Freedom from generational poverty is required. A lot of PoC in the US grow up in dire straights which weighs on their mental health. Their chance at a university education drops rapidly when they have a network that depends upon them working from adolescence onward.
My grandfather worked selling cookies for decades and retired with a pension. My father worked as a professional engineer and midlevel manager at least as long and had less to show for it. I'm trying to work my way into upper management and will likely retire later and with less than either of them.
People feel the walls closing in on them. Telling them to buy more lottery tickets, albeit in the form of founding companies, isn't an answer that scales.
People really do get all up in their feelings on this issue and end up making emotional arguments based on anecdotes. Oprah Winfrey is an anecdote. Somebody's grandfather starting a business in an 8x8 shack is an anecdote.
What isn't an anecdote is slavery, the politcal and economic disenfranchisement of the Reconstruction Era, segregation, redlining, HOAs (which were started to keep black people out [1]), access to free college education (with the GI Bill), access to cheap mortgages to create generational wealth through property, the resulting decay in infrastructure and education thanks to the resultant "White Flight", over-policing and disproportionate outcomes in the criminal justice system.
There are over 1000 billionaires in the US now, most of them homegrown most likely. There are about 14 black billionaires (27 globally, apparently). This includes Oprah, Michael Jordan, Tiger Woods and LeBron James. 15% of the US population is black.
The "just invest in stocks" pseudo-advice is this generation's "let them eat cake" A large percentage of the US population do not have disposable income. They are often working several jobs just to live. The "Millionaire Next Door" is more often than not just some guy who bought a house in the 1980s and sat on it.
You can buy the book for $2.39 on Amazon. If you find just one useful tip in it, it will be well worth it for you.
> A large percentage of the US population do not have disposable income.
That doesn't mean they are poor. I know middle class people who do not have disposable income, but do have two new cars, new furniture, and live in a McMansion. They simply cannot resist spending it all.
Slavery ended 160 years ago. Jim Crow ended 60 years ago. Restrictive covenants became unenforceable 60 years ago.
Musk made his fortune out of a $20,000 investment from his dad. Gates made his from $5,000 from his dad. Jobs sold his VW Bug for his start.
> Anyone in the developed world can easily become a founder, why don't you try it?
Because most of us have families and can barely afford rent and healthcare. Those of us with a bit more success are finding that extended family are falling into poverty and need help (thanks inflation and transition to lower wage jobs!). They cannot work more than 2 jobs and also found a company.
Most newly founded companies fail, so it's an expensive process unless you've a network of FFF or VCs to draw from.
Many founders get nothing out of the process but stress and bankruptcy.
Plenty of workers have to take loans just to pay rent or healthcare. And even if they did borrow to invest, they can't sell without paying CG. And what if they bet wrong?
Maybe it's Amazon's predatory pricing and regulatory capture that drove most other nicer job opportunities out of business.
I used to work retail selling software and games as a teen. It was a nice starter job talking about the things I liked most. There were 7 places I could do that back in the day. Now the kids have only 3 such options in my area. Many areas now have none.
Uber doesn't pay the driver for their time, nor wear or insurance on their car. Uber doesn't even consider drivers employees unless legally required to. I should hope Uber's cut is a tiny fraction since all they provide is a bit of software while taking control of markets and pricing for themselves.
The rich being willing to cheat doesn't mean we should just give up and let them consume all surplus value in the system, until people are literally working 3 jobs for rent and food.
Are you proposing changing inheritance laws or are you proposing forcing companies to sell their stock in a firesale to be in accordance with the IRS? Be clear in your propositions please.
I agree these are partisan and bad developments. It is also unrelated to the question at hand about how to prevent people from gaining over 100m which people have been able to do under the heretofore non-partisan irs
Capitalism without regulation is a great way to grind large portions of the population to dust, and enrich a small number of capital owners.
It consumes childhood and adulthood. Only when workers have power can the engines of innovation benefit the many.
Of course history is littered with failed autocracies aspiring to be capitalist/socialist/insert-econ-system utopia. I'd argue the current US administration is in an autocratic mode right now. And doesn't seem to be going well for any except the richest asset owners.
Freedom from generational poverty is required. A lot of PoC in the US grow up in dire straights which weighs on their mental health. Their chance at a university education drops rapidly when they have a network that depends upon them working from adolescence onward.
My grandfather worked selling cookies for decades and retired with a pension. My father worked as a professional engineer and midlevel manager at least as long and had less to show for it. I'm trying to work my way into upper management and will likely retire later and with less than either of them.
People feel the walls closing in on them. Telling them to buy more lottery tickets, albeit in the form of founding companies, isn't an answer that scales.
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