Elon Musk, Jeff Bezos, And Why Everything You Know About Billionaires Is Wrong
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- Опубликовано: 2 июн 2024
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In this episode, Chelsea dissects our cultural misconceptions about billionaires, the origins of success, and the bootstrap mindset that plagues our understanding of what people can realistically achieve with hard work alone.
AOC dress: nypost.com/2021/09/18/aocs-ta...
Billionaires' income: www.theguardian.com/technolog...
Rich people don't work harder: www.huffpost.com/entry/the-ri...
Inherited wealth stats: inequality.org/research/selfm...
The rich & labor exploitation: plato.stanford.edu/entries/ex...
aninjusticemag.com/billionair...
Amazon taxes: www.cnbc.com/2020/02/04/amazo...
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The rich work more hours because they *can*. They don't have to make dinner, clean their house, pick up the kids from school, buy groceries, call their health insurance company to negotiate their last bill, etc. They can hire other people to do their life admin. I cannot work more (I am currently working two jobs seven days a week), because if I do my life falls apart.
Good point!
So true
Someone should pay you for coining the term "Life Admin!"
Not coincidentally, all the tasks you described are inherently undervalued bc they've been classified as "what your wife should be doing for you for free..." Because capitalism and patriarchy are The SAME System.
I had a boss who wondered why women need to quit work to raise a kid and mentioned Marissa Mayer as an example. The boss also was a woman, it is just mind blowing how a person can not see a difference.
Not to mention the owner class *NEEDS* their underpaid employees to pop out children to keep adding cheap labor to the labor market so that they can then hire them, but expects you to raise those children on poverty wages while working at least one if not two or three jobs. Then they will call you "poor trash" for not being around for your kids and not having much money, even though it's a system *they* perpetuated and benefit from. That might have worked great before birth control when couples didn't have much choice, but now it's simply unsustainable to demand families continue to work so much for so little pay AND have children. People are gonna stop having kids (heck, many already are, including myself)
"The rich works harder". You literally can't work harder than an entire country WTF is this argument even. Thank you for this video Chelsea.
They work smarter hahaha
@@josekaram755 Which is how exactly 😂😂, getting other people on peanuts to work for them smart?
@@josekaram755 Neither. They sell better.
@ They take greater risks. As my economics professor always says, "no risk no glory".
@@tonii5690 Having more resources allows greater risk by one measure, but no the poorer risk far more on any risk they take. Failure is death for a poor man, hence it's upper and upper middle class that rise to the top the most. That and having resources cuts the time to acquire. Ironically though the whole game is rigged by hypergamy to start imo.
As a former lawyer, I am well aware how easy it is for rich people to get away with literally everything, especially not paying their fair share of taxes
Why former? Why did you quit law?
@@chandrakantmahapatra1317 she became rich
Ironic
It’s not even a secret at this point. Everybody knows it.
@@androiduser384 lol not yet, but I appreciate your faith in me
My family is part of the "everyday wealthy," which I think everyone deserves because we still budget, have limitations, but can spend fun money without thinking about it sometimes and aren't sunken. My parents pay a LOT of taxes. The fact that Americans hold onto this obsession with paying less tax instead of distributing tax equitably because some people somehow deserve to be unimaginably rich is... Ridiculous.
just out of curiosity, what jobs do they have so i know what to study in college lol
@@emi686 lol my mom's a professor and my dad works in finance. We didn't have much money when I was little because my parents were in school/at startup jobs as noncitizens of the US so they couldn't qualify for certain positions. We only started attaining wealth when I was older - closer to the end of elementary school/middle school.
Working harder has never caused me to make more money. Ever....It has just caused me to feel guilt and very tired.
I am a full-time student and in August I tried working a second job. I was so tired and I was completing assignments minutes before they were due. I count my blessings every day that my mom stepped in and has started supporting me more.
I feel you on the guilt part too, I started feeling like I wasnt working enough (after working over 40 hours a week and being a full-time student) so I was looking down many avenues to make more money. One more dollar meant one more dollar I can save.
I am beyond glad I am receiving support from my mother, financial included, as I am in university. School is an investment for sure, so I am glad my mom is helping by investing in me lol.
It can. The seed money for my investment portfolio came from me committing to working 15 hours of overtime every week for a year, back when Amazon paid $12/hour. Yeah, it sucked, but it has *literally* paid dividends ever since.
@@epbrown01 outstanding. I have worked 3 nights in a restaurant for 13 years, since late 2008. I've made about $250,000 on top of my day job. I now own two houses, earn $1,600 in monthly rental income, own a piece of land, and have six figures in my retirement account. I'm going to be able to retire by age 50 because of the extra work I did in my 20s and 30s.
Shiba Inu coins save the day 🙌
My favorite quote about American's unrealistic optimism "the game is clearly rigged but it's going to be so sweet when I win!" -John Oliver
I'm glad Americans aren't buying it like they used to. It's also amazing to see the drastic change in attitudes people have towards billionaires than they did 30 years ago when they were worshipped...It gives me hope.
This post. Just, yes.
My favorite one comes from The Wire: "You cannot lose if you do not play." Expanded as "If you cannot win, do not play the game."
The American dream is only possible when we can secure it from the rest of the world which requires us to move to space i mean is America going to let china reach tens of billions of people while we sit here with a few hundred million yes climate change is a problem world wide and instead of burning less we start to burn more as we try and solve problems that where making worst to keep up with china but we burn more to prepare these crazy passion projects vs to safeguard only planet from anymore damage by pushing this into space the American vegetation should be huge red flags for us
That is an awesome quote.
I grew up poor…like poor, poor. The only way I knew to get money was to become a doctor (I know better now). After 13 years of college, exhaustion, staying up all to study and 500k in student loan debt, I got my doctorate degree. I wanted my kids to have the option of choice. If my kids become millionaires or billionaires and EVER fixed their lips to say they were self-made anything, I will drop kick them lol even with me growing up in poverty, my mom encouraged me along the way. Which, in itself, is a privilege some don’t get.
