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"Rich People in America Have Too Much Money.." - Warren Buffett
Posted on 6/28/17 at 10:56 am
Posted on 6/28/17 at 10:56 am
quote:
“The real problem, in my view, is the prosperity has been unbelievable for the extremely rich people,” he told PBS Newshour Monday.
“If you go to 1982, when Forbes put on their first 400 list, those people had $93 billion. Now they have $2.4 trillion, [a multiple of] 25 for one. This has been a prosperity that’s been disproportionately rewarding to the people on top.”
Since the 1980s, the richest 1 percent of Americans have seen their share of total income roughly double, to 20 percent. Meanwhile, the bottom 50 percent have seen their share decline in a big way, to 12 percent from 20 percent. Inequality in America is now even more pronounced than in China.
“The economy is doing well, but all Americans aren’t doing well,” Buffett added. “But we have got $57,000 or $58,000 of [gross domestic product] per person. That is a lot of stuff.”
Buffett said that the inequality is a natural result of an evolving economy in the U.S., but that more needs to be done in order to help those who have seen their jobs go by the wayside.
“We actually export 12 or 13 percent of our GDP,” he said. “It was only 5 percent in 1970. But it benefits us. It benefits the rest of the world. It doesn’t benefit the steelworker maybe in Ohio. And that’s the problem that has to be addressed because when you have something that’s good for society, but terribly harmful for given individuals, we have got to make sure those individuals are taken care of.”
Buffett pointed out that the economy has been growing since 2009, following the recession the previous year. Since entering the White House in January, and even before, President Trump has been quick to claim credit for any sign of further improvement in the economy.
Newsweek link
Why is Warren such a lib?
Posted on 6/28/17 at 10:57 am to rbWarEagle
"Rich" guilt - another Marxist billionaire.
You first, Warren.
You first, Warren.
Posted on 6/28/17 at 10:57 am to rbWarEagle
He's absolutely right. I'm no Communist, and I don't want that sort of revolution, but the only thing keeping it from happening is transfer payments and cheap distractions/electronics.
#woke
#woke
This post was edited on 6/28/17 at 10:58 am
Posted on 6/28/17 at 10:59 am to rbWarEagle
What's the hold up Warren, do you need my mailing address? Cash or Check is welcomed
Posted on 6/28/17 at 11:03 am to Ace Midnight
quote:
You first, Warren.
Thank god crony capitalism reinforces him not to.
Posted on 6/28/17 at 11:05 am to rbWarEagle
quote:
If you go to 1982, when Forbes put on their first 400 list, those people had $93 billion. Now they have $2.4 trillion
9.45% annual return is too much? Yikes. I wonder if Berkshire investors know this.
Posted on 6/28/17 at 11:05 am to rbWarEagle
The oligarchs of our capitalist system are so disconnected from reality that I pay their economic advice the same attention I pay to an administrative assistants' pronouncements on economic policy.
Posted on 6/28/17 at 11:06 am to rbWarEagle
He's just mad that trump shut down his favorite pizza place
Posted on 6/28/17 at 11:06 am to rbWarEagle
I'm anxiously awaiting him to give all his to the Sisters for the Poor.
Posted on 6/28/17 at 11:07 am to rbWarEagle
It is so dumb to measure economic advances of people by measuring the "share" of national income they own.
Who is better off?
Someone who owns 10% of a 100 slice pizza pie or someone who owns 40% of a 20 slice pizza pie?
Who is better off?
Someone who owns 10% of a 100 slice pizza pie or someone who owns 40% of a 20 slice pizza pie?
Posted on 6/28/17 at 11:07 am to rbWarEagle
I agree, let's seize all his assets and give everybody in the us $25
Posted on 6/28/17 at 11:07 am to rbWarEagle
quote:
"Rich People in America Have Too Much Money.." - Warren Buffett
Then send me a couple of million, a-hole.
Posted on 6/28/17 at 11:08 am to rbWarEagle
Who is he to decide how much is "too much"? Typical behavior by those who enjoy the privilege while telling others they shouldn't, too.
Posted on 6/28/17 at 11:08 am to rbWarEagle
ITT, a bunch of middle class posters white knight for the rich.
Suckers
Suckers
Posted on 6/28/17 at 11:09 am to The Spleen
The spleen, how have "the rich" harmed me?
Posted on 6/28/17 at 11:09 am to The Spleen
Some really great arguments in here against his Marxist arse, tho.
Posted on 6/28/17 at 11:10 am to HailHailtoMichigan!
quote:
The spleen, how have "the rich" harmed me?
Great question.
Posted on 6/28/17 at 11:14 am to HailHailtoMichigan!
Are the pizzas the same size? ...
This post was edited on 6/28/17 at 11:23 am
Posted on 6/28/17 at 11:15 am to rbWarEagle
quote:
Some really great arguments in here against his Marxist arse, tho.
I'll ask again. Is 9.45 percent rate of return too much?
Posted on 6/28/17 at 11:18 am to rbWarEagle
He doesn't want anyone else to benefit from the system that he has benefited so much from.
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