News for hackers. Stuff that matters.
Re:Chuck Feeney Is Now Officially Broke by csours on Tuesday September 15, 2020 @03:39PM (#24485800)
I don't have an answer, but to flip that question: If the very wealthy can live on passive income from accumulated wealth, then why can't all of society?
Re:Chuck Feeney Is Now Officially Broke by akhosravian on Tuesday September 15, 2020 @04:03PM (#24486096)
Let's liquidate all US billionaires and spread that money to every person in the US. Let's also set aside the question of how one could legally liquidate the billionaires.

Per https://www.forbes.com/sites/tommybeer/2020/05/21/the-net-wo... the combined net worth of every US billionaire was 3.4 trillion in May of this year. Per https://www.pbs.org/newshour/nation/3-ways-that-the-u-s-popu... there were 331 million Americans in January of this year.

Dividing that out: $10,271.90 per person. Not enough to live on the passive income even in the cheapest parts of the globe.

Re:Chuck Feeney Is Now Officially Broke by rhacker on Tuesday September 15, 2020 @11:31PM (#24489300)
OR, just parcel out land and give people seeds and allow them to trade with nearby neighbors... There's no longer a need for money and everyone gets to eat - which is all we really need. Beyond that, people can help each other build homes in smallish communities. Money, even on a planet with this many people, isn't necessary, because it's like people driving cars - the system works because everyone is operating to keep themselves alive. HN is not a fan of this take.
Re:Chuck Feeney Is Now Officially Broke by Dirlewanger on Wednesday September 16, 2020 @11:11AM (#24493422)
>HN is not a fan of this take.

Probably because it sounds like utopian nonsense.

Re:Chuck Feeney Is Now Officially Broke by Jabbles on Tuesday September 15, 2020 @04:58PM (#24486621)
Not enough to live on the passive income even in the cheapest parts of the globe.

Why do you think that is the right metric? 3.4T is obviously a vast amount of money.

Re:Chuck Feeney Is Now Officially Broke by postingawayonhn on Tuesday September 15, 2020 @07:49PM (#24488026)
It's not really. That would fund the US Government for about 9 months.
Re:Chuck Feeney Is Now Officially Broke by csours on Tuesday September 15, 2020 @05:16PM (#24486789)
They were probably just responding to how I framed the question.
Re:Chuck Feeney Is Now Officially Broke by winston_smith on Tuesday September 15, 2020 @04:01PM (#24486067)
Because most people in society, across all wealth levels, refuse to live within their means. I was quite disappointed when I discovered this, because I thought that if I made enough money, I'd be able to support all my family. But then I started noticing that the people who were broke generally had newer cars and computers than I did, and that families with multiple six-figure incomes were spending their way into bankruptcy. And the government does it too, accumulating ever more debt.
Re:Chuck Feeney Is Now Officially Broke by titanomachy on Wednesday September 16, 2020 @01:47AM (#24489904)
The very highest wealth level does live within their means. It's hard to spend 10 billion dollars on houses and cars.
Re:Chuck Feeney Is Now Officially Broke by mstratman on Tuesday September 15, 2020 @04:03PM (#24486086)
You need a large amount of capital for it to do enough good for others (e.g. via investments into companies) that the returns you receive are enough to live on.