🤣 @ drol kick them
That last sentence ❤ There is so much to success and it's a myth that most people have supportive families. The dysfunction is out of control at every level of society and the only way to improve the situation is to stop serving the narcissistic, patriarchal, "muh personal responsibility" narrative that idolises "business", cutthroat competition, and the totally self-serving, pathetic cock-measuring contests of billionaires. In a system that is designed to have a perpetually exploited underclass, by definition a lot of people don't have a chance of rising out of poverty. The only way is solidarity and working together, for the collective good of everyone and against those that perpetuate the exploitation.
Yes, ppl rail about the govt and wasteful spending but I am only where I am now (going for my next nursing degree) bc of govt assistance and public education. Every time my mom stepped up in income she moved us farther out of the ghetto and the public education & environment got better. Her hard work and govt backing are why I am the first to have a college degree in my family. I will always remember where I came from. And I'll make sure my kids know how privileged they are to not have to start from the bottom.
You won a lottery. A rich kid that didn't study for anything and payed for the test answers also got a doctors' degree. The rich kid is better off than you because his/her parents probably payed off the university debt and gave a massive allowance for alcohol and parties. Also the rich kid parents probably have contacts that allowed him/her to start working in a company that pays way more than you.
@@rumplstiltztinkerstein what is the point of this comment? you missed the point she made entirely.
I need a graphic tee that reads “Every billionaire is a policy failure. -Chelsea Fagan”
"Kim Yong Un" - approves you !
I think something we don't mention with the ultra wealthy is that we act like they didn't have any other choice. That's just how business is done, and they won the Business Game. But any point in time, they could have decided to pay workers better, or demand that the suppliers they work with pay their employees a decent wage. They don't have to demand tax subsidies from cities, but they do. They didn't have to buy up competitors, but they did. They didn't have to force monopolies or sell items at a loss to undercut smaller companies, but they did and continue to do so. They don't have to allow cruel and dangerous working conditions, yet they continue to do so.
A few years ago, an Amazon warehouse worker was refused adequate accommodations while she was pregnant and later miscarried. Did Jeff Bezos make that decision? No. But if he decided tomorrow that Amazon warehouse workers were going to get longer breaks, get paid more, and be held to different standards, he could make that happen.
This is one reason why, as I have become more financially secure, I've bought from Bob's Red Mill (couldn't afford it before). I like that it's an employee owned company. There are many options for businesses other than being tyrants.
And this comment wins the comment section. It sums everything up perfectly. If it’s any consolation, that sort of behavior has spread to other parts of the world as well, and it’s appalling. Pay people, treat them well, and don’t act like they’re commodities. And, for shit sake, pay your goddamn taxes instead of letting the rest of us carry your load.
You are absolutely right.
@@schoolxing Costco and Bi-Mart are two employee-owned companies I patronize for that same reason.
I agree with the first point,...but for the second, I wonder why people have kids when they can't afford them... like the pregnant woman who works in an Amazon warehouse..c'mon. it's so irresponsible to have kids if you don't have enough income.
When the rich say they work harder and longer hours, it is very ambiguous. It is hard to compare doing office work with manual work. Some rich people count socializing with clients as work too, which adds to their work hours. At higher stages of management, the type of work they do are mainly just making decisions and delegating tasks, sure they have to attend meetings now and then but most of the time they just need to be present without the need to contribute anything. Is that really called working harder and longer?
+
100%. I’ve worked at the corporate HQs of a couple very large companies, and I can attest to the vague definition of “working” for C-suite people. They could walk into the bldg with no laptop, no papers, nothing, and be there all day without touching a piece of technology, and then get back in their hired car and call it a day.
I just want to ask the rich do you have a housekeeper? Do you have a nanny? Do you have a cook? Please tell me your ways and who you recommend to clean my apartment so I too can work longer hours.
Yup. Two-hour lunches, walking the halls yakking it up and hitting on secretaries, hanging around doing nothing but looking for something to criticize or some foolish question they can ask the staff so as to look important and like they're "managing" -- how many employees have the experience of feeling the bosses are at best doing nothing and that nothing can get done until they leave.
@@kgal1298 Consider querying the rich on how they got wealthy. These people post their life stories and detailed accounts of the grind they endured to achieve their wealth all over social media. There are TONS of life lessons in those stories. You're focusing on the endgame, but most people don't have the luxury of a housekeeper or a nanny on the path to financial freedom. The first step to repeating their success is to first understand their journey.
I just love hearing politicians and big Corp telling us "lowly" Americans that if they have to pay workers more than the inflation will rise thru the roof. Inflation has risen more than the minimum wage.
@The Financia..➕➊➋➊➏➎➍➎➐➎➑⓪ reporting this as a fake
My problem with simply raising minimum wage without making other systemic changes is that those who had started at minimum wage and earned raises do not get an equivalent pay bump, so they are back to minimum wage and their raise was taken from them. Not only that, but employers are not going to take the increase in pay as a loss. They will hire fewer workers and demand more from those they keep for that pay claiming that they just gave them a "raise" or raise prices on the goods and services we need to offset the cost because they will NOT take it as a loss. Therefore the person who was making just above minimum wage could either lose their job or the eaning power of their dollar would be diminished or both. I belive in the minimum wage. I belive it needs to be a living wage and that Congress demonstrated how out of touch they were when they temporarily increased unemployment to what they felt "people needed to get by" during the pandemic and it was so much more than workers were making at work that they did not want to return. Btw it averaged out to about $15 an hour. I just don't think you should increase minimum wage as a stand alone action without simultaneously making changes for others that will be impacted.
Can I just *love* this video forever. People don't understand I'm not interested in raising the taxes on people who have Cadillacs or even a nice Lincoln. I'm interested in raising taxes on people with multiple Lamborghinis..... And businesses should be required to pay the government back for every employee who requires food stamps to get by. That would very quickly sort out the wage gap.
I never thought of phrasing it that way, that Jeff Bezos shouldn't benefit from my tax dollars paying his employees food wage.
Thank you for this great analogy.
I see the opposite way, their creativity, skill, timing and decisions they made all along the way and continue to make are what makes them rich. I agree completely that they should pay double to their employees and give maximum benefits and hire more people since now their companies are huge and can keep on growing while doing so. But they can't be discredited for what they've created. Plus, our governments don't use taxes properly anyway. The tax money they get is still heavily misused so paying tax feels like funding criminals. As an artist in India, I see that the quality of my paintings is the best available in the country and people would buy it if they saw it and could pay but I hate marketing and can't get myself to do it so I thought to hire somebody to run social media but the social media managers have such high rates and didn't even understand the basic problem I had so in order to sell my paintings I will have to pay a staggering amount to someone who understands what I'm trying to solve and can do it at all which alone makes my paintings 10x expensive than they can be. Solving hundreds of such problems and growing their business is not a feat most people succeed at, hence most of us are poor and discrediting the rich means we continue to perceive ourselves as victims.
