Quote from: odunybiz on June 26, 2023, 03:06:43 AM

In short, billionaires are bad for the economy. How bad? Check out these top four ways:

1. Extreme wealth and poverty are rising simultaneously for the first time in decades
Now more than ever, workers are struggling to pay their bills, buy their groceries, and support their families because inflation is skyrocketing across the world. Corporations are raising the prices on goods, not because they have to, but because it increases the payouts for their shareholders. This lines the pockets of the ultra-wealthy while forcing more people into poverty.

Last year, 95 food and energy corporations doubled their company profits. Instead of investing that money in their employees, they paid $257 billion to their already rich shareholders. In the backdrop of this outrageous corporate greed, 1.7 billion workers live in countries where inflation now outpaces wages.

To say that the increase in poverty is primarily due to billionaires' wealth is excessively simple. Poverty is caused by a number of things, such as systemic problems, economic policies, and possibilities for employment. Blaming only the wealthiest people ignores how complicated the issue is.

Quote from: odunybiz on June 26, 2023, 03:06:43 AM

2. American billionaires are 33% richer than they were at the start of the pandemic
In 2020, the US experienced the worst economic growth since World War II. Much of the country felt this burden, especially marginalized groups, but the top 1% did not struggle. Instead, they became significantly richer.

This is possible because, for decades, the system has been rigged in favor of the rich. Labor laws, CEO compensation, the privatization of public assets, and much more are skewed toward making the rich richer. This leaves little protection and support for the average person, putting them in a vulnerable position.

There are many other elements outside merely the behavior of billionaires that might affect economic growth and wealth accumulation. It's essential to examine the broader economic landscape and structural inequalities to understand the disparities. Additionally, some billionaires actively support charitable causes and social causes, having a good influence on society.

Quote from: odunybiz on June 26, 2023, 03:06:43 AM

3. Billionaires are contributing a million times more carbon to the atmosphere than the average person
People across the globe are facing dangerous climate change events, such as severe hurricanes, flash floods, and wildfires because billionaires are making climate change rapidly worse. In fact, 125 of the world’s richest billionaires invest so much money in polluting industries that they are responsible for emitting an average of 3 million carbon tons a year. The more they invest in fossil fuels, the more they protect the use of them, no matter how much the rest of the world suffers in response.

It is unfair to solely blame billionaires for climate change. Addressing climate change requires collective efforts from individuals, corporations, and governments. Many billionaires have shown commitment to renewable energy and sustainability initiatives, while others are actively investing in climate solutions. Do your research and you'll find this.

Quote from: odunybiz on June 26, 2023, 03:06:43 AM

4. The super-rich are taxed at a dangerously low rate
Billionaires paid a low tax rate of 3% while most people with less money, like nurses and teachers, paid far more. If multi-millionaires paid a 2-3% wealth tax rate and billionaires paid a 5% wealth tax rate globally, it would raise $1.7 trillion a year. This money could be used for underfunded social programs, environmental policies, and economic programs. This would reduce the stress of necessities like the cost of childcare and healthcare.

With this tax rate, 2 billion people could be lifted out of poverty. We need to reduce inequality to end poverty and injustice. Increasing taxation up to 5% for the richest people in the world would be a strong step toward equality

The focus should be on improving the effectiveness of tax systems generally rather than targeting billionaires specifically.

Reference: https://www.oxfamamerica.org/explore/stories/top-5-ways-billionaires-are-bad-for-the-economy/
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The focus should be on improving the effectiveness of tax systems generally rather than targeting billionaires specifically.

Quote from: odunybiz on June 26, 2023, 03:06:43 AM

CONCLUSION
Everyone want to become a billionaire and it's a good thing to become one but what will be your impart to your community, nation or the world if you become a billionaire today. People like Warren Buffett, Chuck Feeney, Oprah Winfrey and many more can not be forgotten for their impart on the society. Only few billionaires are ready to help. To solve the issue posted on the economy by the billionaires, the followings can be done

👉👉Reducing the rising levels of global inequality and more billionaire-busting policies should be created.

👉👉Wide-ranging increases in taxation of the super-rich, and we call on world governments to tax multi-millionaires and billionaires

👉👉Creation of total education, full employment and health care facilities for the masses.

While valid concerns exist, it is important to acknowledge that the global economy's current state is not completely influenced by the choices made by the wealthiest individuals. In order to resolve these complex issues and advance humanity, collaboration between organizations including governments, corporations, and people at large is crucial.