Top 1% gain 2X the wealth as rest of world - a food and energy pricing plot

[georgephillip]

This was just published just the other day. It’s world wide not just US but it has some interesting stats on how much the top 1% grabbed the last few years. Basically the top 1% have colluded to raise prices on the world and netted $42 Trillion in wealth -more than 2X’s the gain of the remaining 99% of the world.

While you guys run around here and try to blame the poor for raising prices with their stimulus checks 3 and a half years ago the masters of industry laugh at you, take your money, and watch you fight for the scraps.

Richest 1% bag nearly twice as much wealth as the rest of the world put together over the past two years | Oxfam International

The richest 1 percent grabbed nearly two-thirds of all new wealth worth $42 trillion created since 2020, almost twice as much money as the bottom 99 percent of the world’s population, reveals a new Oxfam report today. During the past decade, the richest 1 percent had captured around half of all new wealth.

Billionaires have seen extraordinary increases in their wealth. During the pandemic and cost-of-living crisis years since 2020, $26 trillion (63 percent) of all new wealth was captured by the richest 1 percent, while $16 trillion (37 percent) went to the rest of the world put together. A billionaire gained roughly $1.7 million for every $1 of new global wealth earned by a person in the bottom 90 percent. Billionaire fortunes have increased by $2.7 billion a day. This comes on top of a decade of historic gains —the number and wealth of billionaires having doubled over the last ten years.

Billionaire wealth surged in 2022 with rapidly rising food and energy profits. The report shows that 95 food and energy corporations have more than doubled their profits in 2022. They made $306 billion in windfall profits, and paid out $257 billion (84 percent) of that to rich shareholders. The Walton dynasty, which owns half of Walmart, received $8.5 billion over the last year. Indian billionaire Gautam Adani, owner of major energy corporations, has seen this wealth soar by $42 billion (46 percent) in 2022 alone. Excess corporate profits have driven at least half of inflation in Australia, the US and the UK.

• "Fortunes of five richest men have shot up by 114 percent since 2020.
• Oxfam predicts the world could have its first-ever trillionaire in just a decade while it would take more than two centuries to end poverty.
• A billionaire is running or the principal shareholder of 7 out of 10 of the world’s biggest corporations.
• 148 top corporations made $1.8 trillion in profits, 52 percent up on 3-year average, and dished out huge payouts to rich shareholders while hundreds of millions faced cuts in real-term pay.
• Oxfam urges a new era of public action, including public services, corporate regulation, breaking up monopolies and enacting permanent wealth and excess profit taxes."

Wealth of five richest men doubles since 2020 as five billion people made poorer in “decade of division,” says Oxfam | MR Online

Rich parasites like the five mentioned in this link bribe government to write laws to enhance corporate and monopoly power by squeezing workers, dodging taxes and, privatizing the state in order to continue funneling endless wealth upwards from productive labor to the investor class.

"No corporation or individual should have this much power over our economies and our lives-to be clear, nobody should have a billion dollars."

 

[citygator]

The result is a disastrous level of social mobility. In the US you are very likely to be stuck in the income level of your parents.

Ranked: The Social Mobility of 82 Countries

Ranked: The Social Mobility of 82 Countries It’s an unfortunate truth that a person’s opportunities can be partially tethered to their socioeconomic status at birth. Although winning or losing the “birth lottery” will continue to shape the lives of generations to come, climbing the socioeconomic...

www.visualcapitalist.com

 

[ThunderKiss1965]

Do you think that it is just what it is? Is there nothing you’d support to balance the equation a little?

The Government to cutting taxes and spending.

 

[georgephillip]

This was just published just the other day. It’s world wide not just US but it has some interesting stats on how much the top 1% grabbed the last few years. Basically the top 1% have colluded to raise prices on the world and netted $42 Trillion in wealth -more than 2X’s the gain of the remaining 99% of the world.

While you guys run around here and try to blame the poor for raising prices with their stimulus checks 3 and a half years ago the masters of industry laugh at you, take your money, and watch you fight for the scraps.

Richest 1% bag nearly twice as much wealth as the rest of the world put together over the past two years | Oxfam International

The richest 1 percent grabbed nearly two-thirds of all new wealth worth $42 trillion created since 2020, almost twice as much money as the bottom 99 percent of the world’s population, reveals a new Oxfam report today. During the past decade, the richest 1 percent had captured around half of all new wealth.

Billionaires have seen extraordinary increases in their wealth. During the pandemic and cost-of-living crisis years since 2020, $26 trillion (63 percent) of all new wealth was captured by the richest 1 percent, while $16 trillion (37 percent) went to the rest of the world put together. A billionaire gained roughly $1.7 million for every $1 of new global wealth earned by a person in the bottom 90 percent. Billionaire fortunes have increased by $2.7 billion a day. This comes on top of a decade of historic gains —the number and wealth of billionaires having doubled over the last ten years.

