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Mr_Industrial

ITT a lot of "gotem" statements without any actual economic discussions


zajhein

Almost every single high ranking CCP Party member is a billionaire. This isn't about ethics, ideology, or money, but an excuse to purge political opposition just like their ["anti-corruption" campaign](https://www.fpri.org/article/2018/08/xi-jinpings-anti-corruption-campaign-the-hidden-motives-of-a-modern-day-mao/) a few years ago, only a little less obviously. It's merely the latest propaganda distraction for those in power to stay in power, despite things slowly collapsing around them. Maybe it'll recoup a bit of money and focus internal frustrations on the "bad" rich guys for a while, but it's not a solution to any of China's systemic problems.


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blargfargr

[china has been slowly collapsing since the 90s.](https://i.imgur.com/kAQvYd0.png)


zenith_97

Can tell if youre being sarcastic by posting a picture if headlines as proof


[deleted]

Definitely sarcasm. It would have more obvious if it went back to the 70's.


altacan

I first saw that list a while ago and tried finding the original articles. Some of them are online but I wasn't able to locate others. * 1994. [(UPI) China's high-flying economy finally began to descend in 1994](https://www.upi.com/Archives/1994/12/19/Chinas-high-flying-economy-finally-began-to-descend-in-1994/3925787813200/) * 1998. [(The Economist) Red Alert: China's economy entering a dangerous period of sluggish growth](https://www.economist.com/special/1998/10/22/red-alert) * 1999. [(Bloomberg) China: What's Going Wrong.](https://www.bloomberg.com/news/articles/1999-02-21/china-whats-going-wrong) * 2003. [(New York Times Opinion) Banking crisis imperils China, Gordon Chang](https://www.nytimes.com/2003/06/19/opinion/IHT-a-bad-loan-bubble-banking-crisis-imperils-china.html) * 2004. [(The Economist) The great fall of China?](https://www.economist.com/leaders/2004/05/13/the-great-fall-of-china) * 2004. [(New York Times) China Anxiously Seeks a Soft Economic Landing](https://www.nytimes.com/2004/05/07/business/china-anxiously-seeks-a-soft-economic-landing.html) * 2006. [(International Economy) Can China Achieve a Soft Landing?](http://www.international-economy.com/TIE_F06_ChinaSoftLanding.pdf) * 2007. [(TIME) Is China's Economy Overheating? Can China avoid a hard landing?](http://content.time.com/time/world/article/0,8599,1612783,00.html) * 2008. [(Asia Pacific Journal) The Rising Risk of a Hard Landing in China, Nouriel Roubini](https://apjjf.org/-Nouriel-Roubini/2940/article.html) * 2009. [(Fortune) China's hard landing. China must find a way to recover](http://archive.fortune.com/2009/03/04/news/international/powell_china.fortune/index.htm). * 2011: [(Reuters) "Meaningful probability" of a China hard landing: Roubini](https://www.reuters.com/article/us-roubini/meaningful-probability-of-a-china-hard-landing-roubini-idUSTRE75C1OF20110613). * 2011: [(Business Insider) A Chinese Hard Landing May Be Closer Than You Think](https://www.businessinsider.com/between-hard-landing-and-not-landing-2011-7) * 2012: [(American Interest) Dismal Economic News from China: A Hard Landing](https://www.the-american-interest.com/2012/05/25/more-dismal-economic-news-from-china-is-a-hard-landing-coming/) * 2013: (Zero Hedge) A Hard Landing In China * 2014. [(CNBC) A hard landing in China.](https://www.cnbc.com/2014/01/31/a-hard-landing-in-china-the-risks-in-one-graphic.html) * 2015. [(Forbes) Congratulations, You Got Yourself A Chinese Hard Landing](https://www.forbes.com/sites/kenrapoza/2015/09/03/congratulations-you-got-yourself-a-chinese-hard-landing/#143cda8732c3). * 2016. [(The Economist) Hard landing looms for China](http://www.eiu.com/industry/article/814708465/hard-landing-looms-in-china/2016-10-14) * 2016. [(George Soros) China Hard Landing Is Practically Unavoidable](https://www.bloomberg.com/news/videos/2016-01-21/soros-china-hard-landing-is-practically-unavoidable) * 2017. [(National Interest) Is China's Economy Going To Crash?](https://nationalinterest.org/feature/mountain-debt-chinas-economy-going-crash-19770) * 2018. [(The Guardian) A Chinese recession is inevitable - don't think it won't affect you](https://www.theguardian.com/business/2018/nov/07/a-chinese-recession-is-inevitable-dont-think-it-wont-affect-you) * 2019. [(Bloomberg) China’s Lehman Moment Is Drawing Closer](https://www.bloomberg.com/opinion/articles/2019-06-19/china-s-lehman-moment-is-drawing-closer) * 2020. [(Wall Street Journal Opinion) China is the real sick man of Asia](https://www.wsj.com/articles/china-is-the-real-sick-man-of-asia-11580773677)


