Universities are backing themselves into a dangerous corner by becoming more expensive at the same time they're becoming less necessary.
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FWIW inequality doesn't automatically imply classism. It only yields classism if children's wealth = parents'. And neither Bezos's nor Gates's nor Buffet's nor Zuck's (the list goes on) parents were billionaires.
This is a big mistake people (including most reporters and even some economists) make about trends in stratification. If the top .1% had x% of wealth at t1 and x+n% at t2, that doesn't imply the rich got richer except to the extent the top .1% are the same people at both times.
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While a good point, I think that those are just small parts of the rich population: some degree of them join and some leave, but I suspect the bulk of the fortunes remained and grew.
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For the most part, the billionaires of the world made concentrated bets and kept parlaying. That's not a great strategy for preserving wealth long term. Would not surprise me at all if most billionaires of 20+ years ago haven't had their wealth keep pace with
$SPX.
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What do you think about the proposed solution to tax superwealthy based on total assets and not profit? Keep low profit tax, but tax the whole accumulated assets of individuals after a certain point (say 50 million USD) at 1% per year?
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This means the superwealthy need to keep increasing their wealth at a steady pace just to keep the wealth they already have. This seems like a reasonable compromise, but I of course am probably overlooking a lot of things.
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Obviously wealth matter marginally less once you cross a threshold, and that threshold is dependent on how smart you are. Can go from “Can go to the Ivies with a scholarship” to Whatever amount Kushner’s parents had to give
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