Billionaire wealth surged in 2022 with rapidly rising food and energy profits. The report shows that 95 food and energy corporations have more than doubled their profits in 2022. They made $306 billion in windfall profits, and paid out $257 billion (84 percent) of that to rich shareholders. The Walton dynasty, which owns half of Walmart, received $8.5 billion over the last year. Indian billionaire Gautam Adani, owner of major energy corporations, has seen this wealth soar by $42 billion (46 percent) in 2022 alone. Excess corporate profits have driven at least half of inflation in Australia, the US and the UK.

What hourly wage is required to "earn" the fortune of Elon Musk?

"The Guardian has just published an excerpt from Limitarianism that gives a vivid taste of the book’s eye-popping flavor.

"How much would you have to earn per hour to amass the fortune that Elon Musk, the world’s richest man, held as Robeyns was writing this book’s pages?

"The answer this University of Utrecht scholar so helpfully provides: $1,871,794 every 60 minutes.

"'Almost two million dollars per hour'” Robeyns notes. 'Every working hour for 45 years.'"
JANUARY 31, 2024

Must We Limit the Wealthy’s Wealth?​

 

[Blues Man]

What hourly wage is required to "earn" the fortune of Elon Musk?

"The Guardian has just published an excerpt from Limitarianism that gives a vivid taste of the book’s eye-popping flavor.

"How much would you have to earn per hour to amass the fortune that Elon Musk, the world’s richest man, held as Robeyns was writing this book’s pages?

"The answer this University of Utrecht scholar so helpfully provides: $1,871,794 every 60 minutes.

"'Almost two million dollars per hour'” Robeyns notes. 'Every working hour for 45 years.'"
JANUARY 31, 2024

Must We Limit the Wealthy’s Wealth?​

Why do you think you need to be as rich as Musk?

FYI he didn't make his money working for other people. He created something then sold it. I suppose you would force him to have given it away for free.

 

[georgephillip]

Why do you think you need to be as rich as Musk?

FYI he didn't make his money working for other people. He created something then sold it. I suppose you would force him to have given it away for free.

I have no need to be rich, and Musk made his money by exploiting the same political and economic choices that create poverty in society:

JANUARY 31, 2024

Must We Limit the Wealthy’s Wealth?​

"If we give tax cuts to our richest — something that’s happening worldwide, especially in the United States — we have fewer resources available for things like social housing.

"Calling talk about fighting inequality 'divisive' amounts to a dogmatic, purely rhetorical strategy that aims to stop us from talking about the real choices our most powerful are making.

"In the end, the only way you could say we shouldn’t bother with inequality would be if trickle-down strategies really worked. But they don’t."

 

[leftwinger]

Why does the OP care? Why does it bother anyone?

One way you can do it:
Be smart. Get rich faster. Invent something useful and get it into the market. Even the pet rock guy made some fast money.

 

[Blues Man]

I have no need to be rich, and Musk made his money by exploiting the same political and economic choices that create poverty in society:

JANUARY 31, 2024

Must We Limit the Wealthy’s Wealth?​

"If we give tax cuts to our richest — something that’s happening worldwide, especially in the United States — we have fewer resources available for things like social housing.

"Calling talk about fighting inequality 'divisive' amounts to a dogmatic, purely rhetorical strategy that aims to stop us from talking about the real choices our most powerful are making.

"In the end, the only way you could say we shouldn’t bother with inequality would be if trickle-down strategies really worked. But they don’t."

and yet you put your jealously of the few uber rich people in the world on display and blame them for all your woes.

Trickle down has nothing to do with it.

If you want to increase your wealth the just do it. No one is stopping you.

 

[georgephillip]

and yet you put your jealously of the few uber rich people in the world on display and blame them for all your woes.

Trickle down has nothing to do with it.

If you want to increase your wealth the just do it. No one is stopping you.

Envy has nothing to do with the threat to democracy posed by extreme wealth and the economic parasites who possess it:

"We must make our choice. We may have democracy, or we may have wealth concentrated in the hands of a few, but we can't have both."

Louis Brandeis - Wikiquote

 

[Blues Man]

Envy has nothing to do with the threat to democracy posed by extreme wealth and the economic parasites who possess it:

"We must make our choice. We may have democracy, or we may have wealth concentrated in the hands of a few, but we can't have both."

Louis Brandeis - Wikiquote

Of course it does.

The fact that less than half of eligible voters vote is the threat to democracy.

The duopoly is the threat to democracy. Not some rich guy

 

[initforme]

and yet you put your jealously of the few uber rich people in the world on display and blame them for all your woes.