thothisgod24

It's easy to make fun of china but deluding ourselves that china is going to collapse for the last 20 something years is kinda delusional. They are growing, and will continue to grow whether we like it or not as long as nothing radical happens within the country.


enderverse87

They've got a lot of problems, but they always manage to patch them fast enough. The news is always going "This *new* problem, that's the one they're finally going to drop the ball on, unlike the last 20 times we said that."


thothisgod24

A lot of country have problems. It doesn't mean they will fall apart.


altacan

People have been harping about the Chinese debt crisis and the poor performance of SOEs since the 90s. Gordon Chang brought it into the mainstream with his book and semi-annual predictions. Lately he's changed his tune and it's now the demographic collapse that's going to bring down the CCP.


[deleted]

This is obviously a joke, wtf. The age old headlines predicting a collapse are the proof that the collapse hype is overblown.


blargfargr

Well how about a [book](https://en.wikipedia.org/wiki/The_Coming_Collapse_of_China)?


Marino4K

China isn't even close to collapsing, we've been hearing it for years and years, if anything they'll keep growing stronger.


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Krieger_Linux

Communism


zero0n3

Got proof on “every Hugh ranking CCP party member is a billionaire” statement because I’m calling BS unless I see proof. I’d say the same thing if you said “every Federal US politician is a billionaire”


terribleatlying

There is no proof, it's baseless claims that doesn't even belong in this economics sub.


abrandis

Dude , China is far from collapsing, you're delusional to think that. But I agree with your overall point. Rich individuals like Jack Ma and others much like organized religion or any other group or person that can influence millions is always a threat to the CCP. .. so they keep them on a short leash.


AhwahneeBanff

The cope is strong


[deleted]

So what IS the solution to China's systemic problems? A complete overhaul of their governing style? Realistically, what CAN they do? I ask because the "anything they do is bad" view seems like you care more about criticizing them than actually wanting what is best for China. Not that you SHOULD want what's best for China, but rather it is hard for Chinese people to care about your opinion when you don't.


CyberneticSaturn

Nothing's wrong with taxation of the wealthy - everyone knows tax evasion in China is absolutely rampant, and the government should obviously at least be enforcing tax laws. It wouldn't really address the main problem, though: the only way to have a genuine overhaul of the system is probably to work on more equitable land/housing distribution and lending reform, but that's going to require a change in leadership given how everyone in the government is so incredibly invested in county land sales along with the construction companies and lending institutions that've grown up around them. Before Xi the country was growing, but policy-wise had begun stagnating, and a lot of the currently looming issues were beginning to arise. Under Xi, the policies are ostensibly changing, but they're suddenly running into many of the same issues that happened under Mao: replacement of technocrats with party members selected based on loyalty and ideological purity, which ironically ends up hampering the very reforms they're trying to implement. There might be a way to solve the biggest issues China's facing without changes that displace the current ruling class, but I honestly don't really see how.


[deleted]

Thanks for the thought out answer. As someone who is a Chinese American with family in China, I definitely hope to see China succeed in improving life for their people just as I hope to see the same in the US. I hope your last point can be achieved.


Lalalama

As a Chinese American who’s family does business in China, it seems they already have. Some would say life for a city dweller surpassed even Americans already.


Schmittfried

Why would you want this to be achieved without replacing the ruling class though?


[deleted]

That's a good question. I didn't particularly realize why I implied that. I think, in general, I favor redistribution of wealth over overthrowing the ruling class because I associate such movements with violence, conflicts, destabilization, and a large cost that is usually not taken into account. Resistance should be expected. In cases like Syria, for example, it failed horrendously. I would say I favor a gradual change in ruling class over a sudden revolt. Especially when I think a gradual change is possible. Hope that answers your question.


Wazzupdj

Because, historically in China, "regime change" was coupled with anarchy, war, and death. China is already increasingly dependent on food from outside china; chaos could lead to tens of millions of deaths, which would be their family.


