If you thought income inequality was bad, get a load of wealth inequality
>When we think about and discuss economic inequality in this country, we usually focus on income inequality: The CEO who makes 300 times more than his workers, or the fact that the top 20 percent of earners rake in over 50 percent of the total earnings in any given year.
>But there's another type of inequality that gets a lot less attention. It arguably contributes far more to the divide between the haves and have-nots in this country, and it's been highlighted in a huge new report from the Organization for Economic Cooperation and Development: wealth inequality.
>Income is the amount of money you earn from your work or your investments. But wealth is the amount of stuff you own: your house, your car, savings, retirement accounts, etc. The great thing about wealth is that it's self-perpetuating. Your house gains value over time (so you hope). You can take $1,000, invest it in something that yields a 10 percent return, and have $1,100 by the year's end. Cool!
https://www.washingtonpost.com/news/wonk/wp/2015/05/21/the-top-10-of-americans-own-76-of-the-stuff-and-its-dragging-our-economy-down/
Thoughts? Pretty brutal.
>>68660998
Life sucks, only a stoic attitude can allow you to face the enveloping void.
>>68660998
>Washington Post
Stop reading this rag
Why should I care if someone has more than me?
What we all should care is how much I can gain today.
>I chose a shit job: The Article
>>68660998
I just keep doing what I am doing
>29 married
>house paid for
>2014 truck paid for
>wife's Suv paid for
>looking at buying some more land and starting an organic farm
Don't have time to be envious of cars that I would literally destroy in a day rally racing down dirt racing
>>68661381
If people cared so much about money they should work more and complain less.
>>68661370
Does Puerto Rico have an obesity problem?
>>68661523
This
Economic, intellectual, and athletic inequality exists because people are unequal.
>>68661487
>organic
When will this meme die?
>>68661550
Does norway have a native birthrate problem?
Didn't read.
>someone did better than me and I don't like it
That's how all these people think.
>>68661550
No, but your mom does.
>>68660998
this is how the government is going to justify wealth taxes, ensuring that no one can ever accumulate great wealth, and if they do, they can't hold on to it
>>68661596
When I stop using only dead fish as fertilizer...since I get them for free...probably never
>>68661626
Nope.
>>68661674
No need to get upset.
>>68660998
>being envious in lieu of going out, putting your skills and hard work to the test, and earning your lot in life
I forgot atheist, socialist libtards think that coveting is okay. Jesus Christ this is why effeminate liberals will never get laid. Keep playing the vidya and pissing in bottles while you blame society for your failures.
By the way, if any CEO gave their year's wages away to their employees, each employee would get like 10 more cents a day you fucking redistributionist retard
>Washington Post
>real journalism
>not sensationalist poppycock written by starving 20-somethings with a dubious garden variety of liberal arts degrees
>>68660998
Do people who defends inequality are the same ones who proclaim itself as "nazi"? Did they even read anything about national socialism?
>>68660998
but how does this effect me
why should I care
>>68661685
do you mean estate taxes?
not like it matters much. once you have the $5mill minimum the tax doesn't count for much
>>68661685
Pretty much. What this people don't understand is that great wealth requires great amount of hard work. People think that the top CEOs are just doing nothing all day when in fact many people live or die depending what they do.
>>68661764
Oh, so your government is spreading propaganda again?
>>68661596
>>68661723
When people stop paying as much for it, and we dont get to capitalize off it anymore
t. organic weed farmer, the most profitable kind of organic farm
>>68662083
I grow that 2
>>68661992
Do people pay big money for your valuable time?
>>68661979
While true it's not thousands of times more than your average drone puts in.
Wealth inequality is fine but within reason. 40 years ago this was OK, it's gotten to the point it is causing economic depression and instability.
>>68662168
I'm thinking about making an organic absinthe
i'm telling you, especially in rich white areas, organic is literally 5x more money, and the best part?
it's way, WAY harder to industrialize, so it guarantees you more money as a homestading land owner who is growing a diversity of crops
>>68661955
No, I actually mean wealth taxes, calculated as a portion of your net worth annually.
>>68661381
Its about wealth, not income. Most people who're wealthy are wealthy because of their family.
>>68661786
>2016
>using the word poppycock
*tips my fedora*
>>68660998
Why don't you just say you hate capitalism?
I personally think we should remove all wealth redistributions and special taxes on the rich. The only tax that should be levied is a consumption tax, nothing else.
