Why Billionaires Should Not Exist | The Odyssey Online
Start writing a post
Community

Why Billionaires Should Not Exist

No one (ethically) "works" for a billion dollars.

245
Why Billionaires Should Not Exist

If one were to make five-thousand dollars every day and work all 365 days of the year for five hundred years, they still would not be a billionaire. To put that into perspective, even if a person were making a salary of 1.8 million dollars a year, and they worked every single day since 1520, they still would not have a billion dollars.

Simply, no one works for a billion dollars.

It's easy to argue against this. The aspiration to be a billionaire fits in with the values of the American dream and capitalism - if you take the possibility away, people lose their drive. Furthermore, if you create something that betters society, or something that enough people are willing to purchase, then you deserve that money. Even looking at it from an economist's standpoint, the existence of billionaires seems beneficial, as they create thousands of jobs, pay higher taxes and buy expensive items.

But there's a difference between having a lot of money and being a billionaire. People are still driven to make money even if you take away the possibility of becoming a billionaire.Owning a billion dollars should be an impossibility to reach. Being the creator of a largely successful product or idea should not be worth a drastic amount more than the people who actually produce it, and the economy would, in fact, be better off without the existence of billionaires.

In most cases, billionaires had entrepreneurial success, so it is fair that they would be making more than the average person. However, they should not be acquiring as significant an amount more than their employees. On average, CEOs make more than 300 times that of the average worker, i.e. someone who makes the mean personal income in the U.S. The difference between a billionaire and their minimum wage producers is even larger. It is impossible to fathom that someone is working more than 300 times harder than the people they employ. While minimum-wage workers may be more replaceable, their boss would not be able to maintain their wealth without the low wages of the workers. Furthermore, the claim that billionaires are a good representation of the American Dream and an inspiration to others is false. About a third of billionaires inherited their wealth and many of those who do not inherit it come from generally well-off backgrounds. Their existence makes the opportunity gap even larger for those who come from less, making it harder for them to live out the said dream.

In addition, the economy would be better off without the existence of billionaires. First of all, the notion that billionaires pay higher taxes is quite debatable. Many billionaires get significant tax breaks, and in most cases they pay the same tax percentage as the working class. Furthermore, the income growth per capita cut by almost half when the number of billionaires in the U.S. greatly increased. While billionaires do contribute to the economy by spending their money, one person buying a 50,000 dollar purse does not contribute as much as 50 people buying 1,000 dollar purses. Sure they may end up costing the same, but the production of 50 purses employs more people, therefore boosting the economy more. One person can only purchase so much, so the extremely unequal distribution of wealth in our country is detrimental to the economy.

There is obviously a serious wealth gap in the U.S. that is getting increasingly worse. It is not possible for our capitalist economy to function correctly with it. The claim that these billionaires should not exist is not a claim that the U.S. should not have a capitalist economy. The person behind the idea obviously should be making more, just not to the extreme an extent as they are currently. The whole point of capitalism is that those who work harder should be rewarded, which is what makes our economy efficient. However, the top 1% are now earning enough to where wealth is no longer just unequally distributed. In fact, our economy is becoming inefficient, which is why a change needs to be made. Whether it be through taxation or another method, the problem is simple: billionaires should not exist.

Report this Content
This article has not been reviewed by Odyssey HQ and solely reflects the ideas and opinions of the creator.
girl with a hat

This is for the girls who have dealt with an emotionally, mentally, physically or verbally abusive father.

The ones who have grown up with a false lens of what love is and how relationships should be. The ones who have cried themselves to sleep wondering why he hurts you and your family so much. This is for all the girls who fall in love with broken boys that carry baggage bigger than their own, thinking it's their job to heal them because you watched your mother do the same.

Keep Reading...Show less
Blair Waldorf Quote
"DESTINY IS FOR LOSERS. IT'S JUST A STUPID EXCUSE TO WAIT FOR THINGS TO HAPPEN INSTEAD OF MAKING THEM HAPPEN." - BLAIR WALDORF.

The world stopped in 2012 when our beloved show "Gossip Girl" ended. For six straight years, we would all tune in every Monday at 9:00 p.m. to see Upper Eastside royalty in the form of a Burberry headband clad Blair Waldorf. Blair was the big sister that we all loved to hate. How could we ever forget the epic showdowns between her and her frenemy Serena Van Der Woodsen? Or the time she banished Georgina Sparks to a Christian summer camp? How about that time when she and her girls took down Bart Bass? Blair is life. She's taught us how to dress, how to be ambitious, and most importantly, how to throw the perfect shade.

Keep Reading...Show less
Student Life

11 Moments Every College Freshman Has Experienced

Because we made it, and because high school seniors deserve to know what they're getting themselves into

412
too tired to care

We've all been there. From move-in day to the first finals week in college, your first term is an adventure from start to finish. In honor of college decisions coming out recently, I want to recap some of the most common experiences college freshmen experience.

1. The awkward hellos on move-in day.

You're moving your stuff onto your floor, and you will encounter people you don't know yet in the hallway. They live on your floor, so you'll awkwardly smile and maybe introduce yourself. As you walk away, you will wonder if they will ever speak to you again, but don't worry, there's a good chance that you will make some great friends on your floor!

Keep Reading...Show less
laptop
Unsplash

The college years are a time for personal growth and success. Everyone comes in with expectations about how their life is supposed to turn out and envision the future. We all freak out when things don't go exactly as planned or when our expectations are unmet. As time goes on, we realize that the uncertainty of college is what makes it great. Here are some helpful reminders about life in college.

Keep Reading...Show less
Student Life

Top 10 Lessons I Learned My Freshman Year

The first year of college opens your eyes to so many new experiences.

72
johnson hall
Samantha Sigsworth

Recently I completed my freshman year of college, and boy, what an experience. It was a completely new learning environment and I can't believe how much I learned. In an effort to save time, here are the ten biggest lessons I learned from my first year of college.

1. Everyone is in the same boat

For me, the scariest part of starting school was that I was alone, that I wouldn't be able to make any friends and that I would stick out. Despite being told time and time again that everyone had these same feelings, it didn't really click until the first day when I saw all the other freshman looking as uneasy and uncomfortable as me. Therefore, I cannot stress this enough, everyone is feeling as nervous as you.

Keep Reading...Show less

Subscribe to Our Newsletter

Facebook Comments