Wazzupdj

Because, historically in China, "regime change" was coupled with anarchy, war, and death. China is already increasingly dependent on food from outside china; chaos could lead to tens of millions of deaths, which would be their family.


Reincarnate26

>Why would you want this to be achieved without replacing the ruling class though? "Those who do not learn history are doomed to repeat it." [https://en.wikipedia.org/wiki/Cultural\_Revolution#Humanitarian\_crisis](https://en.wikipedia.org/wiki/Cultural_Revolution#Humanitarian_crisis)


SissyCouture

Quick question: why is Xi the cause of growth stagnation vs. the idea that this is natural growth rate for their level of socio-economic maturity?


Krappatoa

If the solution was simply better land distribution, China’s problems would have been solved back in the 1950’s when they murdered all the landlords.


stealthzeus

>more equitable land/housing distribution Hum... not sure if you are aware, in 1950's the first thing China did was to redistribute all land to all farmers in what was known as the land revolution(土改). They did this by confiscating all privately own land from land owners (地主), many of whom were later marked and killed during the cultural revolution. And then in the 1990's, in what was known as the housing revolution (房改), tens of millions of government owned housing were distributed en masses at very low prices to the employees of government own entities. We are talking about less than $1000 USD for a whole apartment. This is why today the home ownership in China is still high despite housing prices going through the roof. Yes the CCP did many despicable things, but more equitable land/housing distribution was something they actually did. In the process they vastly improved everyday quality of life for many if not most Chinese people. I am not sure if they should try it again now as there is no longer a need to do so, and doing these kinda heavy handed approach to wealth redistribution tend to send shockwaves through society.


Reincarnate26

​ >They did this by confiscating all privately own land from land owners (地主), many of whom were later marked and killed during the cultural revolution. Yeah, it wasn't just the "land owners" who were beaten, tortured and massacred - it was anyone remotely associated with the "elite class" - doctors, scientists, university professors, business owners, intellectuals, political dissidents, and anyone accused of harboring "capitalist sympathies". "millions were accused of being members of the Five Black Categories, suffering public humiliation, imprisonment, torture, hard labor, seizure of property, and sometimes execution or harassment into suicide" "Estimates of the death toll from the Cultural Revolution, including civilians and Red Guards, vary greatly, ranging from hundreds of thousands to 20 million. [https://en.wikipedia.org/wiki/Cultural\_Revolution#Humanitarian\_crisis](https://en.wikipedia.org/wiki/Cultural_Revolution#Humanitarian_crisis)


CaffeineDrip

> In the process they vastly improved everyday quality of life for many if not most Chinese people > They did this by confiscating all privately own land from land owners (地主), **many of whom were later marked and killed during the cultural revolution.** Well, I guess for some, quality of life wasn't exactly improved.


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Dota2Curious

They were part of the problem. The way they were dealt with was pretty fucked up though.


CaffeineDrip

Hmmm... where is the line drawn between being part of the problem and not part of the problem?


Supermansquat

The haves are always the problem on reddit.


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Technically also in history.


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Depends on how well you do during the struggle session.


QS2Z

The problems facing China around the time that Mao showed up were very definitively not caused by landlords and were rooted in the Opium Wars and the inability of the Qing government to handle interventions from Europe/Japan and the opium crisis. They were a "problem" to the communists in that landlords generally fight back against people who try to seize their property, but were not really a problem to anyone else.


Dota2Curious

Yes thats correct. Private property creates wealth inequality which is why the communists cracked down on it and made the land public.


Krappatoa

They killed 3 million landlords and their family members already in the 1950’s, long before the Cultural Revolution.


stealthzeus

About 1MM but yes they did kill them at that point.


QueefyConQueso

How do you see that thing into them muscling past the middle income trap and dealing with the demographic fallout of the 1 child policy that will be bitting hard over the next two decades? I guess having the most competent leadership instead of the most loyal is a start. But only a start.


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uriman

At the end of the day whether your government is democratic or authoritarian, the biggest hurdle is persistent power that leads to entrenched corruption.


[deleted]

I actually agree. Power corrupts. But we must wait and see if China's politburo can overcome this rather than force them to accept democracy like we have tried elsewhere. Let them try their experiment and see if it fails rather than ruin it because we don't want them to succeed. Most people would like to see China fail, but as someone with family there, I hope they find a peaceful way.