That way everyone is on his or her own to make money and if he or she consumes, he or she pays for our military and other shit.
Plus, I think welfare and state payments for kids etc. should be 0 as in 0. It is the purpose of NGOs, soup kitchens and the churches to care for the poor, it is NOT the government's purpose.
Lastly, I think it is completely shit that the state pays for pensions and healthcare for people who can't pay for that stuff themselves. If someone is sick and can't pay or old and hasn't actually worked enough to make money, tough luck, these people should just die.
The world isn't some perpetual free lunch thing for lower class roaches.
I own a software company, and can be considered a wealthy person. For me though, the stress of keeping my business, investments, and savings intact, makes me unable to enjoy any of it. Wealth inequality only bothers me when I see rich kids, or trophy wives acting like shit heads.
If you take my wealth away, it really won't hurt me in any way, as I would rather be a retired simpleton at this point, it just robs from my employees.
>>68662861
>Its about wealth, not income. Most people who're wealthy are wealthy because of their family.
So? If your family has worked hard, why should you not profit? That is capitalism. It is no one's business what someone does with his money, if he or she wants that money to go to his family, WTF, why is that wrong?
>>68663086
Watch the edge there m8, you could hurt yourself.
>>68663121
How much do you make annually?
>>68663121
>I own a software company, and can be considered a wealthy person.
I work in the German branch of a British magic circle law firm. I make a lot of money (top 0.5% of the population). I do not consider myself wealthy. How wealthy are you? 10 million net worth? 100 million?
>For me though, the stress of keeping my business, investments, and savings intact, makes me unable to enjoy any of it.
Then you are not doing it right, sorry to say. Your principle concern should be your business and your private life, while everything else including investments and "savings" etc. should be handled by private wealth management.
>>68663281
>Watch the edge there m8, you could hurt yourself.
Fuck off Bernie Sanders shill.
>>68663221
I was answering anon because he was talking about jobs. If your dad had millions you can be a jobless hobo and still has a lot of wealth.
Having a good job and wealth are not necessarely connected.
>>68661231
Death to humanity! Species war now!
>>68663086
lol
>>68662288
Kill yourself. If it were so easy, private equity firms (which own 100% of the companies at issue and so pay the CEO out of their own pockets) would not pay the highest compensation to CEOs, adjusting for firm size. You get what you pay for, even with CEOs.
>>68662861
But that's wrong, you retard. At least in the US, wealth is overwhelmingly first generation.
dont care
sure i'd like loads of money, but meh
I'm content with my 500$/wk job desu. nothing wrong with that
>>68660998
But wealth inequality isn't even a problem, every house is properly heated, has clean water, and food on the table every night. After that comes how big your house is, how fast your car is, and how good your food is. But aren't we allowed to be better than others anymore?
>>68661581
This
>>68663301
I don't actually make a set annual salary. My business, however, is worth around $80 million. I have no where near that in cash, however.
>>68663477
I have some of my money invested with different firms, however, I still have to manage my entire portfolio. I don't care, nor have a personal life, why would I?
>>68662288
>While true it's not thousands of times more than your average drone puts in.
When a burgerflipper at burger king makes a mistake, it costs the company about 3 dollars, the cost to put together a new burger.
When someone higher up in the burger king management makes a mistake, it can cost the company 3 million dollars.
>>68665495
>I don't care, nor have a personal life, why would I?
Personal lives are pretty good. They make you enjoy things. You know why you are working for your business.
What do you mean you have your money invested with different firms? Why? Doesn't help you, does it? You don't seem to have enough for any real hedge fund or PE investments (you say you have nowhere near the cash than what your business is worth). If you only have a few million in financial assets, then you shouldn't really bother about them if you got a 80 million business to worry about.
>>68665495
What's the name of your firm? Is it a public company?
>>68660998
I don't care. neither wealth nor money makes your life happy.
>>68667469
>neither wealth nor money makes your life happy.
Wrong and wrong.
Plus wealth and money are pretty much the same.
If you got wealth you are a LOT happier than if you are poor. Trust me. I have worked myself up from having nothing with a bankrupt father who died when I was 20, supporting my family with a job next to studying (16 hour days for years). Then at 23 I got a good job because I graduated summa cum laude and have been supporting my family ever since. And I tell you, I am happy my working days are now 12-14 hours instead of 16 and I have more money than in the past.
