Quote:
Originally Posted by woj
before you can invest that million you had to earn it first, no? It's a common myth that millionaires inherit the money and just sit on their asses the whole day doing nothing... but that's actually not the case, most millionaires today are actually self-made... they spent their lifetime earning that money, doing productive work just like everyone else...
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That's the point... if they were to continue to give back, like they did when the wealth was being built, it would be a different story. That's exactly what the issue is today.... they aren't producing anymore at that point, it's not good for our future.
Woj, you and me, nobody here is rich enough to fall into these categories. We create our own wealth, invest it in various ways, help society in various ways, and do what we can to make as much as we can.
Another group, produces wealth a completely different way. They don't produce a product, they don't help society, but they do use it - they use the people, and they give back far less than they take.
This is the idea that Warren Buffett is pushing. Society, people, etc gave him the opportunity to create his wealth, and he knows this. This is why he is trying to get other supper wealthy people and himself to give so much back.
He knows they must give back or the system will fail... fail to a level that our kids/kids can't create even what we have today. It has to give back but it has gotten so big that a group don't have go give/create/produce anything, to make themselves silly rich.
I'm all for a capitalist society... but it has to be balanced, the top few percent can't suck everything out the system and not give back - it will fail if it continues.