On that dribbling idiocy from Oxfam

Sam Walton’s heirs have some $100 billion between them, vast piles of cash. But that is a one off sum; they’ve got that wealth the once and the once only. Out here, we consumers are getting over $250 billion a year of value from that same creation, Walmart. Over the past couple of decades we’ve had $5 trillion and they’ve had $100 billion. Surely the bargain of the century?

….
I’m not talking about whether the rich deserve their spoils. We are not talking rights or morality here, just pure pragmatism. The reason we’re cool with the Walmart heirs having $100 billion is because we’ve had $5 trillion out of the arrangement. And we’d like the next person who has an idea to make us $5 trillion richer to think that their kids, or even they themselves, might be allowed to keep some fraction of it.

Poverty exists and obviously we’d prefer that it didn’t. That’s why we need more rich people not fewer: because we need someone to create value for the rest of us to consume.

Seriously, who cares if they get three per cent of what we do?

3 comments on “On that dribbling idiocy from Oxfam

  1. > Seriously, who cares if they get three per cent of what we do?

    The Left, that’s who. We hear the same argument for nationalising the train operating companies: we would save 3% on fares if we removed their profit margin.

  2. @ Andrew M
    Quite!
    Britush Gas gets nearly 5% of my household fuel bill and they tell me so. I made the decision to stick with British Gas when domestic fuel was privatised because they were the only ones who volunteered information on prices (the others would not tell me even when I specificaly asked).
    WalMart (locally they are called Asda) display all their prices as do Tesco, Sainsbury, Morrisons, Waitrose and I am mostly happy to pay Tesco’s or Waitrose’s prices (and If I’m not I just don’t buy). Slight contrast with the public sector.

  3. Very rich people often cause lesser rich people to gain income.
    Obviously this is undesirable – look at the result – mass obesity , strange university ‘learning’ , ‘refugees, traffic jams etc.
    Everywhere you look you can see that discrete poverty is better for the masses. They never get ideas above their station and the like.
    Hope and community must be better than
    glutinous prosperity.

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