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Hello M:
Trickle down economics.. The IDEA is that when you give millionaires a tax break, they'll create jobs.. Of course, we KNOW that doesn't work.. We've been giving millionaires tax breaks for so long, they're all BILLIONAIRES.
excon
Hello again, M:
I'd like to amplify my remarks above.. You know, the IDEA that rich people WOULD create jobs, IF they were given a tax break is verrrrry Ayn Rand.. It's not necessarily a bad idea either, if it weren't for one thing.. The right wing congress COULD have rewarded businessmen on their tax returns ONLY after they created these jobs.. In other words, PROVE you'll create jobs, and then we'll give you the tax break..
But, they DIDN'T do that.. They went on a hope and prayer and gave it ALL away..
excon
Inflation.
I've lived here for over 30 years.
A billionaire today is just what a multi-millionaire was 30 years ago.
Hello there Marguerite
I am certainly no economist so these are just guesses...
I think it is for the same reason there are more billionaires throughout the world. It is a world market.
The ultra rich of yesterday got that way by selling something. Steel, oil, cars, food, services. The more of these things they sold the more they made and most of these things required a substantial labor force to get those products to market. They were limited by how much that labor force could produce and the markets they could reach.
Fast forward to today where most of the new wealth in America is made through Investments and tech. Both of these do not require a huge labor force and reach world markets, In order for Ford to sell a million cars, he had to make a million cars, Facebook doesn't have to manufacture a new page every time someone new uses it.
Of course this isn't to say that you cant make billions by selling something that is physical, look at the Walton family...