@@CtrlAltSHIT I had a friend who worked at Walmart for a stint, and management literally had a system in place to help employees with their welfare applications. It’s not a coincidence that many of these employees are receiving benefits, the companies are literally promoting it because as long as their employees *can* eat, the companies can continue to pay a fraction of a living wage.
So much wrong with this video..
The top 1% already pay close to 50% of all federal tax..
Billionaires aren't billionaires because they work 66,000x harder than entey level employees
It's because they had enough sacrifice and have ingenuity to try something no one else has.
CEOs are often compensated so highly as well due to the amount of increased revenue they bring a company. Other than that, most of the time they are fired and replaced. I have a friend who is an CEO headhunter and they sometimes have incredibly high turnover. You should follow the value that CEO brings to some of these mega corporations. A lot of the time they only absorb
@@matthewspero884 when less than 1% of the population owns more 90% of the capitol on the earth I would actually expect to see 90% of the tax revenue to come from less than 1% of the population because that would mean we are all paying in the same amount relative to our worth. Anything less than that means that those with less pay in disportionately more than those that want for nothing.
Further more than hasn't been any studies that universally agree that government is grossley incompetent at everything. As far as proving consumer goods they are pretty bad but anything that stays the same and can be reduced down to a formula like infrastructure, or education, and research in cutting edge technology. Tax funded programs have always, always given better results a they are not beholdin to a profit motive
As soon as we told the post office it has to make money instead of deliver mail it began to fail at it's job because it priorities are at odds.
Providing a good service to everyone to increase wellness across the board does not make money. Charitable foundations founded and practicallt run by those billionares almost always fail to effectively spend the money they are given because they are beholden by the wealthy to do PR stunts instead of spending money where it is most effective.
I wont say the government is good. I'm an anarchist. I want a little government and as small corporations as possible but denying what Goverments and corps are good at doing is a diservice to everyone.
I recommend the book Laziness Does Not Exist by Devon Price for a history lesson on where, how, and when the “work harder to get ahead” mentality come from the US. It’s a real eye-opener on how the underclass was sold the myth of the moral value of hard work instead of financial compensation.
Yes! I'm reading it now and it's great
It's B.S. Most people aren't used to being around people who actually work hard. They literally don't know what it means. They don't see the hard workers because the workers are...at work all of the time. They want to download an app instead of winning slowly. My dad worked on a GM assembly line while in law school and graduated #1 from his class. He's retiring next year and only took four sick days in a 40-year career.
Never heard of this book but it sounds like a good read
that another B.S
@@jmecklenborg so your dad is a millionaire due to his efforts, right?
Hell yes Chelsea! People vastly underestimate how massive a billion really is. Once you do realize it the myths around the "self-made" billionaire just don't work anymore. Every billionaire is a policy failure.
„Every billionaire is a policy failure.“ Amazingly put.
I’m going to write this quote down and use it whenever someone tells me how amazing these people are
Gosh, "Every billionaire is a policy failure" smh. Sometimes I wonder what am I doing on this channel... Feel free to roast me. I'm obviously very confused rn to be among people who comment things like this. You want to watch a woman in finance and this is what you end up with perhaps. I mostly love the content, but please, there is nothing wrong with being a billionaire
@@YaoiHoshi Hell yeah!
@@Iwasjustwondering89 Thank you
I know I don't have what it takes to be a billionaire. Really, I just want to be rich enough to fly economy at the drop of a hat and not plan travel around trying to make it as cheap as I possibly can.
💛💛💛💛💛💛💛💛
Right there with you. If being a billionaire means exploiting workers and finding loopholes to not paying taxes, then it's not worth it. Who needs all that money to enjoy life?
@@bambi_gunz & in my honest opinion, if u gain billions from all that…2 me it’s dirty money…& in some dark cases “blood” money (not just cash gained from assassins).
Most people don't have what it takes to be a billionaire because even if they're smart, work hard, and have good ideas, most people aren't sociopathic enough to want to succeed on the struggle and exploitation of thousands of others.
The quote about America’s poor seeing themselves as temporarily embarrassed millionaires! Wow - that just sums it up. This is the whole problem in a nutshell. As if to say “why help my own social class when this is just a temporary stop on my way to huge wealth?” And then no societal progress is made. That point just hit different. Thanks TFD for this top content!
Yep. It describes my parents perfectly.
It's also not true at all. The poor don't see that at all, they just don't have enough resources to be heard over talking pieces that are approved.
You can move up to the millionaire class, everyone can, the opportunities are there, but no one will give it to you on a silver platter, you have to save and invest. Its very doable, have you read the Millionaire Next Door, its kind of a classic on this subject.
@@sprinkle61 lol.
@@sprinkle61 listen to the whole video. Social mobility is not quite that easy.
I would love to see you do one on mega churches/ religious tax exemption.
I have a feeling we will never see that.
@@tonii5690 We ABSOLUTELY SHOULD!
YES!
I wouldn't mind tax exemptions for churches if they weren't busy telling the government how to run this country wirhout contributing to it.
@@chuckluvsmusic2much which country is that?
Chelsea saying “upstart business” instead of “startup” gave me so much more dopamine than it had the right to
People are starting to understand toxic masculinity, so perhaps it's time to introduce the idea of Toxic Individuality; the idea that people stick to traditional ideas of individual responsibility and social mobility even when those ideas are unrealistic, and adherence to them is harmful.
this!!!
A friend wrote the declaration of dependance. Its in Dutch though
Masculinity isn't toxic. Many men need therapy and exposure to culture but masculinity isn't toxic, infact, it has been and continues to be vital to humans. About individuality, the truth is that wealth alongwith culture, infrastructure, amenities, research is all built over generations being productive and minimizing destructive behaviours of all kinds. So, if a millionaire has children who go on to become billionaires then you have to look at the generations of the family that contributed to the wealth of the billionaire. But we want to shed responsibility and live a life full of decisions that don't lead to wealth and then whine about people who chose wealth over other options.
