Just Be Rich • Hacker News Board

Re: Just Be Rich

#11

Post by m463 » Tue, Apr 13, 2021, 5:04 AM UTC

Am I the only person that thought "Paul Graham's/ycombinator's product is startups" when reading his essay?

I don't think it's nefarious, but I suspect he's been incubating startups and nouveau riche, so his essays might map the territory he sees.

Re: Just Be Rich

#12

Post by the_local_host » Tue, Apr 13, 2021, 5:05 AM UTC

fighterpilot wrote: post #2

The author says that middle-class incomes have dropped since the 1980s, but the associated graph: (1) is pertaining to wealth, not income. (2) shows that middle-class wealth has increased since the 1980s, not "decreased"

The graph shows that middle class wealth increased from 1983 to 2001, then decreased from 2001 to 2016. The latter period (with the decrease) is the most pertinent considering the Graham essay is from 2021 and called "How People Get Rich Now" (emphasis mine).

Re: Just Be Rich

#13

Post by anonymoushn » Tue, Apr 13, 2021, 5:05 AM UTC

ashneo76 wrote: post #4

A very well thought out and articulated essay. Essential to get the billionaires of the pedestal that they have perched on. Put your money where your mouth is and fund the wealth tax. Personally, I vehemently disagree with the 10x programmer narrative in IT. It fuels " management provides more value than replaceable workers". If there were no workers, then management is just sitting there coming up with random ideas.…

Do you think anyone will expatriate rather than pay a wealth tax?

Re: Just Be Rich

#14

Post by fighterpilot » Tue, Apr 13, 2021, 5:05 AM UTC

naikrovek wrote: post #6

fighterpilot wrote: post #2

The author says that middle-class incomes have dropped since the 1980s, but the associated graph: (1) is pertaining to wealth, not income. (2) shows that middle-class wealth has increased since the 1980s, not "decreased"

I read that graph very differently than you.

The graph shows middle class wealth at 102k in 1980s and 115k in the 2010s.

EDIT - these numbers have already been adjusted for inflation.

Re: Just Be Rich

#15

Post by abelaer » Tue, Apr 13, 2021, 5:07 AM UTC

Isn’t it agreed upon that the Gini coefficient is misleading though? According to it, the worst inequality can be found in the Netherlands and the Scandinavian countries, just because borrowing money for a house is cheap and safe.

Re: Just Be Rich

#16

Post by toomuchtodo » Tue, Apr 13, 2021, 5:08 AM UTC

anonymoushn wrote: post #13

ashneo76 wrote: post #4

A very well thought out and articulated essay. Essential to get the billionaires of the pedestal that they have perched on. Put your money where your mouth is and fund the wealth tax. Personally, I vehemently disagree with the 10x programmer narrative in IT. It fuels " management provides more value than replaceable workers". If there were no workers, then management is just sitting there coming up with random ideas.…

Do you think anyone will expatriate rather than pay a wealth tax?

Even with a well designed wealth tax, people will make the choice to leave, hence negotiations for a global wealth tax.

A wealth tax is simply a more broad version of a real estate property tax.

Re: Just Be Rich

#17

Post by thesuitonym » Tue, Apr 13, 2021, 5:08 AM UTC

fighterpilot wrote: post #14

naikrovek wrote: post #6

Earlier quoted context omitted.

I read that graph very differently than you.

The graph shows middle class wealth at 102k in 1980s and 115k in the 2010s. EDIT - these numbers have already been adjusted for inflation.

Adjusted for inflation, 102k in 1980 was worth almost 270k in 2010.

Using this calculator which seems to be using buying power instead of actual inflation. https://www.usinflationcalculator.com/

Re: Just Be Rich

#18

Post by pksebben » Tue, Apr 13, 2021, 5:09 AM UTC

Nothing truly insightful about the troubles of poverty has ever been said by someone who never lived it. Divorced of the appropriate context, advice and opinions are like the proverb says; everyone's got one and they all stink.

Re: Just Be Rich

#19

Post by eximius » Tue, Apr 13, 2021, 5:09 AM UTC

anonymoushn wrote: post #13

ashneo76 wrote: post #4

A very well thought out and articulated essay. Essential to get the billionaires of the pedestal that they have perched on. Put your money where your mouth is and fund the wealth tax. Personally, I vehemently disagree with the 10x programmer narrative in IT. It fuels " management provides more value than replaceable workers". If there were no workers, then management is just sitting there coming up with random ideas.…

Do you think anyone will expatriate rather than pay a wealth tax?

Few. And those that do are individually expendable. The businesses will stay.

Re: Just Be Rich

#20

Post by fighterpilot » Tue, Apr 13, 2021, 5:10 AM UTC

thesuitonym wrote: post #17

fighterpilot wrote: post #14

Earlier quoted context omitted.

The graph shows middle class wealth at 102k in 1980s and 115k in the 2010s. EDIT - these numbers have already been adjusted for inflation.

Adjusted for inflation , 102k in 1980 was worth almost 270k in 2010. Using this calculator which seems to be using buying power instead of actual inflation. https://www.usinflationcalculator.com/

Those numbers were already adjusted for inflation.