Wired is WRONG – Billionaires are not Bad for the Economy
Prof. Davies: Wired is WRONG – Billionaires are not Bad for the Economy
Attempting to debunk so-called myths, Wired launched a video, “Economists Debunk Top 5 Billionaire Myths” putting forth some misleading claims. It was so riddled with errors that we had to bring in Professor Antony Davies, Associate Professor of Economics at Duquesne University, to respond.
As always, his insight was clear, logical, and backed up with data.
►► More from Professor Antony Davies:
► 7 Myths You Learned In High School About The Great Depression
0:00 The role of billionaires in society
0:37 Claim #1: Most billionaires aren’t self-made.
1:49 Claim #2: Billionaires don’t pay much in taxes.
4:15 Claim #3: Billionaires are a “black hole.”
5:05 Claim #4: You are competing with the very rich for the ownership of assets.
7:51 Claim #5: The standard of living in the U.S. was better in the past.
10:01 Claim #6: The U.S. has a flat tax.
12:27 Claim #7: Billionaires don’t give enough to charity.
15:50 Claim #8: Billionaires exploit loopholes.
18:23 Claim #9: Billionaires own their corporations.
19:51 Claim #10: Billionaires’ corporations are destroying jobs with technology.
21:45 What’s the REAL root problem?