Ooooh love that TERM!!! Toxic Individuality!!! You, mister, have won the internet in my book!!!
Yes. I learned this the hard way entering my 30s: No man/woman is an island and it’s impossible to make even the smallest progress alone. Someone contributed something to us, whether we know them, have them near us or not. That includes ideas and advice by people like Chelsea and others like her, alive or dead, published or nay. Family or not. Friend or foe. Our knowledge is learned from others. Toxic individuality is probably the worst thing taught in this country as it affects how many of us grow up seeing community. Community is the root of society, not an option and refute my bot expendable. Without community we have so many social and mental ills like anxiety and depression.
Would recommend looking into "philanthrocapitalism" and how it perpetuates colonisation and poverty, as well as ruining communities all over the world. Bit of heavy reading, but well worth it.
hear hear.
Yeah our society by design needs poor people from what I can see. Otherwise how would everyone be freaking out that restaurants and such are short staffed
Read "Winners Take All: The Elite Charade of Changing the World" by Anand Giridharadas - you'd love it.
So the Catholic church...
Lol working two jobs for minimum wage and not earning enough to pay your bills is the hardest work you'll ever know. Facing the next customer when you have no hope and no way to make anything better for yourself or your kids... its hard beyond words.
I got lucky, had a small inheritance come in (five thousand dollars) and I was able to get ahead on bills. For the first time in a long time. That let me make a few small steps towards my own goals, and now I have one job for more than minimum wage.
Hard work does not equal more money. The two are not cause and effect.
Literally impossible not to have exploited many people to get that rich (or you inherit it from someone who did).
I would offer as counter-point Elon Musk. Yes, he does not pay top wages to all employees and he demands a brutal work schedule since his goals are incredibly ambitious and he fears not being able to complete them before he dies. But stock options are offered to employees that make them part owner of what they are helping to build, not to mention safety is paramount and full benefits are given with employment.
You can become insanely wealthy AND be a good person treating people in a humane fashion. Money is a magnifier of the person, it magnifies the good as well as the bad. It's a sad fact that wealth tends to attract people who are willing to do anything to attain it, but sometimes wealth is created as a by-product of striving towards ambitious goals and wasn't the intended goal at all.
@@AmosIrontree his family wealth comes from really gross stuff in apartheid South Africa. Nope
@@justingerald Except that's a myth. I have read two different biographies, one of which was not flattering. His father had minimal wealth of which Elon got none when he moved to Canada. He worked himself through school and built his own wealth from the ground up. He may have had a somewhat privileged lifestyle in South Africa growing up, but all that ended when he moved to Canada at 16.
@@AmosIrontree Elon engages in Union busting and Tesla factory workers are treated badly, he's literally the worst example
The only counter example I can think of is JK Rowling, though it isn't perfect because the movie industry and pulp and paper industries are super exploitative. But to be fair to her, I am sure she didn't personally have anything to do with the exploitative parts of the industries which enabled her wealt.
One thing that bothers me about some of this "charitable giving" is that it doesn't truly capture where the funds are coming from. When I see that companies like Comcast or Netflix increase their prices for customers like me and then they find the resources to be so "charitable," it is clear they are just taking from us and giving to organizations that fit their cause or needs at the moment. I would rather those companies not be so "charitable" off the backs of their customers. I don't even understand how these companies think it's so great for them to promote their charitable giving in the same years that they increase prices. It's nasty.
As a social worker constantly watching my Canadian gov't funnel more money out of social services and into ultra wealthy corporations, I saw the title of this video and thought, "but I currently think that billionaires are corrupt, destroy innovation, and exploit the poor internationally for personal gain."
Good news, this did not teach me anything about billionaires, but I very much adore and validate this video's existence as a solid summary of the issue with the existence of billionaires.
Still wish Canada paid its social workers better though, not going to lie. I'd love to be able to help people with social programs without relying on those social programs myself.
I'm also in Canadian (Vancouver), and I 1000% agree that Social Workers need to be paid way more.
I don't believe people outside Canada understand how corrupt the government here is. If the USA is a third world country dressed in a Gucci belt, then Canada is a cartel dressed in flannel
Much love to Chelsea for saying "I WILL go on a rant about the fetishization of hard work and labor because I WAS promised an automated luxury-communism future"
Amazon pays very little taxes even though their model is DEPENDENT on publicly funded infrastructure.
Honestly this video is amazing. Yanis explains how corporations "take government buyouts and invest in their own company, buying out their own stocks instead of investing in the economy" and exploit the government to make a profit. It's 25 min but a good watch!
ruclips.net/video/_jW0xUmUaUc/видео.html
As an employee myself, human nature is this: a human will do something as long as you continually allow it (i.e. take advantage of or EXPLOIT). At this point, how companies are responding to ppl mass quitting and raising wages to get workers back should let everyone know that the power is and has always been with the people ✊🏻 These companies need workers, but there is still a percentage of workers that just accept what they're given either bc they believe they can't get anything more or can't afford to go on strike bc they're working check to check, etc. But if everyone took a stand together, employees could get what they need. Period.
They used to just beat and kill strikers. Now they can do the same thing effectively by leaving the workers without any financial wherewithal whether they are employed or not.
that's why we had unions in the past, until they were disbanded by President Reagan
Analyzing through a Hobbesian lens, Humans are born evil and require law to bind them or else they will live in the state of nature; where life is solitary, poor, nasty, brutish, and short. through this lens, society functions where base instinct to lie, steal, and exploit are met with punishment. Instead we have the wealthy putting others into the state of nature while they are free to lie, steal from, and exploit the ones theyre pushing into the state of nature.
That's what unions are for until unions get stupid and don't actually help their members with negotiations.
**jumps to her feet clapping rapidly, shouting 'BRAVO!', wipes away tears, continues clapping**
The thing about the rich working more is so frustrating because it ignors the fact that a billionaire can work endless hours and pay someone to clean their house, care for their children, cook their meals, do thir shopping and run their errands. A regular person does ALL of that in addition to the minimum 40 hours a week. When you add all of hours of work it takes to do those things, which the billionaire class can so easily outsource, with the 40 hours work week I guarantee the poor work more.