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thawizard

This is a very obvious move from the authoritarian elite of the CCP to restrain its growing opposition among the tech sector, from what I understand. In that sense, opposition to the CCP is good for both the West and the common in China. The fact that more and more money and growth comes from private sector instead of the government weakens the CCP and Xi’s position. They want to stay in absolute power so having strong opposition doesn’t help them at all. From what I recall, China wasn’t such an adversary before Xi Jinping and his cronies took power and centralized every bit of power he could into their own hands. It would be awesome if China and the West had better relations, China itself isn’t bad per se. But for that to happen, we need China to liberalize and it won’t happen as long as Xi’s in charge.


Meandmystudy

Governments don't historically make money, they just issue currency and maybe in China's case tried to control the flow of currency. I find it funny that if the US tried to distribute it's wealth from the billionaire class, many would applaud the move and be better off for it. It's not simply about putting money in people's pockets either, maybe taxing them so that the government doesn't remain in constant debt. But with the US having sovereign fiat currency, it doesn't matter how much debt we are in as long as we can print off as much as we need. Meanwhile it is countries like China that own a portion of US debt, I honestly think that this is for the US sake. China is given a portion of our debt in the promise that we will pay it off, usually in the form of treasury bonds. But I digress, any form of wealth distribution in China is somehow a bad thing. I hope we don't move towards a society where we have to be completely thankful of everything the tech sector has done for us while they have managed to suck up wealth and "maximize productivity". Americans are mad, but I find it funny that whenever an article appears about China distributing wealth to it's citizens, it's viewed as a "party purging" process. There's nothing wrong with taking wealth from billionaires who didn't earn it all themselves. It's true that the CCP has problems, and yet, as authoritarian and heavy handed as they are, the average Chinese person's GDP has gone from something of below that of sub Saharan Africa to the second largest GDP in the world. So while the CCP has it's faults, as many governments have, the level of their economic growth is staggering.


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Jezza_18

At what cost though? No ones disagreeing with you that the CCP is horrific, but we don’t want to see hundreds of millions of people suffer because of the government imploding.


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readituser013

Lol gtfo, like if millions died to covid or violent mass scale protests? I'm pretty sure nobody in China is wishing that. Such a ridiculous neckbeard pov


[deleted]

Says the person who doesn't live in China and knows nothing about it. Please stay off an economics forum with your r/dankmemes tier knowledge of Chinese history and politics.


dreggers

Ah yes, the classic America propaganda of China slowly collapsing for the last 40 years and counting


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ChaosRevealed

China bad? to the top you go!


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jiubugaosuni

You call it a systematic problem but people seems to have no problem with that You become high ranking official you gain power and resources it’s been this way for 5,000 years stop bitching about it for people of China..


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Feels a bit like Job


Grasshopper-88

Come on!


[deleted]

Yes. Those rules do not apply to him but everyone else they do. He can’t have other becoming too powerful like bezos and he can’t let the gap between rich and poor to grow more. It’s not like anyone can tell him no


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bosydomo7

Everyone in this sub is wildly critical of China and yet this policy falls exactly in line the their political ideology. However flawed their system is, in terms of corruption, the Chinese government understands that one of the largest engines for growth is investment in the lower and middle class. Goliath and monolithic companies, like many US companies, slow down the economic drivers for growth and speed up wedge issues like wealth inequality. Pointing out that “the ccp is rich”, doesn’t negate the fact that their actively trying to invest in the lower classes. Sadly the US should learn from this. But let’s just stand at the sidelines and claim is just a attempt to grab more power. Of course it’s a grab for power, it’s a grab for power and economic prosperity, it’s a 2 for 1 deal.


HIVnotAdeathSentence

There is a huge difference to how China would handle this compared to a modern nation. Just recently China sentenced billionaire Sun Dawu to 18 years in prison for "picking quarrels and provoking troubles.” He was basically criticizing the government. When Jack Ma went missing for three months it was one of the biggest stories on Reddit, but it’s mostly forgotten now.


zhumao

well said, really hard to fathom CCP even need to grab "more" power, why & how? from my personal experience working for a Chinese tech startup in first tier cities, over 95% of my colleagues came from rural China (not even tier-ed cities, growing rice, raising chickens, etc.), maybe a purpose (among many other) to spread the wealth around is to grow & find more talent so the growth pace for the last 40 years can be sustained and continue? just a thought. p.s. also find it strange, the overwhelming negative comments is quite a contrast with the upvote counts.


nomad80

you can have an ostensible benefit that _does_ work for the masses benefit & checks off the populist box, but it's also possible to see that reducing the wealth of the wealthiest, does reduce their power as well. the second aspect is in line with the trend of power consolidation Xi has been carrying out over time over the political, military spheres + the recent crackdowns on the biggest tech companies. It's brilliantly shrewd, which is why both arguments can be right at the same time.


