Posted 2 years ago on Sept. 28, 2019, 12:30 p.m. EST by agkaiser
from Fredericksburg, TX
This content is user submitted and not an official statement
Control of the work of many, not one's own hard work, is the only way to get rich.
How much must one have to be rich? If most people had 10 times what they have now, say income of $500k and net worth of several million, they would consider themselves rich. They're not, by today's measure, but let's say possession of ten times the average material wealth is rich.
How does one acquire ten times the average? Well ... it's plausible to say that if 20 people work for a one who takes half of what each produces by their individual labor and what the workers have left after the extraction is average, then the rich one has ten times what each ordinary person has.
I know that last sentence is awkward. If you didn't quite get it, read it again. Repeat until you're quite sure you understand it. Without thorough comprehension you can't grasp what follows: If it takes the work of ten people to make 1 person rich, then only 1 in 11 of us, or about 9%, can ever be rich. And by today's measure of great wealth I doubt that the real ratio is even one in a thousand. Those who have 2 to 10 times the average make the odds even slimmer for the rest of us poor muted schmucks!
The preceding is about the quaint old fashioned acquisitiveness of those who get rich by appropriating the value of the labor of workers that produce material products and services. In the 21st century, most of the rich acquire their excess by abstract financial means that have little to do with any real production.
Michael Hudson, as always, has a lot to say about real economy and concentration of wealth.