Are Billionaires Bad For The Economy?

Dear Fellow Renegade,

It’s a question that has received a lot of play in the media over the last couple of years: Are Billionaires Bad For The Economy?

To hear the media say it, we should abolish billionaires because…

• They get more of the money than anyone else
• They are part of the global elite
• They are up to no good, what do they do in them secret clubs in Davos?!

Now, I’ll be clear, I don’t support the billionaires and their secret clubs in Davos. I think there’s a lot of sound arguments against how they manipulate the global economy and get us all into trouble with their rigged realities and lies and fake money and things like that.

But when I look at the 2,000-3,000 odd billionaires in known reckoning, I realize you’re looking probably at only the cleanest billionaires. There’s probably another 10,000-20,000 billionaires the whole planet over who could never appear on the Forbes List, because, to quote AC DC one of my favorite bands, “Dirty Deeds Done Dirt Cheap!” And them billionaires probably deserve to rot in the Soviet Gulag. And they’re who you should really be worried about. They’re the ones who are creating all the problems you see around the world.

But a billionaire like Travis Kalanick of Uber? Who made his billions creating a clean, honest company that, despite its general malfeasance as an elitist institution, actually generates a positive value to millions around the globe due to its honest transportation services to the masses? Or Oprah Winfrey, who has entertained and inspired millions if not billions of women around the world to be all they can be? Or J. K. Rowling and her wonderful books which have inspired millions of kids around the world? I don’t see how anyone in their right mind would justify abolishing the existence of people like that. Even if we wanted to abolish them, how would we do it, euthanize them? The idea is preposterous!

These people are just as essential to the economy as the rest of us: they work hard, put long hours into creating the stuff the rest of us use and rely upon, and their inventions and services have made our lives easier or more enjoyable. And for that, we reward them with our money, by freely buying whatever their companies are selling.

So the question of if billionaires are bad for the economy might be best answered as: why yes they are, but mostly only the ones who you’d never see on the Forbes List. Them boys, you better run away from! But your rank and file, garden variety, blue-collar, card-carrying billionaire? They should be an inspiration. You too can join their ranks, if you so wish!

Have a wonderful weekend!

Ten
The Renegade Billionaire Habits Coach

I help solopreneurs get MORE PROFITABLE in WAY LESS TIME, grow and scale their one man businesses into time independent 7-8 figure machines that make money even when you’re asleep. Learn how in my Renegade Solopreneur Profits Bootcamp.