America’s 50 Largest Inherited-Wealth Dynasties Accelerate Inequality
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Re: America’s 50 Largest Inherited-Wealth Dynasties Accelerate Inequality
#2That's cute compared to Europe where for example in Austria, the top 50 wealthiest families own a third of the country's wealth.
Re: America’s 50 Largest Inherited-Wealth Dynasties Accelerate Inequality
#3Of the 10 richest people in Sweden, you have 1 company founder, 1 hedge fund manager and 8 people who directly or indirectly inherited their wealth, 4 of whom belong to the same family. This is hardly unique to the US
Re: America’s 50 Largest Inherited-Wealth Dynasties Accelerate Inequality
#4>Dynastic families have seen their wealth grow significantly during the COVID-19 pandemic
>Dynastically wealthy families wield a great deal of political power, and use it to further their interests.
I've been saying this pretty much since the start of lockdowns and restrictions. For the past year, we have essentially legislated the transfer of more power and wealth to those already wealthy and powerful. When the dust starts to settle, it will become clearer just how much has changed, and maybe the theoretical questions of "was this worth it"? will become more practical.
Re: America’s 50 Largest Inherited-Wealth Dynasties Accelerate Inequality
#5Laudable goals and action points - for which I would vote.
Already, if nothing more, raising awareness is a positive outcome of this initiative.
*However*, I guess it is easy to agree that the prescribed policies would face huge political opposition in attempts to implement them. Look at what happened to Bernie's campaign! (Unless, of course, something majeur / extraordinary circumstances - like the Pandemic - are invoked to pass such a policy package in one clean swoop).
Being it so, how about considering a simpler, less contentious, parallel alternative - a bypass around the mighty legal loopholes, media & lobby opposition?
That would be *the creation of Citizen's Wealth Fund*. Just like Norway's Oil Fund. But instead of oil, the asset would be *the bailed out stocks*. In other words, in the "bailout action", the State buys stock, then the State would keep said stock in the fund. Extendable to 5G auction proceeds, other licenses, etc.
best explanation, also longer read, the 208 page book: https://angrynomics.com/
https://www.ippr.org/media-item/watch-a-citizens-wealth-fund... https://youtu.be/rC9RAylrl0s
Re: America’s 50 Largest Inherited-Wealth Dynasties Accelerate Inequality
#6Laudable goals and action points - for which I would vote. Already, if nothing more, raising awareness is a positive outcome of this initiative. *However*, I guess it is easy to agree that the prescribed policies would face huge political opposition in attempts to implement them. Look at what happened to Bernie's campaign! (Unless, of course, something majeur / extraordinary circumstances - like the Pandemic - are in…
They face huge political opposition because rich people have the means to create that opposition (through all sorts of mechanisms from bribery on the one extreme to subtly influencing popular media to create the perception that wealth accumulation is a virtue on the other extreme).
That means that any policy at all that effectively solves the problem will face opposition - or in other words, if your proposed policy somehow doesn't face opposition, it means the rich families have figured out a loophole in it that lets them keep their money and power.
You have to figure out either a way to get this done despite opposition or a way to break their ability to effectively create opposition.
Re: America’s 50 Largest Inherited-Wealth Dynasties Accelerate Inequality
#7Of the 10 richest people in Sweden, you have 1 company founder, 1 hedge fund manager and 8 people who directly or indirectly inherited their wealth, 4 of whom belong to the same family. This is hardly unique to the US
Sweden has one of the largest wealth inequalities in the world. This might be unexpected given how how the aggressive taxation keeps the income equality high.
Re: America’s 50 Largest Inherited-Wealth Dynasties Accelerate Inequality
#8Laudable goals and action points - for which I would vote. Already, if nothing more, raising awareness is a positive outcome of this initiative. *However*, I guess it is easy to agree that the prescribed policies would face huge political opposition in attempts to implement them. Look at what happened to Bernie's campaign! (Unless, of course, something majeur / extraordinary circumstances - like the Pandemic - are in…
They face huge political opposition because rich people have the means to create that opposition (through all sorts of mechanisms from bribery on the one extreme to subtly influencing popular media to create the perception that wealth accumulation is a virtue on the other extreme). That means that any policy at all that effectively solves the problem will face opposition - or in other words, if your proposed policy s…
Dear Geofft,
I think aiming at a CWF would simply be a more attainable goal.
But what course of action do you purpose? Revolution? They're notoriously messy and difficult to implement...
Re: America’s 50 Largest Inherited-Wealth Dynasties Accelerate Inequality
#9Pareto Distribution makes people angry. Film at 11.
Re: America’s 50 Largest Inherited-Wealth Dynasties Accelerate Inequality
#10Of the 10 richest people in Sweden, you have 1 company founder, 1 hedge fund manager and 8 people who directly or indirectly inherited their wealth, 4 of whom belong to the same family. This is hardly unique to the US
Sweden has one of the largest wealth inequalities in the world. This might be unexpected given how how the aggressive taxation keeps the income equality high.
Wow this is fascinating, GINI for wealth inequality is definitely not talked about enough