Daniel Halliday
Feb 9 · Last update 6 days ago.

Should billionaires exist?

Senator Bernie Sanders has forced one debate to the forefront of the democratic primaries, the question of how ethical the existence of billionaires is in a country that has the highest levels of wealth inequality in the world has become more prominent in US politics in recent years. Inequality has been rising globally for decades and some are of the opinion that that a billionaire's level of wealth is not only unnecessary but also actually damaging to society. Some people believe that allowing one person to amass such a huge wealth deprives society, and the economy as a whole, of liquidity that could be better utilised in the service of the entire population. However others also argue that achieving such restrictions would be difficult, and would involve levels of taxation that would be bad for the economy, or laws that would be simply unfair. Is Sanders right to ask, "are we happy that one family in this country owns more than the bottom 130 million people?" Should a billionaire be an extreme level of inequality that shouldn’t exist in a society? inequality.org/facts/global-inequality en.wikiquote.org/wiki/Bernie_Sanders
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It is increasingly being recognised that the presence of billionaires in a society is more of a sign of policy failure than the sign of a successful economy, healthy economic competition should not lead to a single individual accumulating such a massive amount of wealth. This view is however not limited to Bernie Sanders in the US, with Senator Elizabeth Warren and Representative Alexandria Ocasio-Cortez both proposing additional tax reform bills for some of the most wealthy in the country. Billionaires are becoming more common in the US due to repeated tax cuts in recent years, and billionaires usually hoard that much money by either exploiting labour through chronic underpaying, tending to generate low paying jobs, and/or by exploiting international taxation loopholes to minimise or avoid paying tax.


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Daniel Halliday
Feb 10