Robert Reich (Rise of the Cent Billionaires! The Word…)

Rise of the centimillionaires!

The word “billionaire” didn’t even exist before 1844. Fifty years later we gotmultibillionaire. And that was enough for the next 127 years.

But in 2020, as the working class faces near-record unemployment during the pandemic, America’s richest face a different challenge. Some of them became so rich that there were no words to describe how rich they were.

That’s why I want to introduce you to one of the newest additions to the English language: “cent billionaires”, people with $100 billion or more.

What was it like to be one of the first hundred billionaires in history? It’s hard to even imagine, but let’s try by comparing them with less fortunate ones. By that I mean just… ordinary … Billionaires.

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If you are an ordinary billionaire, you can afford a private jet. If you are a hundred billionaire you can afford a new Gulfstream aircraft every single day for more than a decade. (Not sure what you’ll be doing with a new Gulfstream each day – maybe give one to each of your closest 4,000 friends?)

It will be difficult for the average billionaire to buy his own professional baseball team. Sad, I know. But a hundred billionaire could easily buy any team in the entire major leagues..

If you are a regular billionaire, you can donate to your alma mater and get your name on the building. If you’re a hundred billionaire, you could single-handedly give Every teacher in America raises $8,000 for 5 consecutive years.

Of course, this is not all you could do. $100 billion is enough to pay off all medical debts In the United States. Or provide permanent shelter for every homeless person in America. Or buy Covid-19 vaccines for the whole world.

Basically, what I’m saying is that $100 billion is a lot of money.

More than two and a half million times more than The average American worker earns a year.

So here’s the big question. Are these hundreds of billionaires so rich because they work two and a half million times more than the average American? Are they really 100 times smarter than the average billionaire?

I do not think so. The reason for the rise of hundreds of billionaires is that for decades, wealth has not trickled down, but has flowed up, all the way to the top.

This is not an accident. As it turns out, the system, carefully devised and lobbied by the super-rich themselves, benefits… the rich!

And while you may not have more private jets than the average billionaire, you are probably paying a higher tax rate. And thanks legal loopholes as well as Trump’s tax cutwhen the richest Americans die, they pass on most of their centillions to their children. tax-free.

As a country, we have two options. We can fairly tax the richest Americans and invest that money in a way that benefits all of us.

Or we can keep doing what we’re doing and watch hundreds of billionaires get even richer and the rest get left behind.

If you think that wealth and power are now too concentrated in the hands of a privileged few, just imagine what a few more years of nonsense seeping down will bring.

Of course, it won’t be all that bad. At least “trillionaire” is easy to say.