Re:Better Than Raising the Minimum Wage: Expand the Earned I...
by graycat on Saturday May 23, 2015 @03:52PM
(#9594122)
Or, take a 1% person and assume
they have $100 million and we
redistribute all of it.
Then we would be giving that to
the other 99 people, call it 100,
i.e., include the (formerly)
1% person.
Then each person would get
$1 million, once.
But for the middle class, really want a job at $100,000 a year for 40 years, that is, $4 million. So the $1 million is only 25% of the way there. For the poor people, we still need to find the other 75%, that is, $3 million.
Re:Better Than Raising the Minimum Wage: Expand the Earned I...
by graycat on Saturday May 23, 2015 @03:44PM
(#9594093)
I made a crude, "generous", estimate
based on the 1000 richest and
picked 1000 mostly because
I was able to get the Forbes
400 data easily.
For your 1%, we'd need some data on how much money they have. Do you have some data for us?
If it was remotely feasible to confiscate the wealth of the top 1% and redistribute it, there would be enough nominal value to double the net worth (or halve the net debt) of the remaining 99% of people. That seems like a pretty dramatic difference to me.
I agree there's a long list of reasons why we shouldn't attempt this, but top 1% don't actually have much to share around isn't one of them.