Why there’s a growing divide between poor and rich

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Pic: CNN https://edition.cnn.com/2019/06/18/politics/los-angeles-homeless-crisis/index.html

The current economic system is broken beyond belief and not only in the US but also in Europe, Australia and in Asia. I’ve been researching this issue for years (privately) because I was appalled by how bad it really is.

The ultra-rich are holding up to $32 trillion, excluding non-financial assets such as real estate, gold, yachts and racehorses, in offshore accounts.

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Visualization of $50K, $1M and $1B.

The median income in the US is $32,000. If each step on a staircase represents $100,000 of net worth then HALF of the people in the US are on the base or the very 1st step. Almost 200 million people who can’t even get one step up in this system. The households on the 80th percentile are on the 5th step. That’s about five seconds of walking to get up there. A billionaire is ten thousand steps up the staircase. That’s enough to walk up five Empire State buildings. From these heights, they couldn’t tell the difference between a millionaire and a homeless even if they wanted to. And Jeff Bezos? That’s more than halfway to the space station. That’s more than 24 consecutive Mt. Everest’s stacked on top of each other.

If you had a job that paid you $2,000 an HOUR, and you worked full time (40 hours a week) with no vacations, and you somehow managed to save all of that money and not spend a single cent of it, you would still have to work more than 25,000 years until you had as much money as Jeff Bezos. Of course, we are talking about all his assets but don’t forget that Jeff is selling his shares from time to time. Sold $1B of stock in 2017 and Cashed out $1.8B in 2019. He reinvested the money but nevertheless, he is able to cash it out if he wanted to store it. Btw, how working in a warehouse is terrible for you but great for Bezos

The 1789 revolution happened because the people of France were growing increasingly more upset with treatment they received from the upper and royal classes, mainly due to special privileges. The 1917 was similar in cause. Families lived just above the subsistence level, and around 50 percent had a member who had left the village to find other work, often in the towns. As the central Russian population boomed, land became scarce. This way of life contrasted sharply with those of rich landowners, who held 20 percent of the land in large estates and were often members of the Russian upper class. source. The great depression of 1929 had only 8% of unemployment rate.

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As you may see we are getting closer to the same causes as 200 years ago and 100 years ago. Rich getting richer and using automation to force “peons” out of work. 60% of Americans have less than 1000 USD in their savings Source and most are living from paycheck to paycheck in 2019. With this crisis unemployment in the US could soar from record low levels to 20% if strong action is not taken to tackle the coronavirus, said the US treasury secretary, Steven Mnuchin. With 20% of the population laidoff it just proves to companies that they can exist without the worker.

Notable mentions:

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Share of wealth held by the Forbes 400 more than doubled in the last 10 years

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And it will get worse and worse

‘Robots’ Are Not ‘Coming for Your Job’ — Management Is. How can you retrain a 50 yo trucker? How can you tweet #learntocode to a 55 years old maid? No more sick leaves, no more PTO, no more maternity leaves.The managers who see a cost benefit to replacing a human role with an algorithmic one and choose to make the switch are killing jobs. The CEOs who see an opportunity to reap greater profits in machines — they’re the ones coming for your job.

There’s an Automation Crisis Underway Right Now, It’s Just Mostly Invisible and ‘Goliath Is Winning’: The Biggest U.S. Banks Are Set to Automate Away 200,000 Jobs

800 million jobs will be taken by automation by 2030 and Humans need not to apply

the elites have made the conscious decision to destroy the climate in order to maintain their power.

Fight, before it’s too late

Call me what you want, pessimist, realist, Stoic, but at least look at the facts

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