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How Billionaires Are Damaging the Economy | WIRED
60% of Americans polled think billionaires like Elon Musk are good for the economy, but the economic data reveals something very different. “These people become a black hole for the economy,” says economist Gary Stevenson. WIRED spoke with Gary as well as Princeton economist Atif Mian to debunk some commonly held beliefs about this nation’s…
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Cameron Owens
December 14, 2022 at 9:33 pm
Musk is a greedy child. Horrible for the economy
Jack Hanson
December 14, 2022 at 9:36 pm
Wierd is a wired is a pretty mainstream YouTube channel Why would they let them post this
Gangster one
December 14, 2022 at 9:45 pm
Musk…..
gonschor7dleven
December 14, 2022 at 10:02 pm
Their solution is high taxation; fine, let’s go down that rabbit hole. That just gives the government more money, which is far more inefficient at channeling money back into the economy. The real solution is to worry less about the billionaires and why our government isn’t passing laws that benefit every day Americans, like free early child care and tax breaks.
Christopher Hower
December 14, 2022 at 10:02 pm
Having been around and worked for a few very rich people including multi millionaires, I can say that these people are some of the cheapest people you will ever meet. The richer they get the more of a miser they turn into. They would try to save pennies on things that made no difference to a deal and spent enormous amounts of time on saving a few bucks, while blowing tones of money on other things. They would save money on people’s salary for example. Yeah very rich people don’t spend money like normal people and it’s not great.
Dejay Clayton
December 15, 2022 at 12:58 am
Yep, this rings true with most multi-millionaires I’ve encountered. It’s almost like they read “The Millionaire Next Door” and were then told that if they didn’t remain ultra-stingy, they would lose all their wealth immediately.
budgiefriend
December 14, 2022 at 10:13 pm
To be civilized is to master more than ones inner beast
budgiefriend
December 14, 2022 at 10:14 pm
Theses gluttons have lost their civility.
budgiefriend
December 14, 2022 at 10:27 pm
Please share this video far and wide. For all Humanity’s sake.
Architrex
December 14, 2022 at 10:48 pm
There is no such thing as a good billionaire. They shouldn’t exist. Period.
Akira Igarashi
December 14, 2022 at 10:51 pm
They have way too much wealth
Adam Brown
December 14, 2022 at 10:53 pm
Wired? More like based!
MTG Infinity
December 14, 2022 at 11:04 pm
Somebody watched Adam Conover’s video
François Laverdure
December 14, 2022 at 11:16 pm
For years I’ve been saying that we now have more kings and queens than there has ever been in history. The only difference is that instead of owning a country, they own most of the expensive stuff in the country.
Free Kashyyyk
December 14, 2022 at 11:32 pm
We been knew
Friend-Me-Not
December 14, 2022 at 11:33 pm
Not gonna lie, I thought billionaires were actually benefiting the economy in every way, shape or form until I clicked on this video
Dejay Clayton
December 15, 2022 at 1:06 am
Billionaires don’t stay billionaires by benefitting the economy. They do so by gaming every system and rule they can. After all, it’s trivial for a billionaire to hire a hundred lawyers, politicians, and accountants! How many of those can *you* afford?
💰 Make $750 Per Day
December 14, 2022 at 11:34 pm
*”If you want to achieve greatness stop asking for permission.”* _
Bryan Pascual
December 15, 2022 at 12:04 am
staying out of debt and having positive net worth should be everyone’s dream. going for 1%… well, that’s a different story
Peste Negro
December 15, 2022 at 12:08 am
Imma ask you again to make a “Marxism in 5 levels” and I hope this time you guys actually take it seriously (cheers and solidarity to all working class ppl across the globe, we are huge and we must flock together ASAP Ê(^.-) WE SHALL WIN!!)
