this post was submitted on 11 Nov 2023
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Work Reform
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A place to discuss positive changes that can make work more equitable, and to vent about current practices. We are NOT against work; we just want the fruits of our labor to be recognized better.
Our Philosophies:
- All workers must be paid a living wage for their labor.
- Income inequality is the main cause of lower living standards.
- Workers must join together and fight back for what is rightfully theirs.
- We must not be divided and conquered. Workers gain the most when they focus on unifying issues.
Our Goals
- Higher wages for underpaid workers.
- Better worker representation, including but not limited to unions.
- Better and fewer working hours.
- Stimulating a massive wave of worker organizing in the United States and beyond.
- Organizing and supporting political causes and campaigns that put workers first.
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1 million dollars in net worth is achievable with investments early in life in a 401(k) or other tax deferred retirement fund. ~$300/month starting at age 20 gets you to $1,000,000 which is about 10% of the income of someone making $40k/year. That's not completely out of reach.
It would take you a lifetime of saving 100% of that ($1,000,000 initial investment + $40k/year), a 10% interest rate (which is ridiculous), and daily compounding to reach $1bil. That is the difference between $1mil and $1bil.
Great. I'm 46. It's not early in my life. I'm never going to be worth a million.
It's not achievable for everyone for sure. The point is it's achievable for a large portion of the middle class. Billionaire status is not.
For you, is it more significant that many may achieve such wealth, or that many more may not do so?
I think we should focus on raising the floor vs the ceiling. We should be taxing those who can afford it and using that revenue to help those that need it most. If that means someone like myself has to work a few more taxes to achieve my retirement goal, so be it, but I can't bring up the low income people of this country on my own. The rich need to pay their fair share, and right now they aren't and they're getting tax breaks from Republicans.
Sure. Much of your observations speaks to the more conceptual differences between the millionaire and billionaire with respect to role in society. Workers generate plenty of wealth, more than enough for all to live well.
Billionaires generate no wealth, only hoard the wealth generated by workers.