Why Billionaires Should Not Exist
Start writing a post

Why Billionaires Should Not Exist

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

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.
the beatles
Wikipedia Commons

For as long as I can remember, I have been listening to The Beatles. Every year, my mom would appropriately blast “Birthday” on anyone’s birthday. I knew all of the words to “Back In The U.S.S.R” by the time I was 5 (Even though I had no idea what or where the U.S.S.R was). I grew up with John, Paul, George, and Ringo instead Justin, JC, Joey, Chris and Lance (I had to google N*SYNC to remember their names). The highlight of my short life was Paul McCartney in concert twice. I’m not someone to “fangirl” but those days I fangirled hard. The music of The Beatles has gotten me through everything. Their songs have brought me more joy, peace, and comfort. I can listen to them in any situation and find what I need. Here are the best lyrics from The Beatles for every and any occasion.

Keep Reading...Show less
Being Invisible The Best Super Power

The best superpower ever? Being invisible of course. Imagine just being able to go from seen to unseen on a dime. Who wouldn't want to have the opportunity to be invisible? Superman and Batman have nothing on being invisible with their superhero abilities. Here are some things that you could do while being invisible, because being invisible can benefit your social life too.

Keep Reading...Show less

19 Lessons I'll Never Forget from Growing Up In a Small Town

There have been many lessons learned.

houses under green sky
Photo by Alev Takil on Unsplash

Small towns certainly have their pros and cons. Many people who grow up in small towns find themselves counting the days until they get to escape their roots and plant new ones in bigger, "better" places. And that's fine. I'd be lying if I said I hadn't thought those same thoughts before too. We all have, but they say it's important to remember where you came from. When I think about where I come from, I can't help having an overwhelming feeling of gratitude for my roots. Being from a small town has taught me so many important lessons that I will carry with me for the rest of my life.

Keep Reading...Show less
​a woman sitting at a table having a coffee

I can't say "thank you" enough to express how grateful I am for you coming into my life. You have made such a huge impact on my life. I would not be the person I am today without you and I know that you will keep inspiring me to become an even better version of myself.

Keep Reading...Show less
Student Life

Waitlisted for a College Class? Here's What to Do!

Dealing with the inevitable realities of college life.

college students waiting in a long line in the hallway

Course registration at college can be a big hassle and is almost never talked about. Classes you want to take fill up before you get a chance to register. You might change your mind about a class you want to take and must struggle to find another class to fit in the same time period. You also have to make sure no classes clash by time. Like I said, it's a big hassle.

This semester, I was waitlisted for two classes. Most people in this situation, especially first years, freak out because they don't know what to do. Here is what you should do when this happens.

Keep Reading...Show less

Subscribe to Our Newsletter

Facebook Comments