to make sense. Watching this video kind of backs up the point to a degree, even though the topic is immigration. https://www.youtube.com/watch?v=LPjzfGChGlE Can someone come back with a decent counterargument? I haven't been a…

There's a subreddit for what you're looking for: https://reddit.com/r/changemyview Lots of interesting debate happens there.

I might do, though I find the discussion generally of a higher quality here than on reddit.

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

#83
post #8
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.

This $30k number is frequently cited and seems to always lead back to http://www.globalrichlist.com

It's ~$30k after tax (net income). So the actual salary number is going to be higher.

It's also misleading because most rich people are rich because of wealth, not income. You need ~$770k in assets to be in the global 1%.

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

#84
post #60

Steven Pinker's new book, Enlightenment Now, has a pretty compelling section on wealth/income inequality. The basic position - and I think the data supports this - is that it really doesn't matter what the top 1% are doing so long as the bottom half are seeing improved living conditions. Furthermore, wealth isn't a static I win/you lose proposition - much of that wealth has been created in recent history. People spen…

I am super interested in reading Enlightenment Now - I will do so especially after your comment. I'll have to do this because I so vehemently disagree with your summary or assessment of the situation. Specifically,

> The basic position - and I think the data supports this - is that it really doesn't matter what the top 1% are doing so long as the bottom half are seeing improved living conditions.

This is whataboutism and justifying means to ends and it makes no sense to me. How could this be? Many of the top 1% in our world are murderers and killers and so greedy they are set out to hurt the poor as much as possible. This matters. It does matter who they are. Their character matters. Their actions matter. Their words matter. Due in part to their wealth, the world listens to them for better or worse, and they hold a responsibility that the current 1% batch (and perhaps none in history, I don't know) are not holding up.

Yes, overall the poor are seeing vastly improved living conditions. This does not mean that it should not be better. It is offensive to a population to tell them that they have it better than before and to basically not worry about it or complain that the inequality is so intense, because their parents or even ancestors had it worse.

No, the attitude should be that it is still really bad for a lot of people, and that state of affairs should be unacceptable. That much human suffering is unnecessary. It should not be happening in a world of surplus like today's.

The top 1% matter immensely - who they are, what they do, how they act.

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

#85

Earlier quoted context omitted.

There's a difference between having less choices by being less wealthy than being forced by others to do things. Can you point out an example in pure capitalism where people are forced by others and not the laws of nature?

Is there really, though? If I can't do X, then I can't do X: whether that's from an oppressive government or my own lack of wealth as the result of a rigged economic system is a distinction without a difference.

From what I see labour has become less valuable now than previously, and capital (land, resources, robots, AI, etc.) has become more valuable and therefore more highly rewarded. Whereas previously you needed thousands of workers to produce something, now you can create enormous wealth with much fewer. Craigslist at one point was making hundreds of millions of dollars with just 19 employees (they had the record for revenue per employee at one point). What's a specific example of the rigged'ness?

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

#86
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…

Capitalism is so ingrained now, nobody can even imagine that alternative system could exist. In the minds of most, communism is a synonym of authoritarianism. Communist governments tended to be authoritarian, but it's not clear to me if it's a natural consequence of communism. It's more likely that authoritarianism is a consequence of violent revolutions. Is it possible to combine communism with democracy?

There is no way for a communist government to be non-authoritarian communism can’t work in any other way.

Planned economy and lack of personal liberties cannot coexist in what we would call a democracy unless your definition of democracy is a slightly less violent conflict resolution method.

Overall democracy works because it respects the wishes of the individual essentially it gives everyone the right to express their wants communism has no room for any form of individualism.

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

#87
post #80
post #60

Steven Pinker's new book, Enlightenment Now, has a pretty compelling section on wealth/income inequality. The basic position - and I think the data supports this - is that it really doesn't matter what the top 1% are doing so long as the bottom half are seeing improved living conditions. Furthermore, wealth isn't a static I win/you lose proposition - much of that wealth has been created in recent history. People spen…

It couldn't possibly not matter, because wealth is not only standard of living, but also power. At the highest level, the wealthy are not simply comfortable. They have the power to shape and organize aspects of the economy, supply chain, and the laws. That has to matter in some way beyond having one's material needs met or not.

It matters, and it might be ok if the wealthy were being nice about it. Unfortunately a very active subset seems to be bringing back feudalism. In the 20s-70s rich people were conveniently afraid of communist revolution and thus inclined to distributed gains. Without another credible threat of global revolution I don’t know how this gets fixed. Of course, communism did have downsides for the people who actually lived under it.

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

#88
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…

Communism and socialism were disliked primarily because they reduce freedom. Every additional unit of socialism, is one less unit of freedom. Full communism dictates almost every part of your life. I am pro balanced socialism, just making the point that it inherently requires force.

You can't make that statement independent of a pre-existing conception of what freedom is, and as such, independent of whether you have the value-set of a socialist/communist or not. So it's effectively circular as a philosophical claim. If one conceives of liberty as something positive for which one needs the conditions of its realisation - i.e. where it is not just the absence of someone physically impeding you such that you cannot live a meaningful life, but requires the substantive means by which to achieve such a life - then there is no freedom without socialism. Similarly, if you believe in economic democracy, there is no freedom with socialism. And so on.

'Full communism dictates almost every part of your life'.

No it doesn't.

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

#89
post #80
post #60

Steven Pinker's new book, Enlightenment Now, has a pretty compelling section on wealth/income inequality. The basic position - and I think the data supports this - is that it really doesn't matter what the top 1% are doing so long as the bottom half are seeing improved living conditions. Furthermore, wealth isn't a static I win/you lose proposition - much of that wealth has been created in recent history. People spen…

It couldn't possibly not matter, because wealth is not only standard of living, but also power. At the highest level, the wealthy are not simply comfortable. They have the power to shape and organize aspects of the economy, supply chain, and the laws. That has to matter in some way beyond having one's material needs met or not.

That's a good argument, and to many it's an argument for wealth redistribution. I prefer to look at it instead as an argument for limiting the powers of government in order to limit its susceptibility to corruption.

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

#90

Earlier quoted context omitted.

Communism and socialism were disliked primarily because they reduce freedom. Every additional unit of socialism, is one less unit of freedom. Full communism dictates almost every part of your life. I am pro balanced socialism, just making the point that it inherently requires force.

Freedom is also a problematic word. I guess you could say that Europe has "more units of communism" than the US. But if you ask where a poor person is more free, you'd get quite different answers from different people.

The poor person has more choices because money was forced from a rich person to them (please keep in mind that I am not against this, it is likely the better system). But these are extremely different kinds of freedom. If you have an example of how the poor person was forced to be poor it would be important here.
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