Honestly, if we did all that, Billionaires would still be a huge problem.
They invest all their money. They can’t help it, it’s not malicious, they can’t spend that much money.
Investments like that get poured into assets, like land and housing. This makes them unaffordable for us non billionaires. Gold and crypto are not significant problems for us plebs, stocks are a moderate problem. But housing is a huge problem for anyone that doesn’t already have one, and a moderate problem for those of us that do own our own homes. It drives up our property taxes and freezes up the labor market, dragging the economy we live in.
We should redistribute the wealth. Put it to some useful purpose, like healthcare,childcare, or education.
But we would nearly all be better off if we took all the billionaire fortunes and lit them on fire.
Honestly, if we did all that, Billionaires would still be a huge problem.
They invest all their money. They can’t help it, it’s not malicious, they can’t spend that much money.
Investments like that get poured into assets, like land and housing. This makes them unaffordable for us non billionaires. Gold and crypto are not significant problems for us plebs, stocks are a moderate problem. But housing is a huge problem for anyone that doesn’t already have one, and a moderate problem for those of us that do own our own homes. It drives up our property taxes and freezes up the labor market, dragging the economy we live in.
We should redistribute the wealth. Put it to some useful purpose, like healthcare,childcare, or education.
But we would nearly all be better off if we took all the billionaire fortunes and lit them on fire.
I would say that it leads to things like enshittification and shrinkflation as companies try to squeeze more profit to increase their stock prices.
I agree that housing is the big one though, since it has so many negative effects on society. The housing crisis is an everything crisis.