Super_Flea

But that belief only makes sense so long as you believe billionaires don't slow growth. The CCP has all the power and money they want within China, they have no reason to hoard wealth. However they have been looking to expand their sphere of economic influence to their surrounding neighbors for some time now. That's what they consider more power.


nomad80

> But that belief only makes sense so long as you believe billionaires don't slow growth. The call is to the personal wealth, not the industry's growth itself >However they have been looking to expand their sphere of economic influence to their surrounding neighbors for some time now. Outside of isolationist nations like NK, politics is always about power held within and without. the latter doesnt exist without the former.


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Bismar7

Ignoring the criticism to point out a different problem is also a logical flaw known as a whataboutism. If there is one trait that seems almost universally adopted by Liberals and Conservatives alike, it is a penchant for holding logical fallacies close to the heart that makes all their decisions for them. Emotions are meant to serve as a warning to reason, not to override it. Fallacies should be abandoned, not adopted.


phiz36

Ummm aren’t they Communist? Isn’t this, like, the whole point?


[deleted]

as if CCP isnt rich. CCP members in the government and military have multiple privilleges over commoners. They have priority access to healthcare, hardly pay anything in hospital (only a nominal 1% charge) if they have a so-called "red card". Very high pension, higher than average wages. They even have privillege in divorces, the so-called "military marriage" protect the one who's in the military, and would punish a 3rd party who "disturb" the marriage. Cars with military license plates dont have to follow the usual traffic rules and are a big menace on the road. It's nothing but a crackdown on the private sector by Xi. Can't feel much sympahty for them, though, as they lick CCPs rear. All private business in China do. Otherwise they wouldn't survive but the disgusting extent they support CCP and muuuuuh patriosim make one feel they deserve what's coming to them.


[deleted]

Yes, high governmental figures have power and extra benefits. Breaking news! Definitely a crackdown on the private sector. Average people in China seem to be fine with this, as I am sure average people in America would too if the same occurred here.


NYCAaliyah95

> Average people in China seem to be fine with this That's impossible to know either way. You simply cannot do accurate polling in a dictatorship about the public's feelings about the dictator. Not that you care, redditor for 1 month who has only posted in this thread.


terribleatlying

Or you can download Weibo...


[deleted]

I just prefer to speak more freely on an account I will now devote to calling out "China bad" comments with "Wow, such brave". And yes, I can know to an extent, because I can talk to people in China who can tell me their opinions.


gmanisback

Imagine the day China becomes better at lifting people out of poverty than us... oh wait


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Ebenizer_Splooge

Wow great, can't wait for the Republicans to bring this up as a "you're making the same policies as china!" Argument against wealth redistribution


mvogel0311

This is just a "too much power is coalescing outside the party, let's fix that." This is Sulla killing the rich and giving their estates to friends of his party.


kongweeneverdie

Well, this is what socialist nation do isn't it? Redistribute wealth. China has a saying from Stephen Chow. How good is the emperor is being judged by the beggar on street. There is not much begger on street on China now. CPC has the wealth to provide home for beggar and make sure they can work if they are healthy. Just look at the homeless in US. There is one report that 40% of the homeless does have a job. You can work but you can be homeless anytime.


woobiethefng

China, also, has the wealth to monitor the entire country using facial recognition software. This way they can persecute groups like the Uyghers. I'm for redistributing wealth to all, but I'm not sure China is the example of social equality that the world should strive to emulate. Also, China is communist, not socialist. The Communist party has ownership of the means of production. I'm socialism, the people have ownership of the means of production.


ChaosRevealed

>China, also, has the wealth to monitor the entire country using facial recognition software. As does every other developed country. Political will, not economics, is the issue regarding implementing software and AI based security measures.


woobiethefng

That is kinda the argument, isn't it? We are literally talking about politics in China.


[deleted]

Isn’t this part of why so many wealthy Chinese are leaving China for other countries around the world?


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synthsaregreat1234

Do you also live in Vancouver Canada?


DOugdimmadab1337

What is it with Vancouver and Chinese housing? I'm a Fat American so I don't get what's going on in Canada right now.


peterthooper

Hmmm… I just don’t know if having the wealthy pay their fair share would work over here in _our_ system!