R O
December 15, 2022 at 12:21 am
Yo lets see how LEFT YouTube and Google are…because this is LEFT TALK ALL THE WAY … Free Speech
R O
December 15, 2022 at 12:27 am
ELON HAS INVESTED INTO HUMANITY MORE THAN ANYONE I KNOW IN MY LIVING TIME… HE HAS 100’S OF BILLIONS SURE, BUT HE SPENDS ENOUGH….HE BLAST ROCKETS, YOU HAVE TO PAY TO DO THAT….THIS VIDEO IS HARD LEFT TALK, WIRED IS LIKE OLD SCHOOL CNN…..I WATCH IT TO SEE WHAT THE NEW AGE APES ARE CONSUMING….WAKE UP PEOPLE, THIS IS INNCOCENT PROPAGANDA
Cedric Quilal-lan
December 15, 2022 at 12:33 am
🤡
Wood&Stock
December 15, 2022 at 12:35 am
VAZA BOZO! 🏳🌈
Dejay Clayton
December 15, 2022 at 12:48 am
This video should have been entitled, “Things that an observant teenager could predict about capitalism”
SpaghettiMitch
December 15, 2022 at 1:08 am
Taxation is theft
Pierre Tadrus
December 15, 2022 at 1:24 am
Based take I hope.
The Wizard
December 15, 2022 at 10:00 am
A rise in interest rates in the US is already intensifying conflicts in Iran and elsewhere around the world.
Economic poverty is often the decisive seed of conflict and strife.
Since we cannot give people equality of outcome, we must at least do our best to ensure equality of opportunity.
I think the US interest rate hike is an irresponsible and reckless step that trampled on the hopes of ordinary people.
So, unless the US Federal Reserve changes its stance as soon as possible, international disputes are highly likely to intensify in the future.
Even if the United States is criticized by the world for causing international conflict, it will be difficult for the United States to have any more legitimacy or justification.
It is expected that the possibility of international conflicts and disputes will increase significantly due to the actions and decisions of the US Federal Reserve around the world.
This is a disaster.#
Squish Squash
December 15, 2022 at 10:24 am
Two words:
Bilderberg Group.
Look it up, it pretty much shows that they control pretty much everything.
Robert Kesselring
December 15, 2022 at 10:30 am
A lot of claims, but no sources… I wonder why. /s
Telenelat elin
December 15, 2022 at 10:41 am
It’s really quite simple I feel. Money is information. Information to direct the economy to meet the needs of the people. When the people have the money they know what they want and they direct the economy to meet their needs. When the billionaires have all the money, even if they direct the economy to meet what they PERCEIVE to be the needs of the people, they’re still not going to know well as each individual 🤷♂️
I’m not calling for anything dramatic, just pointing out the problem of inequality as I see it
Dan Playful
December 15, 2022 at 11:24 am
We need wealth tax and invest those into climate change mitigation, reproductive health and food production.
KV Arm
December 15, 2022 at 11:27 am
They kind of deserve what they have. Most of us only see what is the outcome of their hardwork, but unable to recognize the hardship they encountered at the start of their career. For a second, we should recognize their contributions we are enjoying today.
ady608
December 15, 2022 at 11:48 am
Well, billionaires do create wealth and jobs, obviously, Microsoft and all of the tech companies and all of the people they employed and all of the technology entrepreneurs before them are why you’re watching this video in the first place and not out subsistence farming. Perhaps heirs to billionaires who are billionaires themselves may not ‘deserve’ what they got, they were just lucky enough to have billionaire parents. If you’re mad about them, are you also mad about lottery winners? Who are these experts they wasted time interviewing? They don’t seem to understand anything about economics.
ady608
December 15, 2022 at 11:58 am
Oh, it makes sense, they’re interviewing these experts to say silly things because that drives engagement which makes them more money and it’s hard to become a billionaire making YouTube videos
ady608
December 15, 2022 at 12:02 pm
And did you know you could donate like $5 to help a bunch of kids not get malaria? I mean, have you done it?
Andremacgregor
December 15, 2022 at 2:25 pm
Yesterday I was watching CNN NEWS, Binance CEO was talking about how investors and traders can make millions. And he recommended an expert called Charles schwab please can someone tell me more about his trading services..?
dickfacepeterson
December 15, 2022 at 3:02 pm
the fixed pie fallacy
GarysEconomics
December 15, 2022 at 3:35 pm
Nice to be involved with this! Plenty more information on the rich and the economy on my channel!
