this post was submitted on 02 Jul 2023
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Bear with me here, I’m thinking about all this as a thought experiment…please don’t jump on me all at once :)
I don’t disagree with you, there is a difference in utility, however what would you say to someone who has two homes? Say a vacation home on a lake? This wasn’t uncommon for persons of older generations (before shit got expensive). Because while two homes may not seem egregious to citizens of highly developed countries, it is, relatively speaking, a true extreme luxury in many parts of the world, perhaps even obscene if you consider those who live in shanty towns or those who are homeless.
And what about extra cars? Or any other luxury for that matter? Anything that explains why those in less developed countries see middle-class individuals in developed countries as “rich”?
Now these are nothing in comparison to the several orders of magnitude greater that a billion dollars is, but take them as the best examples I can think of off the too of my head lol.
Remember marginal utility is relative. My point is that, who decides what defines excess to the point where you’d make the argument you just made? where is the line? Certainly billionaires qualify, but how many millions does one need to hit that threshold? And who makes that determination? The individual with the extreme wealth will have warped perceptions (“It’s one banana, Michael. What could it cost, $10?”), so then it must be the non-wealthy who have insight, if any, or is it all relative?
I’m not trying to defend or apologise for the ultra-rich, but I think about these things in the sense of: what would I do if I won the mega-millions? Or had some secret unknown relative bestow obscene wealth on me? Never in a million years of course, but I’m the kind of person who likes to have positions that don’t change situationally, I’d like to be confident enough of my beliefs that I’d know what I’d do if the situation were reversed.
Anyway, thanks for coming to my Ted Talk lol. Again please don’t think i’m trying troll or something, this is a philosophical question for me.
It's important to recognize just how much more billionaires make than millionaires, but at the same time, no, neither of them are good or can be while maintaining that amount of wealth, and the reason is because you cannot make that much money by working. The ONLY way to make that much money is by making profit off of others.
Idk man in some areas a house costs a million. If two people go into debt their whole life and work their butts off to pay for a house that now costs a million, I still think of them as normal people somehow yaknow
A lot of that is because we're in the middle of a housing crisis thanks to enormous companies buying up all the property, pushing normal people out of the house market to renting. On top of that, buying a 1 million dollar house doesn't make one a millionaire.
?? After you’ve paid off your million dollar house, you are a millionaire by definition.
Most of us don't pay off a million dollars in one payment??? Paying off mortgages takes a long ass time, In smaller increments. You might "technically" be a millionaire, but you won't be comparable to the kind of "rich" we're talking about here. You can make that kind of money by working.
...which was precisely their point?