tony286

Sorry work =world

The Porn Nerd

LESS than a year to stop them....c'mon people UNITE. LOL

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2MuchMark

Thanks, Saint Ronald Reagan.

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fappingJack

point taken. you must be one of those 1% i suppose? Kidding!

American Psycho

He is not wrong entirely.
ive climbed from the bottom to do well for myself and I can tell you that real wealth takes many generations amd that the children of the wealthy habe a much highern chance attaining their own wealth

That's just simple to see.
Not even factoring educatiom capital or connections the wealthy have its simply a lot easier to take risk when u can always fall back on a nice inheritance including house car and loads of money.
But on the other side anyone has the opportunity to make it big , its just a lot harder starting broke and with no family support

RummyBoy

Which ones?

BFT3K

https://www.youtube.com/watch?v=9MbRrXkrYNs

Cherry7

Yes the money is in the system and their ownership of that money means power for those with money, to make the laws, to keep wages low, to eliminate competition. A lot of it is also in property distorting house prices, putting small shops out of business.

The massive inequality in wealth leads to massive inequality in power, life, health, education, the perversion of the political system and foreign wars for profit.

There is some social mobility but for the most part the poor stay poor. The rich of course also control the myth making machines that would have you believe you live in the happiest best country in the World where ever that may be.

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ITraffic

"Yes, my dear fellow, it all amounts to this: in order to do something first you must be something. We think Dante great, and he had a civilisation of centuries behind him; the House of Rothschild is rich and it has required much more than one generation to attain such wealth. Such things all lie much deeper than one thinks."

—Johann Wolfgang von Goethe, October 1828

TheSquealer

There is nothing stopping a poor person in the western world from waking up one day, determined to make money and then being able to do it. The only thing stopping them is the "you can't do it, its not your fault" rhetoric of people like you.

Poor people today have computers, laptops, iphones, multiple tvs, cars etc etc etc etc. Lets not pretend "poor" means "sleeps on a dirt floor and eats squirrels to survive in the Appalachia Mountains"

Imagine if the predominant message was "you can do it" and people like you, across the world stopped saying "you can't do it". Then you'd have real change.

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Arnox

I imagine that most people here on GFY are actually a part of 'the 1%', you only need to have a net value of around $100,000 to be considered in that category.

So go ahead, haters, I'm part of an exclusive club and if you ain't, you're in the wrong business.

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crockett

There is nothing wrong with people getting rich, however you don't have to be very smart, to understand too much wealth in the hands of too few is not good for the economy.

Simple hamburger math shows that it is better for 100 people to make 100 dollars a day, than for 5 people to make 2 thousand dollars a day. Those 100 people will buy many more big macs each day vs the 5 people.

RummyBoy

No way, if you look at the wealth reports (RBC, Forbes, Credit Suisse) and take the minimum amount its something like $800,000 USD at bare minimum to enter into the 1%. However, you are correct there are many people on GFY who are in the 1%.

Arnox

Sorry, I was wrong about the net value. It's income that was used as the measurement.

Global Rich List

Inputting 100k USD actually puts you in the top 0.08%. 32k is enough for the top 1%.

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RummyBoy

Bill & Melinda Gates asked me to post this up for them so they could contribute to this thread (Katie Couric did the interview):

Bill and Melinda Gates bet big on the future and philanthropy - Yahoo News

slapass

300k is the average in the USA. Anyone over 50 with any decent full time job is a 1%.

Cherry7

Motivation and hope are important, but to say there is nothing stopping people is just stupid.

Born to a family in poverty, poor in money and education, bad schools, living in bad housing, with high unemployment, no training and poor transport.

To be born into a wealthy family, sent to private school with small classes, living in good housing with good food and health care and told that you are born to rule.

Imagine if people were told they could take power redistribute power and wealth and run the country for the many and not the few.

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sperbonzo

Apparently there are some issues both with the conclusions AND the methodology of that report :

Misleading Inequality Report Is Nothing to Fear - Hit & Run : Reason.com

Misleading Inequality Report Is Nothing to Fear

Jim Pagels|Jan. 22, 2015 12:12 pm

There's a good chance you saw the "wealthiest 1 percent will soon own more than the rest of the world population combined" story floating around the Internet the past few days. Fortunately, there are a multitude of reasons to be both highly skeptical and unconcerned about the article's claims.

Oxfam, the U.K.-based organization that published this research, is largely regurgitating a similar eyebrow-raising claim it made last year: that the world's 85 wealthiest people have the same wealth as the bottom 3.5 billion people combined, an assertion that's been solidlyharefuted by financial reporter Felix Salmonhaamong many others.

