Comment on Modern Monetary Theory: Musk Edition
UnderpantsWeevil@lemmy.world 13 hours agoNet worth of all US billionaires is 8.4 Trillion.
The productive capacity of the accumulated capital owned by US billionaires exceeds $31k/person/year.
The “Net Worth” figure is deceiving, because it’s the exchange value and not the use value. Sitting on tens of millions of vacant real estate units, many of which are underwater on their purchase price, shows up as far less on an individual balance sheet than the material benefit of not being homeless accrues to a homeowner.
Blue_Morpho@lemmy.world 4 hours ago
If that was true then taking all their capital and distributing it would be more than $31k/person/year for each individual receiving their share of the 8.4 Trillion.
UnderpantsWeevil@lemmy.world 3 hours ago
Yup.
Blue_Morpho@lemmy.world 1 hour ago
So it doesn’t change anything. You get $30k and yes that $30k is worth more because it can generate maybe $3k in investment income for you a year. It’s still only $30k.