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OPINION

Why billionaires should not exist?

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Our brains are not evolved to understand large numbers. As a result, we tend to underestimate how large ‘one billion’ is. We will explain to you How large a billion is with the help of two examples.

Suppose somehow you get a billion dollars. If you spent 1,000 dollars every day, you would be spending for about 2,740 years before you went broke.

 Let’s understand it with anoather example. If you take one billion one-dollar bills and put them in a stack, after about 30 years your pile would be almost 70 miles high which is 65,000 times the average height of the Americans.

Billionaires hoard wealth:

If you earned 50 million dollars in your lifetime, you would consider yourself rich. But you would still be 950 million dollars away from being a billionaire. It is difficult or almost impossible to spend such a large amount of money in your entire life. That’s what we mean by hoarding wealth. If billionaires cannot spend their money, in their life there is no reason why they should hoard more wealth while others are homeless, starving, and dying of diseases that are curable. poor people die only because they do not have enough money to have proper treatment of themselves. We talked about billion, but what about centi-billion. Jeff Bezos the founder of Amazon has a net worth of 178 billion dollars. If spending 1 billion in your entire is difficult then what about 178 billion? If he spends 1000 dollars every day, it would take 487,720 years to consume all of his money. Suppose the lifespan of his generations to be 100, then his 4,887 generations can spend 1000 dollars a day.

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The Wealth Gap is increasing;

In an article on 21st January 2019, time magazine wrote:

The world’s top 26 billionaires own as much wealth as the poorest 3.8 billion people.

On June 4. 2020 business insider posted that

Billionaires got 565 billion dollars richer during the pandemic, making 42 billion dollars a week on average.

The United States now has 630 billionaires, whose wealth totaled nearly 3.7 trillion dollars as of 29 July 2020. Meanwhile, the 400 richest Americans according to the Forbes rankings, have as much combined wealth as the poorest 64 percent of American households.

Mark Zucker Burg CEO of Facebook, a young billionaire conceded that billionaire should not exist.

Billionaires don’t earn their wealth:

You can become a billionaire by only two ways;

Number 1: inherit it which is 44% of all the billionaires

Number 2: Merciless exploitation of the working class

If you make 156,000 dollars a year which is 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 would take you almost 70,000 years. Billionaires do not create wealth, laborers do. Self-made billionaires acquire their wealth by exploiting the working class.

Jeff Bezos is the richest man in the world. In his company Amazon, employees 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. This incident was reported by Forbes.

Billionaires aren’t actually charitable

Most of us think that if billionaires earn a lot. They donate a large amount of their income to charity. Jeff Bezos made a headline by donating 100 million dollars to feeding America in April. He makes 215 dollars a day.

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In 2019 bill gates donated 589 million dollars to a charity, that is 0.5 percent of his net worth.

The wealth billionaires are donating came directly from exploiting the poor. Throwing a teeny fraction of the money they stole back to charity does not erase that.

Billionaires’ existence reinforce the conditions necessary for extreme poverty to exist in the first place and vice versa.

Source: Forbes world billionaire list

Billionaires are a threat to democracy:

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 cut 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.

Billionaires truly don’t care:

It would cost 20 billion dollars to end homelessness in the unites states. Jeff Bezos can do that tomorrow and still have 158 billion dollars to his name. Halting global warming would cost 300 billion dollars. The world’s ten richest people could each thrown in 30 billion dollars and still have 386 billion dollars among themselves.

They don’t care about us. Don’t cape for them, don’t claim them, don’t defend the indefensible.

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