alt Hacker NewsGeneralize "people with billions of dollars" to all Americans - and then this logic will start to work fully.
"Until people with salaries of many dollars per hour behind them do something with that money to offset the financial hardship that they're knowingly - and gleefully - bringing to others 90% of the world that live on less than 2 dollars per day... The distinction has no practical use."
Moreover, these people do not simply lobby the government, but directly elect it, and actually have many times more money at their disposal than the rest of the world.
Replies
>>Until people with salaries
Salary (income) is a horrible choice to serve as the marker to determine a person's (family's) fair share contribution to the burden of paying the costs to operate a society. Not everyone is so poor that working for a living is a matter of survival.
I can think of only one universal marker that would assure every citizen shares the burden of paying for society's costs equally: wealth.
Adjusted in a manner that the financial impact of one thousand dollars to a full-time MacDonald's counter worker is transformed into a dollar amount that causes the same relative financial impact to everyone, all the way up to the wealthiest family in America.
Yes, a billionaire and substitute teacher have the same political power in America. Couldn’t have put it better myself.
/s
America only has the shallowest appearance of a democracy where voters get to control who is elected.
The electoral college system, coupled with it's winner-takes-all implementation in most states, means that voting is a sham for 80% of the population. The other 20% live in a swing state and their vote can at least potentially affect the outcome of an election, but even there "your vote" will literally be cast opposite to what you put on the ballet unless you end up being part of the winning majority.
Ownership of the economy is split roughly 30/30/30 between the top 10%/1%/.1% with the bottom 90% of people making an entrance as the rounding error. If you picture "the owners" by drawing a representative sample of 10 people:
It's worth putting these through the fundamental theorem of capitalism (rich people get paid for being rich in proportion to how rich they are) to solve for passive income from asset appreciation. Plugging in the crude figure of 10%/yr (feel free to bring your own rate): You get your incentives where you get your money. Most people get most of their money from working, but the wealthy get most of their money and incentives from the assets they own. In between it's in between.Are the in-betweeners part of the problem? Sure, but we have a foot on either side of the problem. We could get hype for many of the plausible solutions to aggregate labor oversupply (e.g. shorter workweeks) even if it meant our stocks went down. Not so for 6/10 people in that sample. The core problem is still that the economy is mostly inhabited by people who work for a living but mostly owned by people who own things for a living and all of the good solutions to the problem require rolling that back a little against a backdrop that, absent intervention, stands to accelerate it a lot.
EDIT: one more thing, but it's a big one: the higher ends of the wealth ladder have the enormous privilege of being able to engage in politics for profit rather than charity/obligation. A 10% chance of lobbying into place a policy that changes asset values by 10% is worth $1k to a "Professional", $50k to a "Wealthy", but $8B to Elon Musk. The fact that at increasing net worths politics becomes net profitable and then so net profitable as to allow hiring organizations of people to pursue means the upper edge of the distribution punches above its already-outsized weight in terms of political influence. It goes without saying that their brand of politics is all about pumping assets.