Trickle down has nothing to do with it.

If you want to increase your wealth the just do it. No one is stopping you.

They can have their money. That doesn't mean they know how to lead a nation or what's best for a nation at all.

 

[Blues Man]

They can have their money. That doesn't mean they know how to lead a nation or what's best for a nation at all.

Jeff Bezos is leading this nation

Have you told Joe Biden that yet?

 

[initforme]

Jeff Bezos is leading this nation

Have you told Joe Biden that yet?

Why is it all we get are wealthy candidates to lead? Why can't your average working person run instead? Why do average working people vote for these people who have zero in common with them?

 

[georgephillip]

Of course it does.

The fact that less than half of eligible voters vote is the threat to democracy.

The duopoly is the threat to democracy. Not some rich guy

What's your best explanation for why less than half of eligible voters believe their votes matter?

Investment theory of party competition - Wikipedia.

"The real market for political parties is defined by major investors, who generally have good and clear reason for investing to control the state....Blocs of major investors define the core of political parties and are responsible for most of the signals the party sends to the electorate.
— Thomas Ferguson[4]"

"The central claim of the Investment Theory is that since ordinary citizens cannot afford to acquire the information required to invest in political parties, the political system will be dominated by those who can.

"As a result, the investment theory holds that rather than being seen as simple vote maximizers, political parties are best analyzed as blocs of investors who coalesce to advance candidates representing their interests.[5]"

The duopoly you mention was deliberately created by rich guys to cement their domination of the US political system.

 

[Blues Man]

What's your best explanation for why less than half of eligible voters believe their votes matter?

Investment theory of party competition - Wikipedia.


"The central claim of the Investment Theory is that since ordinary citizens cannot afford to acquire the information required to invest in political parties, the political system will be dominated by those who can.

"As a result, the investment theory holds that rather than being seen as simple vote maximizers, political parties are best analyzed as blocs of investors who coalesce to advance candidates representing their interests.[5]"

The duopoly you mention was deliberately created by rich guys to cement their domination of the US political system.

The reason they think their votes don't matter isn;t because Jeff Bezos is a billionaire it's this

Study: Congress literally doesn’t care what you think

I had no idea how bad things actually were until I saw one simple graph.

act.represent.us

 

[georgephillip]

Why is it all we get are wealthy candidates to lead? Why can't your average working person run instead? Why do average working people vote for these people who have zero in common with them?

https://www.cnn.com/2013/07/11/politics/congress-election-costs/index.html

Imho, average working people don't have enough time or "brand recognition" to convince donors to contribute to their campaigns while wealthy opponents can self-finance part of the cost of running and rely on their business contacts to acquire any remaining funds.

 

[georgephillip]

The reason they think their votes don't matter isn;t because Jeff Bezos is a billionaire it's this

Study: Congress literally doesn’t care what you think

I had no idea how bad things actually were until I saw one simple graph.

act.represent.us

Your link:

"Does public opinion affect the political process?

"Gilens & Page found that the number of Americans for or against any idea has no impact on the likelihood that Congress will make it law.

“The preferences of the average American appear to have only a miniscule, near-zero, statistically non-significant impact upon public policy.”Gilens & Page, Perspectives in Politics

"One thing that does have an influence?

"Money.

"While the opinions of the bottom 90% of income earners in America have a 'statistically non-significant impact,' economic elites, business interests, and people who can afford lobbyists still carry major influence."

Those who don't vote know they don't have enough money to influence those who write the laws.
They also know Jeff Bezos has enough money to influence those who write the laws.
They know their votes don't matter because of Bezos's money.

 

[Blues Man]

Your link:

"Does public opinion affect the political process?

"Gilens & Page found that the number of Americans for or against any idea has no impact on the likelihood that Congress will make it law.


"One thing that does have an influence?

"Money.

"While the opinions of the bottom 90% of income earners in America have a 'statistically non-significant impact,' economic elites, business interests, and people who can afford lobbyists still carry major influence."

Those who don't vote know they don't have enough money to influence those who write the laws.
They also know Jeff Bezos has enough money to influence those who write the laws.
They know their votes don't matter because of Bezos's money.

So you blame corrupt politicians on a billionaire but you don't blame the politicians themselves.

Typical

 

[Blues Man]

So you blame corrupt politicians on a billionaire but you don't blame the politicians themselves.

Typical

ALL ALL ALL political corruption starts with the fucking politicians

 

[georgephillip]

So you blame corrupt politicians on a billionaire but you don't blame the politicians themselves.

Typical

The money provided by the billionaire is the instrument of corruption.
The politician is the vehicle.
There were 12 US billionaires in 1984.
There are 756 today and counting.
Is there more corruption today than 40 years ago?

One moment, please...