A very real problem vividly illustrated for the rest of us
In a new video from Robert Reich, former secretary of labor and accomplished author, an extremely timely, entertaining and absolutely crazy subject is front and center.
The need to create an actual word for a human being with more than $100 billion is a strange problem to have in a world where so many struggle merely to survive.
Just as is the case, but even more, so with trillion dollar market cap big tech firms, that happened to be the source of this insanely huge amount of money being attributed to a single individual.
There is a very human inability to comprehend such massive numbers that is at the heart of our struggles to understand the meaning of this phenomenon.
An example would be a company such as Amazon which is hundreds, if not thousands, of times larger in terms of market cap then what used to be considered massive international corporations.
And being thousands of times larger than what is already considered to be an unwieldy massive behemoth can create problems not so much for the company but for the rest of us.
How do you control if you are the government or the people something so massive that it is virtually untouchable. too big to fail? Too big to reign in, absolutely.
Although attempts are being made, such as the many antitrust actions in the US, or the recent new regulations in Europe, but somehow they always seem like a tiny pittance, or annoying mosquito on a battleship.
In the video below there are some fantastic examples of how the massive wealth of these individuals can be measured in terms that actual humans can understand.
“Are they really 100 times smarter than the typical billionaire?”
Perhaps, more accurately, it enables us to understand how absolutely unbelievable and insane this level of wealth and power actually is.
Although the subject may be too large and complicated, it would be great to see a follow on video illustrating the size of the companies that bestowed such massive amounts of cash on these ridiculously overvalued individuals.
And, of course, how those companies grew through the same kinds of favoritism and maneuvering in the public realm that the centi-billionaires themselves directly benefit from.
How Much is $100 Billion, Really?
The word “‘billionaire” didn’t even exist until 1844. Fifty years later, we got “multibillionaire.” And for the next 127 years, that was enough.
But in 2020, while the working class faced near-record unemployment during the pandemic, the wealthiest Americans faced a different problem.
Some of them had gotten so rich, there was no longer a word to describe just how rich they were.
That’s why today I want to bring you one of the newest additions to the English language: “centibillionaires,” people with $100 billion or more.
What’s it like being one of history’s first centibillionaires? It’s hard to even imagine, but let’s try it by comparing them to the less fortunate.
By which I mean just … regular … billionaires.
If you’re a regular billionaire, you can afford a private jet. If you’re a centibillionaire, you can afford a brand-new Gulfstream jet every single day for more than ten years.
Not sure what you’d do with a new Gulfstream every day — maybe give one to each of your closest 4,000 friends?
A regular billionaire would struggle to buy their own professional baseball team. Sad, I know. But a centibillionaire could easily buy every team in the entire major league.
If you’re a regular billionaire, you can donate to your alma mater and get your name on a building. If you’re a centibillionaire, you could single-handedly give every teacher in America an $8,000 raise for 5 straight years.
Of course, that’s not all you could do. $100 billion is enough to wipe out all the medical debt in the United States.
Or provide permanent shelter for every homeless person in America. Or buy Covid-19 vaccines for the entire world.
Basically what I’m saying is, $100 billion is a lot of money. More than two and a half million times what the average American worker makes in a year.
So here’s the big question. Are these centibillionaires so rich because they work two and half million times harder than the average American?
Are they really 100 times smarter than the typical billionaire?
I don’t think so.
The reason for the rise of centibillionaires is that for decades, wealth hasn’t trickled down, it’s gushed up, all the way to the very top. That’s not an accident. As it turns out, the system that the super-rich themselves carefully crafted and lobbied for, benefits… the rich!
And while you may not own more private jets than your average centibillionaire, you probably do pay a higher tax rate. And thanks to legal loopholes and the Trump tax cuts, when the wealthiest Americans die, they get to pass on most of their centibillions to their kids tax-free.
We’ve got two choices as a country. We can tax the richest Americans fairly, and invest that money in ways that benefit all of us.
Or we can keep doing what we’re doing, and watch as centibillionaires get even richer while the rest of us get left behind.
If you think wealth and power are too concentrated in the hands of a privileged few now, just imagine what a few more years of trickle-down nonsense will bring.
Of course, it won’t be all bad. At least “trillionaire” is easy to say.
