Reflection 4: The World is Not Enough—Should Billionaires Exist?

 

 

 

 

 

 

 

 

 

At a 2019 MLK event, Rep. Alexandria Ocasio-Cortez (D-NY) said, "I'm not saying that Bill Gates or Warren Buffett are immoral, but a system that allows billionaires to exist when there are parts of Alabama where people are still getting ringworm because they don't have access to public health is wrong." What Ocasio-Cortez was pointing to was the growing focus on income inequality in America today. And increasingly, the face of this inequity is America's billionaires. Indeed, the gap between the mega-rich and everyone else is staggering. For example, the world's richest man, Elon Musk, has a net worth of $365 billion. The Tesla/X/SpaceX CEO earns an astonishing $6,420 per second—or $23.11 million an hour. Such figures have led many to question the very existence of billionaires. Is it okay for a single person to have that much money? Is it morally justifiable? Or, as some argue, would limiting the pursuit of personal wealth violate individual rights and ultimately, hurt society? Finally, what obligations, if any, do these individuals have to the rest of us? Do they have a larger obligation to give back to society, including paying higher taxes, than regular folks do? Why or why not?

Include at least two of the following in your discussion:

• "r/GenZ: Should Billionaires Exist?" (Reddit)
  
• "Think Billionaires are Just Super-Rich People? Big Mistake" (Guardian)
• "Why Do People Hate Billionaires?" (The Week)
• "In Defense of Billionaires" (AEI)
  
• "Two Cheers for Billionaires—They’ve Made Life so Much Better for Us" (MarketWatch)

Required:

• MLA Style, including works cited
• ≈ 500 words (2 pages)
  

Due: Fri 5.2 (via Canvas)