>>68667469
Spoken like true socialism scum
>>68661487
I'm 29 and not Even close to that I should just kill myself
>>68661550
>>68661596
>>68661764
Yes, Puerto Rico does have an obesity problem. They managed to bring McDonalds and Burgerkings all the way up to Barranquitas (mountain town). Of course they're fat.
>>68668078
why is that always murricans are retarded? is it the tap water?
>>68668055
I live at the bare minimum and do exactly what I like. it might pay out very soon or not but I dont really give a fuck.
>>68660998
Wealth inequality.
Like the fact that Baltics produce larger GDP numbers than Greece or Portugal for example and yet live poorer?
>>68668055
No. Wealth and money aren't the same.
You could have a million euros in property, and owe two million euros to the bank. That's why people have a fucked up sense about our real economic situation. People are in debt despite having higher incomes, ergo they are poorer.
t. Small Businessman who understands double entry accounting.
>>68668438
>I live at the bare minimum and do exactly what I like. it might pay out very soon or not but I dont really give a fuck.
Then you are probalby some welfare roach. I never took welfare. Never. I worked myself through rough times. As in WORK. I worked hard, I hate leaches like you who just do the bare minimum and take welfare and shit. I seriously hare you people.
No more welfare, no more support for leaches is the only way forward to take Europe back.
>>68660998
YOU MEAN TO TELL ME THAT THE 1 YEAR INCOME OF A PERSON IS DISPROPORTIONATE TO THE SUM OF THINGS THEY BOUGHT OVER THEIR LIFETIME??
>>68668593
>You could have a million euros in property, and owe two million euros to the bank.
Then their net worth would be -1 million, so they would be over-indebted and not wealthy.
Freely available money and wealth is very much the same. If Trump's businesses were over-indebted, then even if those business had 10 billion in assets, Trump would be broke as a Mexican illegal.
income equality is 100% real, the donald is going to fix that shit so easily though.
Bernie Sanders is a massive cuck thats going to ruin the country with his tax on wall street.
He's a fucking idiot.
>>68669121
inequality**
>>68668438
You said wealth nor money makes your life happy, which is unequivocally false
You didn't even try to say "you only need a little income to live a happy life", you shirked the idea of money playing a role in happiness entirely
Well, I have good news for you, Pierre: Good luck finding happiness when your rent is late and you can't afford your shitty chink cartoons and your piss bottles are fast filling up. Also a friendly threadly reminder that all people who thought like our faggot friend over here lived in shitty countries experimenting with socialist governments in which wealth was "according to need".
If you want to concede that **some** income is required for happiness than fine, I won't pester you further and you can continue escaping into your vidya and paying off your 2007 Eurofusion 2-door hybrid car. Just know that living life at the bottom and pretending to be happy about your relegated status is for effeminate, socialist, wholly neutered Western numales.
>>68668959
Right. But you could still 'own' cash and property in the bank, while being in debt. In fact. There are companies who own alot of cash, are in even more debt, yet generate enough revenue to overcome their debt from the cash they owned.
Alternatively, a person could eternally be in debt, yet the recollection of their liabilities is over such a long period of time, the company can still have worth.
It's kind of more complicated than meets the eye, but it's essential for gauging for understanding some very important things.
>>68669645
>There are companies who own alot of cash, are in even more debt, yet generate enough revenue to overcome their debt from the cash they owned.
That is why I am talking about "over-indebted". It means your debt levels exceed the net worth of your company. Essentially, if a company's standalone enterprise value is 80 million (because of say an EBITDA of 8 million and a 10x multiplier), but they have 100 million in debt, that company is bankrupt due to over-indebtedness, even if still can pay a few more interest rates.
>>68669968
Again. Not necessarily. Although the reverse is far more common (a company's Equity is valued far higher than its earning,) companies can have alot of cash but also alot of liablities, but the two are separate entities which is relevant for business.
The only reason why this is relevant is because 1) Westerners are too fucking retarded to explain how Debt functions 2) People are far poorer than they appear, because they cannot accumulate assets despite making tremendous amount of money.
T. Westerner.
>>68668621
There are people that can't go to a university because they don't have to money for it? As a result they will always stay poor. It's delusional to say that you can work your way to the top with pure ambition.
You 'pure' capitalists need a history lesson.
>>68670629
m8, I work in finance.