Well the idea that people like Bill Gates made it out of a garage by sheer genius and hard work keeps making the rounds while completely disregarding the considerable help he had from his parents, both financially and through contacts.
so does that discredit his genius in computers and his ability to turn what his parents gave him into a fortune. Sure he had help from his wealthy parents and their wealthy contacts, but how many wealthy people’s sons or daughters actually become billionaires with that money? not a whole lot
@@sweatyalbama8663 How many poor geniuses without money and contacts stay poor? How much luck is involved in meeting the right people in the right location?
Billionaires are an abomanation made of luck, bad politics and inequalitity.
I wish companies would just stop exploiting workers (above all in developing countries) instead of funding charities.
Funding charities is tax right off
Then there would be no profit. Perhaps a limited % of profit gain allowed. You can't take 3x what your workers make out as profit for instance.
@@khushichadha512 so are employees salaries and compensation packages
@ that makes no sense. In some industries you dont have enough profit to pay more without hurting the business. That and an employee is supposed to save or create revenue 4x their salary. That way the business has room to grow.
@@HH-le1vi You clearly didn't understand my inference, given low profit margin businesses couldn't possibly pull out more than 3x what the workers cost. The higher profit margins would or course have to pay more to take more home.
Hearing about Jeff Bezos reminds me of the era of the Robber Barrons and John D. Rockefeller. Wasn't it John who loaned money to the US Government at one point? History often rhymes.
I believe it was J.P. Morgan Jr. that gave the U.S. Government gold in exchange for 30 year bonds that saved the treasury in 1895-ish.
@@jennifercoleman517 I appreciate the correction!
@@DivaViews Your point was spot on though!
@@jennifercoleman517 You're correct on the name except it was J.P. Morgan Sr. (not Jr.). Also, he didn't only bail out the U.S. federal government once but twice, in the panic of 1893 & 1907. Which eventually in turn allowed the Morgan's and other families to create "The Federal Reserve" by default in "The Great Depression."
Chelsea and TFD friends- points one and two ("the rich work herder" and exploitation of the workers is VERY much intertwined in the US. People are constantly asked to work more for some nebulous reason with the back story that the rich work harder, and in the end they are just exploited for more output that benefits someone else.
One thing that is constantly missed- the people who actually physically work the hardest are also the worse paid- farm workers. I challenge anyone to pick food for even the good income they get, and there's almost a 100% chance they will not do it. Farm workers are so poorly paid that not only do workers need to be imported, some are smuggled in for even lower pay.
The debate is framed incorrectly. Its not who works the hardest, buts who’s work is more valuable for the market. Repetitive and automated tasks usually get payed a lot less than sales related or high level decision making work :)
@@josekaram755 That's the justification to pay workers less. Down play the value, even though w/o the workers, nothing gets produced. What good is a management decision if you don't have tomatoes or cars to sell?
@@alfamaize Sadly, more than a justification, its a reality. Unfortunately theres a surplus of unskilled/unexperienced workers and high level workers are scarce, hence why companies fight for super skilled CEOs and pay them that much. In the end, the market is going to adapt to the offer and demand of workers, if you had 10 people that could do the CEO job efficiently, you would hire the cheapest. The same thing happens when you have tons of workers that can do their job after some basic training/onboarding process. With automation this is only going to increase and I think the correlation between "type of work" and income should replace the "how hard you work" notion.
@@josekaram755 Most of the "unskilled/unexperienced workers" are still doing jobs you probably couldn't or wouldn't want to do. They should be paid a fair, livable wage. Screw the idea of a "super skilled CEO." Show me one CEO that can't be replaced by some other person in a months time. And the only reason that employees who are ~officially~ highly educated (which is what you mean by "high skilled") is "difficult to find" (probably just people asking for fair wages) is because of the extreme wealth inequality and greed present in the highest earners in the United States.
@@Ronsonpeters I completely agree! People should be paid fair wages. Sadly, the surplus of unskilled workers is what keeps things that way. The market adapts to the offer of workers, take the US right now, business owners are having to pay higher salaries because they dont find employees to do the work they need done. Its the same for CEOs and much of the skills Im talking about you dont get with a college degree (if thats what you meant?). Those skills come from years of real world hours or from being in the correct niche (like with skills, some industries pay better, take finance for example that pays much more than other niches). Im not against fair wages and reducing inequality, but its a fact that the market pays more for certain kind of skills and work. And no, I dont think you can replace a CEO with someone that lacks the leaderships, experience and analysis skills they have. Often time CEOs are employees aswell, as a business owner, you pay them a ton because they are everything but easily replaceable.
I had friends who worked at Microsoft for YEARS as 'contracted workers' or temp workers. so they could avoid paying benefits.
My friend Sam finally had to be hired after he had been a "temporary" worker for SEVEN YEARS.
This is so true!
I work as a "Freelancer" for a famous publishing house and the only reason I took it up (the contract stated work timings instead of deliverables, which is absurd for freelancers) is that they pay well. Basically, a 9 to 5 with no responsibility for the well-being of employees.
They usually have limits on that at least in the California they do. I'm a contractor for a large company and I get cut at 9 months with a 9-month extension after that they can cut you. Disney is a bit longer they can re-do the contract for about 3 years before HR will force the worker to either be hired or replace the contractor. I guess Microsoft policies might be a bit extended, but this is common through out silicon valley and large tech companies. Though I will say most of the time when I take a contract I get brought on full time.
A local company did that to its workers until they got sued. Now they hire after 1 year of steady work which most don't.
That's how it was as a FedEx driver. As contracted employees, it was up to our contractors for our benefits, pay, and the maintenance of the trucks. My contractor at one point ran out of money and couldn't afford gas or chains to drive safely in the snow. I was pressured to drive up a mountain during winter chainless. It was one of the scariest experiences I've ever had. Oh and I never had benefits either.
Absolutely agree with this video Chelsea! I would be interested in hearing about you, a regular wealthy person, how your marriage contributed or hindered building your wealth! I think amongst non-insanely-rich people, there is so much inequality between single people and those who are coupled up (I say this as someone who has a partner and definitely benefits from being a two adult household, but who also makes more than her partner on a fairly modest salary). Since money tends to make you money, being in a couple (esp when one or both of the partners makes good money) is more likely you help you build wealth. Would love an analysis on this!
Would love to hear about this as well!
