There are several reasons why billionaires shouldnt exist. One of the biggest is that billionaires do not always spend their money wisely. They are often out of touch with local communities. For instance, when Mark Zuckerberg donated $100 million to improve New Jersey schools, most of the money went to consultants and administration, not into schools. In other words, billionaires should be paying taxes on their money and not giving it away to help the public.
Some people say billionaires are “entitled” to their wealth, but the fact is that their wealth is largely inherited and their wealth is based on monopolies. In other words, while the rich make the most money, the majority of people in the world don’t have that kind of wealth.
Some people are born to be rich, but don’t work hard to get there. A recent Oxfam study found that one-third of the world’s why billionaires shouldnt exist got there by inheritance, not hard work. That means they didn’t have to innovate or work smarter to get there. Instead, they were lucky to be born rich because they were able to exploit the systems and structures that are designed to give them money.
In addition to this, the IMF has found that increasing the wealth of the working class helps the national economy grow faster than increasing the wealth of billionaires. The problem is that increasing the wealth of billionaires actually decreases the growth of the economy in the long run.
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