There are three issues with Oxfam's methodology:ha

Oxfamhaaccounts for people's debts, meaning that the poorest two billion people?57.1 percent of that bottom half?have negative net worths. Many of these world's "poorest" are people from the most wealthy portions of the world who are simply underwater on mortgages, student loans, or credit card debt. When you add these two billion (often very large) negative numbers to the remaining 1.5 billion positive-wealth people in the bottom half, you get a relatively small figure?$1.7 trillion.Oxfam takes this $1.7 trillion figure and simply counts down the list of Forbes' wealthiest people until they hit that total, but the organization attributes wealth entirely to individuals, when the multibillionaires of the world presumably have many family dependents. They're not, in other words, spending all their money on just themselves.Oxfam has then taken recent trends of rising wealth for the top 1 percent and extrapolated those recent high growth rates into the future, which is a large assumption given the likelihood of the U.S. Fed's quantitative easing (Q.E.)soon unwinding

Is inequality an issue? Sure. A dollar in the hands of a poor person has greater utility than a dollar in the hands of a very wealthy one, so wealth inequality means we have something less than the maximum possible amount of worldwide utility/happiness.

But studies like Oxfam's that solely focus on the division of the pie always entirely ignore how much the pie has grown over the last few decades?leading to bigger slices for just about everyone and creating a rising tide that floats the vast majority of boats.

Here is the share of the world's population in poverty as defined by the World Bank:

ha

The rate more than halved from 1990 (43 percent) to 2010 (21 percent), and,haThe Economisthanotes, "Almost all of the fall in the poverty rate should be attributed to economic growth." Some well-known economists, such as Columbia University's Jeffery Sachs, believe we can evenhaend extreme poverty by 2025.

Inequality analyses like Oxfam's also ignore the fact that the top 1 percent isn't some static, unchanging body, but a relatively dynamic one, with many individuals moving in and out. Here, for example, is a chart I made with data taken from the U.S. Treasury Department by the Stonehill College economist Sean Mulholland showing how Americans in different wealth quintiles shifted from 1996 to 2005:

As far as the ever-demonized "1 percent," Mulholland says, only 40.4 percent of Americans in that highest percentile in 1996 were still in the top 1 percent in 2005. Additionally, children of families at all income levels are expected to exceed their parents' family income:

Most income inequality reports focus only on the most negative interpretation of the data, creating a narrative that the world's economic situation is spiraling toward a dystopian hell. People then use that misperception to justify wide-reaching government redistribution policies. Stepping back to look at the more meaningful figures, though, makes it clear that those fears are largely misplaced.




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SmutHammer

Henry Sy - Wikipedia, the free encyclopedia

Henry Sy Success Story | Millionaire Acts

Had nothing, Worked hard and made himself a billionaire.

People should really stop worrying others. everyone (even this guy from a 3rd world country) can make something out of themselves if they try hard enough.

Edit:

By the way, I grew up poor, Probably had less than most here that are complaining. 1 example would be living in a house with no electric in Pa. during blizzard like weather having to be under blankets with my dad to keep warm, only eating stale donuts my dad got from the soup kitchen.

I work hard and earned everything I have! If I can do it, anyone in America can.

Cherry7

Yes everyone can win the race even the people who have both their legs tied together from birth.

And in a society where the rich are rich because of the millions who work for a minimum poverty wage how is the situation where all win going to be paid for? Who is going to flip the burgers when we all get off our arses and win?

Wages has been falling in the Western Societies since the 80s due to the rich rigging the race. By smashing the power of organised labour.

Social mobility is small and decreasing, but the myth making and disinformation is growing.

MYTH
Belief in strong social and economic mobility?that Americans can and do rise from humble origins to riches?has been called a "civil religion",[3] "the bedrock upon which the American story has been anchored",[4] and part of the American identity (the American Dream

FACT

several large studies have found that vertical inter-generational mobility is lower, not higher, in the US than in those countries.[3] Studies differ on whether social and economic mobility has gotten worse in recent years. A 2013 Brookings Institution study found income inequality was becoming more permanent, sharply reducing social mobility.[8] A large academic study released in 2014 found income mobility has not changed appreciably in the last 20 years

WIKI QUOTES

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SmutHammer

But who cares about things being equal? They should not be equal! Earn your riches and let the lazy stay broke. Truth is, I don't know one person who works as many hours as I do.

Cherry7

If you work less you might meet a few.

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Horatio Caine

12 clicks chimed in yet?

RummyBoy

Exactly, that's why capitalism actually works - it is an entirely meritocratic society we live in where a person can start from zero and go to hero all from his own intelligence and ingenuity.