Tuesday, June 27, 2017

1%er Complains About His Wealth

6/27/17 CNBC:
Warren Buffett says people like him are the problem with the U.S. economy.
With a net worth of more than $75 billion, Buffett is currently the second richest man alive, according to Forbes. As the CEO of investing house Berkshire Hathaway, he is hallowed as the Oracle of Omaha. But for all his personal success, Buffett says the issue really is the 1 percent.
"The real problem, in my view, is — this has been — the prosperity has been unbelievable for the extremely rich people," says Buffett on PBS Newshour.

"If you go to 1982, when Forbes put on their first 400 list, those people had [a total of] $93 billion. They now they have $2.4 trillion, [a multiple of] 25 for one," he says. "This has been a prosperity that's been disproportionately rewarding to the people on top."
Okay, Warren, put your money where you mouth is.   $75 billion given to the poorest 5 million Americans would be $15,000 per person.  Why do rich people always back candidates who want more money going to the government instead of using their wealth to help the poor?

1 comment:

  1. Why distribute this supposed "Largesse" directly? The poor would just go out and buy a good used car, and they would be poor people with a good used car.

    That's the counter argument.

    I prefer the counter-counter argument:
    Yeah, but they would live pretty good for a while, which is more than they have now.

    Shrug. I doubt you can share prosperity by giving stuff away. See: Welfare System.