I'd love to see Last Week Tonight do a big multi-episode deep dive on the richest people in the world and where their corporate "charity" actually goes.
It was covered in one of the episodes of patriot act by Hasan minhaj
Chelsea, it would be cool if you could cover more deeply the enterpreneurship side of becoming rich. Example: the trial that is currently going on with Elizabeth Holmes from Theranos, the We Works circus... As an ex-enterpreneur myself, I believe it would be nice to shed light on this subject, since company founding and funding have a lot to do with out of proportion fortunes
Seconded!
Seriously. Amazon operated at a loss for seven years before turning a profit. Jobs and Gates started their companies in a garage.
I love that your sign off is “all right, comrades.” That made my day.
I'm a new listener. Is there a story behind this line? Or is it a reflection of her political leanings? I thought she was or is an overnight millionaire.
@@jean9l187 she definitely is not. She draws a salary of 90k/year, and is not the highest paid person at her company. TFD started as a Tumbler blog almost a decade ago, and after receiving a small grant of $5k from John and Hank Green she and Lauren started the TFD company. She is very honest about where she came from, the bad financial decisions she made as a young adult and has been building from over the last 10 years, and how she feels about her responsibilities as a small business owner now. That’s why the sign off cracked me up-she’s poking fun of herself, because she is a strong supporter of ethical business ownership and paying taxes. And probably also poking fun at the people who really do believe she’s a communist. I hope you’ll check out more of her videos! The one from maybe 4 years ago about rich people was the first video I ever saw of hers and I was hooked.
That made me laugh!
Comrades, eh?
God if only this could convince a few people I know to stop devaluing themselves and worshipping the ground billionaires spit on.
That part
Can't watch this yet because work, but HIGHLY recommend giving the Billionaires episode of Explained on Netflix a watch. Condensed, concise, and sure to piss you off.
Why exactly do we need to be pissed off at billionaires? Millennials don't care about money and don't work as hard or as savvily as their predecessors (assuming we're all not fresh immigrants), they just want to sit around and focus on themselves but then are real bitchy about having "less opportunities" somehow besides the fact that things have never been better for the blighters. Which is what they are, a blight. This religion of "being rich is bad and they need to share it with MEEEEEEEE!!!!" is stupid and unhealthy for the long term. Doesn't it make more sense to create more jobs rather than syphon off the rich so all the idiots can conintue to sit around whinging and complaining?
no of course it's not from working harder, it's from working in specific ways that are overvalued, namely starting a company with money & doing it smartly and luckily
It would be cool to see an "if we taxed the rich, what society would look like" video. It would be interesting to see how many millions/ billions would go into state /federal pockets and what could be accomplished with that money... healthcare??
Nothing would be accomplished, because taxing the rich moves the money from the hands of the wealthy to the hands of the government, and we've seen them in action.
USSR?
It wouldn't do anything good overall. You force the rich out and they take everything they built with them. Then you have no job creators or anyone to help fund the means of production and at that point you'd become a communist state and that's never gone well. Ever in the history of the world. The issue with healthcare is the price. They could reduce that by negotiating with big pharma and passing a law that states that insurance companies have to pay a minimum amount per procedure or claim and if they don't they get huge fine. Cause right now even though an insurance company might agree to pay 70% of a procedure they rarely do. They'll just pay as little as they can and the hospital will write off the rest on taxes.
If you taxed the rich, they'd simply take their wealth elsewhere
@@MJ-uk6lu Yeah, suddenly everybody will speak russian and one political party will magicaly disappear.
Seriously Dude, socialism ≠ dictatorship.
I'll likely never end up uber rich, but if I do, I'm determined to put a cap on the money I actually keep, donate to real charities and not made up foundations that make me feel better about myself, avoid every possible tax loophole I can, and put as many unhoused people into furnished apartments as I can. There's just no reason to hoard as much money as these people have, even knowing that your money makes more money that could then help people--so much of it has to be locked away to do nothing but make money. Like endowments. Such a weird concept.
Same. If I ever get that rich, I really want to put resources to help provide affordable housing, education, & healthcare as well as proper resources to help people get back on their feet. When people are well cared for and feel safe, they’re able to do more good for themselves and the world.
@@JuriAmari ++++
Sure… except that powering ones way into the top percentiles doesn’t remotely work that way 🤷♀️
And we’re back to the whole “reality” thing… capitalism tends to excess - it just does.
I want to get heated about this TFD rant, but I just can’t. Only in this kid of system can she sit there making money from ads and eyeballs the turn around and cry about it! I mean it’s really a bit embarrassing.
I don’t think we can possibly deal with how interconnected EVERYTHING in our economic and social systems - ALL our systems - are that drive to exactly the outcomes we are living in. Frankly it’s too depressing. But it’s for sure that these discourses tend to be pretty superficial about these interconnections - understandably so…
The kool-aid of "if they can do it so can I" is so very seductive. But realizing that it is based on such subtle lies knocks the shine right off. Thank you for pulling back the curtain and reminding us of what REALLY is happening in "billionaire land".
Not taxing the rich is corruption, pure and simple .
but what happens if you decide that there are no borders and all of Latin American pours in? At what point do we recognize that Americans are supposed to pay taxes for the world? I have a good point.
@@papeearl6599 more like an irrelevant point!
I'm so glad someone finally kept it real 100% here. I always thought it was crazy people are FINE working much for the sake of financial gain. I believe that's the trap of financial freedom: it warps minds to think not working is terrible and you always need to be on the grind until there's nothing left. Why not just find more efficient ways to get there that don't drive you insane? I would not work after I got millions and actually start to enjoy life with those I care about. Great vid!
I've been saying all of these things for years and get written off because I am poor and live in poverty It is so refreshing to see somebody that is financially stable saying the exact same things I'm subscribed to the channel I'm watching your entire backlog I could not be more impressed by you Chelsea thank you thank you thank you for speaking the truth
Its scary to think how developed countries still hold on to the "Work harder. Longer!" Like, unless its my own business i don't want to think about work nor do i want to give so much energy to it!
I second this!
Exactly
this attitude is a good example of why you have to double check and come around and make sure the stupid millennials are doing their job because half the time they aren't. They're so stupid and entitled.
then start your own business then :)
@@papeearl6599 Pay peanuts...
