Billionaires shouldn't exist
Human brains have not evolved to understand large numbers. As a result, we tend to vastly underestimate how large "one billion" is. This may help:
One million seconds = 11 days
One billion seconds = 32 years
Billionaires hoard wealth
If you earned $50 million in your lifetime, you would consider yourself rich... but you would still be $950 million away from being a billionaire.
A billion is such an incomprehensibly large sum of money that it'd be difficult to actually spend. That's what we mean by "hoarding wealth.” There is absolutely no reason why anyone should hoard more wealth than they could spend in their lifetime while others are homeless, starving, and dying of curable diseases.
Billionaires don't earn their wealth
There are two ways to become a billionaire:
1. Inherit it. (44% of all billionaires)
2. Cold-blooded, merciless exploitation of the working class
If you make $156k a year (triple the US median income), it would take you 6,410 years to earn a billion dollars. If you make the federal minimum wage it'd take you almost 70,000 years.
A billionaire is not working 70,000 times harder than a janitor. Labor creates wealth.
"The United States now has 630 billionaires, whose wealth totaled nearly $3.4 trillion, as of April 29. Meanwhile, the 400 richest Americans, according to the Forbes rankings, have as much combined wealth as the poorest 64% of American households." CNBC - May 1, 2020
Jeff Bezos and family - $113 billion
Michael Bloomberg $48 billion
Alice Walton $54.4 billion
Warren Buffett $67.5 billion
Charles Koch $38.2 billion
Larry Ellison $59 billion
David Koch $38.2 billion - Died in 2019 his wife Julia inherited his money.
Stave Ballmer $52.7 billion
Mark Zuckerberg $54.7 billion
Sergey Brin $49.1 billion
Sheldon Adelson $26.8 billion
Billionaires aren't actually charitable
Jeff Bezos made headlines for donating $100 million to Feeding America in April. He makes $215 million a day.
Bill Gates donated $589 million to charity in 2019. That's 0.6% of his $98 billion net worth. His foundation is also a neocolonialist nightmare for many reasons (google this)
But even if it's just a tiny fraction of their net worths, aren't hundreds of millions of dollars still doing good?
No, because that wealth they're donating came directly from exploiting the poor. Throwing a teeny fraction of the money they stole back to charity doesn't erase that. Billionaires' existence reinforces the conditions necessary for extreme poverty to exist in the first place, and vice versa.
Source: Forbes World Billionaire List
"Self-made" billionaires acquire their wealth by exploiting the working class. Two examples:
Jeff Bezos, world's richest man and CEO of Amazon, where employees qualify for food stamps, can be fired for taking bathroom breaks, and suffer notoriously bad working conditions. He makes more in one minute than his warehouse workers make in one year.
The Waltons of Walmart are the world's richest family. Walmart is regularly sued for illegal labor violations (forcing people to work off the clock, denying overtime pay) and subjecting employees to terrible working conditions. They give almost none of their own cash to their charity.
Source: Forbes, WaPo, NYT
Billionaires truly do not give a fuck
It would cost $20 billion to end homelessness in the US. Mike Bloomberg could do that tomorrow and still have $28 billion to his name.
Halting global warming would cost $300 billion. The world's 10 richest people could each throw in $30 billion and still have $386 billion among themselves.
- Many of us are only one really bad year – one medical issue, one lost job — from complete financial ruin. Absolutely none of us are one really good year away from becoming billionaires.
They don't care about us. Don't cape for them, don't claim them, don't defend the indefensible.
Sources: Center for American Progress, Bloomberg, Forbes World Billionaire List
Billionaires are a threat to democracy
Excerpted from "The Hidden Billionaires" by Meagan Day for Jacobin
"Billionaires are some of the most important political figures in the country, but they are unelected, which means the public has no direct way of holding them accountable. [They] devote massive amounts of money to cutting government programs and slashing taxes on corporations and the rich, against the wishes of the majority of Americans."
But when speaking publicly, they "almost always say things that Americans broadly agree with or that will improve their image."
"One of their primary defenses against public outrage is the prevailing impression that many of them are good-hearted, charitable, and have the interests of the general public in mind. Indeed, this pattern of outspokenness only when their views line up with the majority's promotes a right-wing worldview in which billionaires are seen as society's paternalistic benefactors.
"That couldn't be further from the truth: billionaires are self interested, and they go to great lengths to promote their own well-being over the well-being of everyone else."
The wealth gap is increasing
The world's top 26 billionaires own as much wealth as the poorest 3.8 billion people. TIME - January 21, 2019
Billionaires got $565 billion richer during the pandemic, making $42 billion a week on average. Business Insider - June 4, 2020
In 2019, the number of billionaires grew by 8.5% to 2,825 people, an all-time high. The combined wealth of the world's billionaires reached $9.4 trillion.
Wealth X: The Billionaire Census 2020