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moose65

(3,211 posts)
Sat Sep 23, 2023, 11:50 AM Sep 2023

Extreme Wealth [View all]

I have been a math instructor at various colleges for over 30 years. In that time, I have observed students who don't know when their answer makes sense when they are working with interest formulas. For example, if a deposit of $10,000 is made at 4% compounded daily for 4 years, the amount after that time is $11,735.01. I have had students give me answers of hundreds of thousands or even millions of dollars, without realizing that their answer makes no sense.

In that same vein, people don't understand how marginal tax rates work, and the media does little to help. When Democrats campaign on raising the top rate back to where it was under Obama or even higher, people think that once you hit that highest tax bracket, ALL of your income is subject to the higher rate. That's not how it works.

I say all that to highlight that people really don't comprehend the vast amounts of wealth that are hoarded by the top .01%. We always lump "millionaires and billionaires" together, so people don't realize that there is a huge difference between a million dollars and a billion dollars. Most of us really have no comprehension of how huge a billion dollars is, and that people like Musk, Bezos, Gates, et al, have multiple billions of dollars.

My favorite story about this: one of my long-term adjunct instructors was an old retired codger named Sam. He used to tell his classes this: if you could go back in time to the year 1 AD and give someone a billion dollars, if they spent $1,000 a day since then, they would, in 2023, have enough left to keep doing that for another 700 years.

No wonder the vastly wealthy try to keep us fighting with each other instead of coming after them! I can't imagine having the wealth of Musk, at over 200 billion dollars. It is literally beyond comprehension.

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Extreme Wealth [View all] moose65 Sep 2023 OP
THANK YOU for trying to wake up the common man Stargazer99 Sep 2023 #1
A dear friend of mine is a math teacher momta Sep 2023 #2
That's an English problem. Igel Sep 2023 #22
It is confusing mountain grammy Sep 2023 #49
when they have so much, why do they want more? jmbar2 Sep 2023 #3
Purchasing power... 2naSalit Sep 2023 #9
There are two ways to have more than others.... Think. Again. Sep 2023 #30
Unfortunately, AllBlue Sep 2023 #59
It's because they have so much. Edim Sep 2023 #60
Entitlement, (link) the well off give less proportion of income than the working because of disconnect uponit7771 Sep 2023 #64
Republicans, and Democrats, have messed around with our tax code for so long that much of it Lonestarblue Sep 2023 #4
That depends on how the rents are calculated. Igel Sep 2023 #24
I read a book once. Srkdqltr Sep 2023 #5
Reminds me of Ozark the TV show with the same theme: money laundering. live love laugh Sep 2023 #62
All most people want is enough Bettie Sep 2023 #6
That is so true.. mountain grammy Sep 2023 #50
It's too bad moondust Sep 2023 #7
Agreed. Musk like trump, inherited wealth which IMO... brush Sep 2023 #11
That what they say. Igel Sep 2023 #26
Bill gates and Warren Buffett have their faults spooky3 Sep 2023 #23
"Good" people... Think. Again. Sep 2023 #31
What's the answer? moondust Sep 2023 #39
What IS the answer?.... Think. Again. Sep 2023 #43
Here is a GREAT simple video... ret5hd Sep 2023 #8
1+. I've seen similar visual examples - this is a very good one. yonder Sep 2023 #29
Eye-opening jmbar2 Sep 2023 #52
The example given by your adjunct instructor really brings... brush Sep 2023 #10
There is actually more to it than that. Disaffected Sep 2023 #15
Perhaps. Twitter was once worth way more than what X is now worth. brush Sep 2023 #20
The people happiest with the sale of Twitter would be the stockholders forced to sell... at full pri keithbvadu2 Sep 2023 #25
Yep. I imagine they're happy their once-invested wealth isn't dependent on what... brush Sep 2023 #28
Think of the folks who invested in Social Truth Donald ---- STD keithbvadu2 Sep 2023 #35
Sure, and that has negatively affected Musk's "worth". Disaffected Sep 2023 #27
True moose65 Sep 2023 #36
Good Post ProfessorGAC Sep 2023 #12
Haha. That's great! moose65 Sep 2023 #46
That's funny, because I started off doing something like that after a post just before yours! madinmaryland Sep 2023 #48
This is why Minnesota passed a new graduation requirement question everything Sep 2023 #13
I sold cars for awhile. Mr.Bill Sep 2023 #14
I would say to them Disaffected Sep 2023 #17
LOL. Actually the next part of the conversation: Mr.Bill Sep 2023 #19
The vastly wealthy should pay the most in taxes. calimary Sep 2023 #16
i love what mass did a few years ago. mass put in a 4% millinares tax AllaN01Bear Sep 2023 #18
According to my rudimentary math skills. Devilsun Sep 2023 #21
That's correct moose65 Sep 2023 #42
Here's a great visualization.... Think. Again. Sep 2023 #32
Thank you for putting extreme wealth in perspective. Fla Dem Sep 2023 #33
If we could leave a million dollars to our only child that would be a wonderful gift. usaf-vet Sep 2023 #34
I'm working on my second million. The first million was a total failure so I gave up. keithbvadu2 Sep 2023 #37
Good luck on two. What happens to three is the question. usaf-vet Sep 2023 #38
They have no sense of obligation moose65 Sep 2023 #45
Compounding interest grows exponentially, and that defies intuition Shermann Sep 2023 #40
True moose65 Sep 2023 #44
There was a question I thought of to stump Trump regarding the rise in Covid cases in 2020 Shermann Sep 2023 #55
I am so frustrated that the media doesn't explain this and so much else. yardwork Sep 2023 #41
"I love low information voters" Hekate Sep 2023 #47
This is an excellent post ismnotwasm Sep 2023 #51
Thanks moose65 Sep 2023 #54
I read a poll years back which showed large percentage of Americans thought they were in top 1 perce JI7 Sep 2023 #53
Wow moose65 Sep 2023 #56
Re: Musk's wealth LudwigPastorius Sep 2023 #57
Amen. Here's an example... LuckyCharms Sep 2023 #58
$200b - $200,000/spent a day ($1 million a week) since 1 AD live love laugh Sep 2023 #61
Millionares and Billionaires betsuni Sep 2023 #63
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