In all human history it’s the middle class that truly help the working classes to reach social change . Because they have worked their way from the bottom to comfort
I still don't know what someone can possibly do with 100M +.
I would be fine with happy with 5 M and 10M is more than enough.
Lets just say you lack imagination 😂
@Fun is the reason
Love ya😂😂😂💕
Drugs and boats. Also investing into other companies to generate more cash.
Exactly
I would buy a piece of pristine wilderness and not allow any humans there to ruin it. Basically organise a reserve. Humanity already takes too much for one species, and it probably won't change soon
It seems to me that the reason Americans prioritize hard work and see that as a measuring stick relates back to the Puritanical roots that formed this country. You can see its fingerprints everywhere in this, and I think ultimately that mindset is what needs to be debunked and undermined because it's so pervasive in our culture so many of us aren't aware of it, and it's easy to overlook. It seems like we're all leaning more toward accepting that everyone should have access to basic necessities (especially if we're one of the richest countries in the world and hold a great deal of its wealth), but unless we really diagnose how that "work hard until you die and have no joy at all!" mindset affects all of us, it's such an easy mindset to fall back into because it's been prevalent for so long.
I think that is partially true. It has also impacted our religious and anti sexual mindset in society as well. It’s also our drug addiction issue. We can’t enjoy life so we have to get into drinking and drugs to enjoy it. It has impacted all over and has impacted everyone.
I'm going to stop putting billionaires on a pedestal
Put the right ones there. Bezos and Musk, good. Escboar and other pain inflictors, bad. Do you understand why?
@@papeearl6599 Bezos and Musk are not good guys, they just want you to think that, trust me.
One acquaintance was very anti-tax because he saw that with hard work he'd have a million in the bank by the time he retired and he didn't want that taken away from him by the government. Explaining that a million was miniscule compared to the wealth and influence of those whose holdings are in the hundreds of millions and up, and he and his million is not who "the socialists" or "the government" were after, seemed to trigger a💡moment. I hope this video does the same to a lot of other people too. Wonderful video!!
Yeah if he'd only reach a million in his 60s with _truly_ hard work, his income isn't even what Congress is trying to tax now (400k+/yr in earned income)
lol I had to explain this to one of my "rich" friends who just has a good job at a FAANG company. They're not rich. They're middle class. I said "Nobody cares if you were even a multi-millionaire. You're poor." *compared to billionaires and always will be*
Every "get rich" book I read emphasized how much they DIDN'T work to get rich!
I knew quite a bit about this topic, but still, I learned SO MUCH MORE from this video. Thanks Chelsea!
I'm so tired of this world. There's no point in being alive when life is like this.
This literally makes my blood boil. Why are we not taxing the Uber rich and corporations appropriately so that society can run better as a whole? Then American system is so so broken. Knowing that if I bust my behind to pick up extra shifts 8 months pregnant and leaving my toddler home with my husband and getting pushed into the next tax bracket in an already ridiculously taxed state that made us owe basically taxes in the amount that I had worked extra all those months makes me literally sick. The system is rigged to pick the bones of the poor and the “middle class” that’s disappearing is so messed up. If you decide to stay home to take care of kids your income gets hit. If you put them in daycare your income gets hit. You try to pick up more shifts your taxes get raised to a point that it was pointless to pick up extra. And mind you we live comfortably I can’t even imagine for people who actually live paycheck to paycheck. We really need to do a rehaul of the tax system to tax these corporations and Uber Rich appropriately. Makes no sense I get taxes 35% upwards of my hard earned money while people like Bezos etc paid 3ish%!
Bezos pays the full tax on his income, just like you do. The channel is complaining that he has assets, which are not taxed under the US INCOME tax system, until he realizes the gain by selling them. It would be the same for you, if you owned stocks like Bezos does. This is in no way unjust, everyone pays tax on their income.
@@sprinkle61 it’s not about income tax though is it? You really think big corporations are taxed fairly? The TFD isn’t complaining but pointing out the facts of how screwed up our tax laws are in this country.
@@adeela1940 Our tax laws are mostly fine, now you will have to free your mind for this last point, but corporations shouldn't be assessed taxes, because they are merely paper entities that allow people to work together more efficiently. amazon is just a group of people sending other people stuff, it creates none of its own money, and it only has earnings because those funds are paid by people buying its stuff, so if you tax amazon more, where will that money come from ? Answer : it just charges more for its stuff, to pay the tax (!!) So a higher corporate tax actually only taxes amazon customers more, because all of amazon's money comes from us. In the end, all taxes are paid for by normal people, so for fairness, amazon itself should pay no tax, and all taxes should be assessed on the people that get profits from amazon, in proportion to their share of realized profits (progressive rates), because they can best afford to pay them, not the hapless purchasers of amazon stuff, who are mostly not well off, and don't deserve to pay another 10 % more, because Bezos is unpopular this year.
Your blood is literally boiling? How are you able to type much less be alive? Sorry, couldn't help myself -- this is a peeve, my burden to bear :-)
1 million seconds = aprox 11 days. 1 billion seconds = 31 years. The order of magnitude from millionaires to billionaires seems not that great when we think of money. Thinking about it in terms of seconds, days and years made it more material for me.
Thank you, Chesley! I usually never finish listening to you but this here stuck a chord for me. Making me think that I am a tempirarily confused millionaire is exactly how I see the government operate in any country these days. That's me finally getting a jib that pays seemingly 3 times more than my previous job but still lagging behind any equal professional's income in the developed world to also be offset by devaluation later in Feb 22
I was nodding along knowing to all of this, right until you explained where the money in the foundations was going, thank you Chelsea for the knowledge hit today. :)
This is my favorite video of yours in a while !!! I have been thinking about this subject for a long time! And I'm so happy you put all this research in one video.
As someone who was born in the batters box, I have learned that wealth has a direct relationship with risk, not hard work. Anyone can take a risks, and we happen to worship those who have reaped the rewards in the most extreme ways. People forget that this is all about timing and resources, and plenty of amazing people have lost everything when they took the same level of risk.
Great video!
Most of these billionaires also become so rich because of the government-all the while maligning it. So all of our money is going to a few people. :/
I really love your insight on wealth, work and how we have such a destructive misconception about it. Your demonstration is also super easy to follow and makes a lot of sense. It resonates with my own ideas on the subject and I thank you very much for putting it out there in such a clear way.
