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America’s billionaire wealth would fund the government for just 6 months – Reason.com

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America’s billionaire wealth would fund the government for just 6 months – Reason.com

Where do Jeff Bezos and Richard Branson come from spending their own money to go to space when we already have a full of scandals and I am an incompetent public agency for that very purpose?

Every Richard Branson ever did something give away half your fortune after imposing Tubular Bells and the Sex pistols in the world.

All Jeff Bezos did was make a yearlong pandemic bearable by creating the company that delivered everything we wanted to our doorstep in a matter of hours.

Maybe Elon Musk is a queen of wellness. But as long as you’re spending your own doge coin and living on a $ 50,000 coin premade houseWho are we to judge?

If the former political agent of Rep. Alexandria Ocasio-Cortez (D-NY) is right on that every billionaire is a political failureSo the remedy is to take the wealth they accumulated and appropriate it for the government, which is really just another name for the things we do together.

What crew 800 military bases in more than 70 countries and spend more on defense than he next 11 nations combined.

Or waste half a century punishing people for recreational drug use and putting more americans per capita in prison than Cuba, Russia and China.

Or approve huge Covid aid bills that just spend 5 percent of your totals in actual Covid relief.

exist 724 American billionaires with a total value of $ 4.4 trillion, according to Forbes. It’s a list that includes distant space nuts like Bezos and Musk, entertainment moguls like Steven Speilberg and Tyler Perry, and lawyer in training Kim Kardashian. If it were somehow possible to liquidate all that wealth without causing a market crash that wiped out much of it in the process, we could cover about half a year of combined local, state and federal spending.

Instead of targeting billionaires and their penis-shaped rockets, millionaires like Jon Stewart and Jason Alexander, who joined forces to this short video Making fun of Branson, Bezos and Musk should target the federal government, which is the biggest jerk in the room by a few orders of magnitude.

Our national debt is around $ 22 trillion and it will continue to grow for years to come, so that by 2050, just paying interest on debt will represent roughly a quarter of every dollar the federal government spends. That type of debt is strongly correlated with reduced economic growth, which is the only proven way to improve living standards over time. In the next few years, America will have no choice but to raise taxes for everyone and cut Medicare and Social Security, which are the biggest budget busters. But by then it will be too late for a generation of elders to plan accordingly. And a US debt crisis could destroy the dollar and undermine our entire economy.

There is no way to confiscate enough wealth to avoid our impending fiscal catastrophe. Instead of dwelling on the rich and their rockets, let’s start talking about the looming debt crisis fueled by crazy government spending and come up with real ways to avoid catastrophe.

Narrated by Nick Gillespie; Edited by John Osterhoudt; Production support from Regan Taylor and Ian Keyser; Additional graphics by Lex Villena

Photo: Cover Images / ZUMAPRESS / Newscom; Mediadrumworld.Com/Omaze/Virgin/ZUMAPRESS/Newscom; JOE SKIPPER / REUTERS / Newscom; Mark Richards / ZUMAPRESS / Newscom; JD Lasica / Flickr / Creative Commons; nrkbeta, CC BY-SA 2.0 via Wikimedia Commons; Heritage Images from the Jewish Chronicle / Newscom; Matt Petit / ZUMAPRESS / Newscom; ID 166032363 © Featureflash | Dreamstime.com; Blue orbit

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