'This idea that billionaires didn’t earn it or didn’t work for it is wrong on its face. The reason they’re worth billions is because they worked to make capital investments that other people then placed a market value on.' -- cullenroche
1. Should we ban billionaires?
But it’s also impractical because there’s no reasonable way to value many of those assets. For instance, I might be worth millions of dollars. I have no idea what Orcam Financial Group, my company, is actually worth. But let’s be crazy and assume that the IRS says my firm is worth $50 million . A socialist utopia where no one invests and the government just hands out thousands of dollars is not a real thing. Investment is the element of the economy that makes the entire financial system work. Without people investing and spending for future production, we’d all just be borrowing more and more money to consume finite resources and inevitably inflating the value of the money away.
For instance, at just 2% per year, your investment of just one $5,000 investment grows to $170 million over 527 years. Of course, you need investment to generate the real return and, without it, your $5,000 just withers away.
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