Max Gee
December 15, 2022 at 8:18 pm
Nice exposure here! Getting the word out!
nwg
December 15, 2022 at 3:41 pm
60%???? no chance
Sunny Mon
December 15, 2022 at 3:43 pm
4:28 What’s with Zuckerberg’s uncanny head movements here.
Connor Myers
December 15, 2022 at 4:14 pm
I love the grounded reality of this channel!! Despite the recession, I’m so happy withdrawing my $94k profits out of my investment with a platform in town•
Connor Hammond
December 15, 2022 at 7:31 pm
She’s active on WHK APK
⬇️
Connor Hammond
December 15, 2022 at 7:31 pm
She’s active with this ╪❶❻⓿❷❼❽⓿❼❻❽❹ currently
James d George
December 15, 2022 at 8:09 pm
Same here, I hold Mrs Carmen in high esteem because of the weekly profit am receiving trading with her strategies<<
Arnold Judge
December 15, 2022 at 8:17 pm
I just got myself a new Tesla model car just few weeks back after started trading with Mrs Carmen Alise.
Fredrick j kelly
December 15, 2022 at 8:26 pm
Aww😊 I texted your broker and she responded, I’m so happy guys thanks 🙏 for this vital info
dave sargent
December 15, 2022 at 4:26 pm
The redlining of the 60’s and 70’s helped white people, only white people.
💰 Make $750 Per Day
December 15, 2022 at 4:46 pm
*”Too many of us are not living our dreams because we are living our fears.”* -Les Brown
Appelsappie
December 15, 2022 at 5:06 pm
This video is so painfully wrong.
The economic issues that we face are made and caused by poor monetary and fiscal policies. Wealth aggregation of the superrich is a byproduct of these policies.
If you want to blame anyone, blame the demagogue politicians you keep voting for
frogstrap
December 15, 2022 at 6:13 pm
As long as capital has control over the state then nothing will ever change, why would it? Capitalism cannot be ‘reformed’ it must be smashed.
Ruben Greenshadow
December 15, 2022 at 6:39 pm
When it is jobs for the undereducated that you get rid of you are setting up for revolutions and huge jumps in crime. What kind of person wants to get rid of jobs for this group by turning to robotics? A deeply stupid person, that’s who. And 60 persent of people think multibillionaires are a good thing? Well, I just hope that this 60 percent all invest in the stock market since that is the way most wealthy perple make the biggest part of their money – off investments by small investors.
Dm Me Now On (TeIegram) @OfficiaI_wired
December 15, 2022 at 7:36 pm
You have been selected among my few giveaway winners, endeavor to Reach out to claim your prize. Congratulations ❄️☃️🎄
pxlmvr7
December 15, 2022 at 7:12 pm
This is one of the stupidest videos ever. Billionaires don’t have that big of an effect on the economy that is $14 *TRILLION* dollars! This current Biden government spends *$2.5 BILLION dollars every DAY!” It is the *government* that causes the most issues with the economy, such as *inflation.* Government wastes sooooo much money and spends us into soooooo much *DEBT* that the economy is barely hanging on by a thread! So how would confiscated money for high earners and throwing it into the government debt hole going to help the economy?? This is pure nonsense! The stats on the 1950s through 70s is nonsense because there were massive loopholes in the tax code that people would use to pay less than the 90+% that the government tried to confiscate.
This is nothing but more class warfare propaganda by socialists and Marxists . SMH .
The Neurotic Nerd
December 15, 2022 at 8:19 pm
To think this was a good channel for accurate information.
The Neurotic Nerd
December 15, 2022 at 8:20 pm
Their billions are not in savings… smh
The Neurotic Nerd
December 15, 2022 at 8:22 pm
Please do proper and full research next time.
mike johnston Bob
December 15, 2022 at 8:54 pm
WTF? This channel’s based?
Carl Marshall
December 15, 2022 at 11:30 pm
Glad to see Gary Stevenson getting more recognition
Shawn
December 15, 2022 at 11:55 pm
Organize communities, unionize workers. Great video.
harrison
December 16, 2022 at 1:57 am
based
747Heavy Boeing
December 16, 2022 at 2:46 am
The Biden administration is.