Trust me, there are two tests for insolvency (prerequisite to start insolvency proceedings):
1. you can't pay your debts when they come due (that is what most people believe insolvency always is)
2. over-indebtedness with a bad business prognosis. Essentially you do a valuation of a company on a no-debt basis and then look at the debt level to see whether there is over-indebtedness. However, you also need to additionally check that there just is no way changes could positively affect the business.
Essentially, you then start the insolvency proceeding, wipe out the equity, cut debt, convert some into equity or just sell off the assets or the business as a whole or a combination.
>>68670973
>There are people that can't go to a university because they don't have to money for it? As a result they will always stay poor. It's delusional to say that you can work your way to the top with pure ambition.
I did exactly that. I worked full time next to studying, not just supporting myself, but also my younger sister and mother after my father died.
Yes, there are no student fees in Germany, but I do not consider state universities "welfare", especially when getting into those universities is very much merit based.
"Pure" capitalism isn't about getting rid of state universities, it is about getting rid of real welfare, such as child payments by the government or social payments for people who don't even want to work or have never paid into the system.
For instance, I do not think we should pay 800 bucks in welfare for some Africa migrant who deals drugs on the side.
>>68671123
>2. over-indebtedness with a bad business prognosis.
But that's what I'm saying. You can be over-indebted with potentially a good business prognosis. For instance, there could be a contract that pulls through for the company.
IDK. We can't reach each other, but the point is that cash is seperate from debt, and if you blur them together, you wind up making all kinds of bad business outlooks.
But considering how Berlin handled Greece, I understand where you are coming from now.
>>68660998
I spend hours in my off time figuring out how the market works, even though I work minimum wage. Due to the magic of compound interest, and basic saving willpower, I can grow my wealth. As my income increases I can save even greater amounts.
It isn't my fault that people don't take the time to learn how capitalism works. It's like being homeless and complaining that other people go to the soup kitchen and get fed. You can do it too. With effort, reward.
Unless you're a filthy 'I can get rich quick' day trader. In which case just play the lottery.
Not everyone will be a billionaire, I certainly won't. But my children, or their children, might. It's like basic long term planning is fucking geologic time to these people.
>>68671541
>But considering how Berlin handled Greece, I understand where you are coming from now.
I know /pol/ doesn't want to accept the facts about Greece. But just very quickly:
Of all Euro countries, Germany was the only one, the ONLY one who said Greece is too broke and should get a debt cut, which means Greece should get out of the Eurozone (which means it should get out of the EU temporarily).
But Greece chose not to. Now it has debt 180% of its GDP. While that debt for the most part is extra long term (up to 50 years maturities) and extra low interest (the Eurozone part is on average at 1.2%), Greece still is so fucked up economically that it will take lots more reforms and many years for it to get back on track.
Lastly, the EU constitutional treaties say there is no way that EU countries can provide state aid to another country in the EU, which means it would be a breach of EU law to provide a debt cut for Greece. And because you need e.g. referendums in Ireland, Austria, probably the UK etc. to change EU treaties + the consent of every other country, you really cannot cut Greece's debt.
>>68672283
Really???? Germany said this? Because from what I understood the EU was unhappy when the Greeks kept trying to leave with the referendums. Were there other nations who wanted Greece to stay? Is that why?
>>68672643
Germany was the only EU country which argued for Greece to leave and respect the referendum.
http://greece.greekreporter.com/2015/07/12/schaubles-grexit-plan-everybody-is-talking-about-full-document/
>>68673038
>I never knew....
>You can take $1,000, invest it in something that yields a 10 percent return, and have $1,100 by the year's end. Cool!
If someone is able to predict the markets well enough to consistently yield a 10% return each year, they fucking deserve to be a billionaire.
>>68661231
That's an interesting perspective
>>68660998
I don't think income inequality is bad, though
>>68663221
It isn't wrong that they don't want to spend any money. It isn't like they should be faulted in any way. The problem is that the money doesn't move.
They should be encouraged to spend the money, though, to stimulate the economy. If you have over half of the money in a country sitting around doing nothing, it is difficult for the country to grow.
>>68675149
>If you have over half of the money in a country sitting around doing nothing, it is difficult for the country to grow.
WTF?
Rich people are never just have the money "sitting around doing nothing". Rich people's money is in businesses, in investments, in funds etc.
The money which is just sitting around is the one that old people have on their bank account or under their mattresses.
Rich people are job creators.
