“How Billionaires Are Damaging the Economy” - WIRED, 2022, 7:36 - https://youtu.be/2_Mx1koLOGc

This video helps dispel the myth of billionaire job creators. The share of income going to the top 1% of households has doubled since the 1980s while their collective investment in our society has been in decline. They are not using such gains to create jobs, raise wages, or uplift the lower classes more generally. Our taxation policies also allow billionaires to pay minimal taxes. While they may give to charities, their donations do not offset the damages they create by hoarding wealth. All of this is unfortunate for society and the economy as this increasing wealth inequality is associated with lower productivity.

How have the ultra-rich influenced social perceptions of social inequality as related to productivity? Would you support a wealth tax on the ultra-rich? What about other potential solutions?

From the video’s description: 60% of Americans polled think billionaires like Elon Musk are good for the economy, but the economic data reveals something very different. "These people become a black hole for the economy," says economist Gary Stevenson. WIRED spoke with Gary as well as Princeton economist Atif Mian to debunk some commonly held beliefs about this nation's ultra-rich.