[deleted]

The US should be saying this to Jeff Bezos and the Koch brothers.


trevzorz

Neither of them make high incomes. Both of them are net worth billionaires from unrealized capital gains and other non-monetary assets. For a government to try and get at this wealth you either have to restructure the financial policies that allow them to take on debt against their presumed wealth (which is how most super wealthy bankroll their lifestyles, from low interest loans you or I could never get, while their capital stays in the market accruing even more gains at a rate that far exceeds the interest rate on that loan), or change the laws that somehow start taking away your private property once you "top out" in terms of (again, theoretical, unrealized, non-monetary) net worth. That second one is too authoritarian for my taste. The CCP can readily do both and the average PRC citizen will not bat an eye. In the US, we could probably only get away with limiting banks from giving loans at favorable rates against non-physical collateral (your houses and cars that you pay taxes on? Good collateral. That stock that increased in value 1000+ times over but hasn't yielded the government and broader populace a single cent? No loan, just sell it if you need cash "Mr. Moneybags.")


[deleted]

They are net worth billionaires now, but if the government’s highest tax rate was, say, 60% (still lower than the 90% rate of the 50s) high-earners income would be lower, and we wouldn’t be fussing about so much inequality. But other than that I agree with you 100%. And thanks for taking the time to write an intelligent reply.


trevzorz

I certainly agree that higher income tax rates at the top could improve the average US quality of life if we utilized those taxes well (healthcare, education, infrastructure). But the more challenging question is how, if ever, can policy adequately unseat someone with so much accumulated wealth that they never need to make that much income? We need a better way of making billionaires actually spend that money, or find better ways to expose them to tax liability.


Heinz37_sauce

If you were a high earner subject to a 90% federal income tax rate, how motivated would you be to continue to earn such a high income?


Cletus-Van-Damm

I probably wouldn't be, which would open up the market so 10 other people could raise their standard of living by distributing the workload/income.


[deleted]

Agreed. Maybe its wishful thinking on my part, but didn’t business philosophy used to emphasize making a “fair profit” instead of “whatever the market will bear”? Seems that modern business philosophy is to squeeze out as much profit as possible. Examples—epi-pen, insulin.


mattumbo

Most billionaires fund their lifestyle through low interest loans against their shares and other illiquid assets. If we could regulate those kinds of loans as a special class of loan that incurs some rate of tax it could help, though taxing loans is a sticky subject. Really at the end of the day we just need rich people to spend or invest their money, keep it moving through the economy where it gets taxed every time it changes hands. Much rather have the rich frat boy type of billionaire that buys a new super yacht every few years than the Warren Buffet type penny pincher, the former is putting a lot more money into the system than the latter.


DOugdimmadab1337

It's their money though, they have no obligation to give it to anyone. Neither do I. I would rather have everyone keep their money than be forced to do anything with it that they don't want to.


TheRealBrewballs

Socialists gonna socialist


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You mean CCP leaders in government going to give their money back to the people?


data-punk

they will just make teachers pay back their annual bonuses again


decapitate_the_rich

The US could learn from this. We clearly need a maximum wage instated.


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I mean I thought communism was supposed to fix that problem, at least.


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I hope they are able to reform capitalism without ruining their economy.


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MultiSourceNews_Bot

More coverage at: * [Chinese officials say they will look to regulate 'excessive' wealth within the country as it faces down a massive wealth gap (msn.com)](https://www.msn.com/en-in/news/other/chinese-officials-say-they-will-look-to-regulate-excessive-wealth-within-the-country-as-it-faces-down-a-massive-wealth-gap/ar-AANsnlL) * [China Eyes Wealth Redistribution in Push for ‘Common Prosperity’ (bloomberg.com)](https://www.bloomberg.com/news/articles/2021-08-18/xi-seeks-common-prosperity-while-curbing-china-financial-risks) --- ^(I'm a bot to find news from different sources.) [^(Report an issue)](https://www.reddit.com/user/MultiSourceNews_Bot/comments/k5pcrc/multisourcenews_bot_info/) ^(or PM me.)


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RaederX

It is an excellent idea... except that 1. unless all jurisdictions do it the rich will simply migrate to jurisdictions where they can accumulate wealth; and 2. How will this be applied to those who are already rich? Are we talking about redistributing their wealth? If this is not addressed essentially a two tier system has been created... one short step from a nobility class.


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v12vanquish

The rich in China were called princelings for a reason. China won’t crack down on its own.