So why was the economy great shape when billionare Trump was President ??
Also, we were energy independent.
Tsar Bomba
December 19, 2022 at 6:15 am
Trump inherited Obama era economy and screwed it up by dropping the ball with covid, also trump did 7.8 *trillion $* more national debt.
Also USA wasn’t energy independent during #45 and that’s a fact!
Hal Kun
December 16, 2022 at 3:29 am
When people complain thinking poor people try to cheat the system when there are RICH people doing the same thing.
Jeff J
December 16, 2022 at 6:52 am
The video associated with this narrative – is ALL OVER the board. If you are going to tell a story, make it flow and deliver clean video. Good grief. What a mess.
Chris Gilbert
December 16, 2022 at 12:55 pm
It persists because like you said, they have fooled 60 percent of Americans that they are a good thing. Trump got in on less. We have the same over here in the UK. The stupid idolising the rich, it will never change.
Tomáš Svárovský
December 16, 2022 at 5:46 pm
I stopped buying Wired ~10 years ago. My justification was that it was three good articles a month and that was not worth ~$10 to me at the time. Wired now moves firmly into territory where it provides negative value. This is not only full on Marxist stuff but completely uninformed. Whole time they talk about “the data” never providing any. The economic arguments are on level of 10 years old. Wired, you are done.
Fahad Alharbi
December 16, 2022 at 8:34 pm
Wow, now WIRD that stupid and are new Tankies center, well… Venezuela did exact that and more. Now their women are their first export .. got it….go figure
Leo Bellantoni
December 16, 2022 at 8:40 pm
So, the plot at 1:55. What are the units on the vertical axis? Which geographic area is this “data” applicable to? What kinds of investments do or do not count as an “investment” for this chart? How reliable is the underlying data? This presentation is so stupid, you can’t even tell if it’s right or wrong.
Nikunj Goyal
December 17, 2022 at 4:23 am
why does it feel like a communist rant with a lot of made up statistics
alarsenal10
December 17, 2022 at 1:05 pm
At some point we’re just gonna get tired of their greed and eat them alive.
Will Finley
December 17, 2022 at 4:11 pm
Don’t allow the tax loopholes and tax them 75% also encourage 99% plan but not to there own charities
longnewton1
December 17, 2022 at 6:36 pm
Well said, a few people having excessive wealth has no benefit to the economy. More Small and medium sized companies is what will create jobs. And, effective global wealth taxes is the best way to fund the green transformation we need to deal with climate change. About 86 billionaires currently have as much wealth as the poorest 50% of the worlds population. This is obscene!
Ben Chesterman
December 18, 2022 at 8:48 am
Franchise are small & medium business
Georgia L
December 18, 2022 at 1:21 am
Think Scrooge mc duck
Ben Chesterman
December 18, 2022 at 8:48 am
The government is destroying private sector
Ben Chesterman
December 18, 2022 at 8:50 am
Government the reason less business starting up , end goal communism
Ben Chesterman
December 18, 2022 at 8:52 am
Musk paid most taxes moron
Ben Chesterman
December 18, 2022 at 8:53 am
It government that shrunk the middle , it capitalism that built the middle class not the government
Roque Santos Junior
December 18, 2022 at 12:04 pm
Oh no, this again.
Get lost people…. Government screws with the Economy. Ex: Joe Biden.
Gravity Shark
December 19, 2022 at 12:20 am
They weren’t already?
dankduelz peruvian
December 19, 2022 at 10:59 am
How Capitalism is Damaging the World* This has nothing to do with Billionaires
Bruh7/Kamarovsky_KCM
December 19, 2022 at 9:44 pm
I mean, billionaires are a symptom of capitalism, so it’s definitely not just them that are at fault, but they still certainly do uphold that broken corrupt system.
George Lee
December 19, 2022 at 5:11 pm
Fungible numbers that are meaningless, yeah slowdown of the economy turns the united states into a thirds world country.
KILLKID
December 20, 2022 at 12:38 am
Not making a stand either way but just saying, if you’re convinced by this video you are financially illiterate.