No. of Recommendations: 10
BHM: Wow! Progressive thinking on display. "Inequality of Outcome" is an essential component of meritocracy. It motivates achievement and efficiency. But the progressive dogma won't allow it.
Hi Mike, may I ask where you studied economics? (And please don't say on twitter! lol)
How much money did DJ Trump inherit from his folks? How about Mitt Romney? Forrest Mars Jr. and Bill Marriott? Paris Hilton? Edward “Ned” Johnson III, who took over Fidelity from his father in 1977?
How wealthy are Elon Musks parents and how did that money help him? Is that how a "meritocracy" works?
From a recent MF article:
"Only 27% of the ultra wealthy are self made: It defines them as people with a "middle-class or poor upbringing and no inheritance."
"A full 46% had a head start: Almost half the super rich either had some inherited wealth or an affluent upbringing."
"And 28% have legacy wealth: People with both an affluent background and inherited money."
"Most of the wealth accumulated by new billionaires in 2023 came from inheritance, overtaking self-made wealth for the first time in the nine editions of a study by UBS."
If my net worth is considerably higher than yours, do you think that's because I worked harder than you or I am smarter than you? (a meritocracy would say yes!)
Or perhaps, my upbringing gave me some educational and financial advantages that you didn't receive?
I think you know that America is not really a "meritocracy" but your conservative dogma won't allow you to admit it.
https://www.fool.com/the-ascent/personal-finance/a...https://www.investopedia.com/more-billionaire-weal... 