📲✚① ⑧⓪⑤ ⑧⑦④②⑦⑧⑥wh𝔞𝔱s𝔞p✅&
Thanks for commenting/
Another good one, Chelsea!!! Thanks for including links for more research.
This and the Gilmore girls expose are brilliant. Thank you so much ❤️
"Alright, Comrades" had me dying XD
Just finished. So well articulated. Ive struggled to communicate my same thoughts so coherently in arguments with friends.
Tell you what Chelsea, I love your channel & the advice you provide! xx
I have nothing but respect for you Chelsea. You are one of the very few Americans that are able to see and address the structural issues that perpetuate the outrageous injustices in the U.S. (the healthcare system is perhaps the most obvious one). And you do it in such a clear, assertive way.
Please get into politics!
Hugs from an European friend
P.S. I giggled when you said “comrades”. Just understand though, that the public you are trying to educate with your message is the same public who will not understand the ironic use of this kind of terminology.
I think a lot of why we tend to idolize luxury and rich lifestyles come from what we see in the media. I don’t think most of us would idolize it if we were just living our day-to-day lives, other than perhaps looking at our neighbours. In turn, the media we often consume (advertisements, popular TV shows, etc.) are probably controlled by the rich. I definitely believe there is a desirability of the rich and their lifestyles that we didn’t plant in our minds by ourselves.
You idolize what you see in the media? lol. It's your responsibility to grow up. it's always been this way, just in the past, people grew up.
@@papeearl6599 These ideals can be subconscious. If you study marketing, you'll see that they often play on human psychology in advertising in a way we can't always comprehend consciously. People of all ages consume all mediums of media and form opinions based on it. Even the idea that people in the past "grew up" and "took responsibility" is a generalization that may have come from some sort of media.
Wow so much work and research must have gone into this. Thank you for doing this work TFD. I hear you!
I really like these last videos where you talk about macro economic challenges that as a generation face every day. The financial tips are great too, but these opinion - more serious- videos are great. I love your channel!
It's very interesting how people define "the rich". Coming from one of the poorest countries in Europe, to me "the rich" are anyone who owns more than 2-3 million. People like Bezos are anomalies, "the ultra-rich", that shouldn't even exist. When people want to say "I want to be rich", I never imagined that they meant "I want to be ultra-rich"
Chelsea, you have the best financial channel on youtube.
Preach! We desperately need better class consciousness in this country. I don’t think people truly comprehend the vast difference between being “rich” vs. being a billionaire.
I love the integrity of this channel.
The "born on first base" analogy was great.
ETA: I love the video essay direction this channel is taking.. great video! This stuff needs to be shared!
I laughed out loud when she said "All right comrades..." At the end.
I see nothing wrong with working hard. I didn't grow up in poverty, but my family was definitely still looking up at middle class. I've worked hard at every job I've had, because I truly believe hard work pays off. I make a decent living, which is allowing me to start investing and cleaning up the mistakes I made when I was younger.
That said, no, the returns on hard work are not infinite or exponential, nor should they be. Executive salaries should be tied to and capped based on the lowest wage the company pays. There should also be more of a push for corporations to pay taxes, and to stop allowing companies to pay their executives with anything other than a direct income. Stock payments, etc, should also be capped.
another BANGER Chelsea! Your videos are always so insightful and well delivered!
This video is SO amazing, finally someone who says what needs to be said in a clear and honest way
You are my favorite RUclipsr ever, ever! I admire you deeply!! Thanks for this incredible content.
You should get Second Thought on to talk about this type of stuff Chelsea!
This is so amazing and so refreshing to have a personal finance platform explicitly analyze and critique our economy
The best ever video you have ever made. I thought I'd never see a video like this on mainstream channels. Go on.
Particularly on housing policy, upper middle class Americans one of the biggest roadblocks. Try getting rid of single family zoning, minimum lot size and parking minimums
I love your financial advocacy! ✊🏽✊🏽✊🏽
Great content. Ty for the very good info. You help make this world a better place.
I think class consciousness is at the core of so much liberation work and its not talked about nearly enough. thanks for this video i was smiling all the way through.
I’m here for Chelsea’s opinions 🙌🏽
I'm not rich because I picked the wrong parents!
Love this broken down explanation of everything and some of the psychology behind things!
Chelsea never stops impressing me. Thank you for this video!
Me, A liberal living in LA who grew up largely in a Republican area in Michigan can confirm that a lot of people who I grew up with will waste time protecting billionaires and millionaires thinking they too will reach that level. My one joy in life after living there, though, is that my mom has no choice but to defend me because I worked hard to get my position in life because all her friends try to insult me for being liberal. Meanwhile, they'll complain about covid vaccines, not wanting to take them and I get to go diving in Tahiti. People need to mind their own business really being for medicare for all, better worker rights, parental leave, and so forth is not the downfall of society, but billionaires will make you think it is because they want to keep that money for their own playgrounds in the sky.
First time I comment in one of your videos. I celebrate you do not take a neutral/lame stance, when it comes to talk about class consciousness!
So glad to see you mention Linsey McGoey's work! Her book "No Such Thing As A Free Gift" is one of the best nonfiction books I've ever read. The way that these "charities" are designed to make people dependent on unaccountable and non-transparent private capital is really sickening!
This is an amazing video. You really know how to expose your ideas in a logic and simple way. I love your rhetoric.
Unfortunately, videos like this do not become mainstream because everybody is driven to watch what suits our believes.
However, thank you so much for this didactic content.
11:04 A warehouse worker is indistinguishable from one working at Amazon, but Amazon will outperform the generic warehouse better. Even traditional retail titans like Walmart can't keep up. The system of conveyor belts, robots, scanners, planning and all don't come from the warehouse worker. That expertise has a value that someone is more willing to pay someone to do that more than the warehouse worker.
For sure it's not about becoming uber rich by working a thousand times harder. It does, however, have something to do with winning the ovarian lottery and then being in a position to take on more risk early on in your adult life.
lol deconstructing intelligence 101 and constructing systemic BLAME. Honey they're just smart. They aren't aristocrats.
True. We shouldn't be working harder. We should be working smarter and less. 💯
Great video, loved the attitude! Definitely agree that our views on the super-wealthy as a society need to change