Do We Need Billionaires?
A significant portion of the population in the USA still thinks of Reaganomics as certified fact rather than a largely discredited theory. By this mindset the engine of our economy requires people to strive for a ton of money. A rising tide lifts all boats and all that.
First, I got to wondering, were US billionaires even a thing at the end of Reagan’s term? As a tween at the time, I couldn’t really remember. Turns out, yes:
Sam Walton • $6.7 billion • Wal-Mart Stores
John Kluge • $3.2 billion • Metromedia
Ross Perot • $3.0 billion • Electronic Data Systems
Donald Newhouse • $2.6 billion • Publishing
Samuel Newhouse Jr. • $2.6 billion • Publishing
Henry Hillman • $2.5 billion • Industrialist
Lester Crown • $2.3 billion • Inheritance / investments
Anne Cox Chambers • $2.25 billion • Inheritance / Cox Enterprises
Barbara Cox Anthony • $2.25 billion • Inheritance / Cox Enterprises
Warren Buffett • $2.2 billion • Stock market
Then, I needed some context for the difference between a million and a billion dollars. It kind of sounds like a similar thing, yes? Well, a clever internet person said, “The difference between a million dollars and a billion dollars is approximately a billion dollars.” In reality there’s a big difference between a million and a billion dollars, and I think it’s hard to understand it. Here are some comparisons between a million and a billion of something. Maybe one of these comparisons will help to register the vastness of the difference for you:
A million seconds is 11.57 days. A billion seconds is 31.71 years.
A million marbles fills a bedroom closet. A billion marbles fills over one hundred 12 × 12 × 8 foot bedrooms.
Flying a million miles will have you circling the earth 40 times. Flying a billion miles circles the earth 40,000 times.
A million miles gets you two round trips to the moon. A billion miles gets you 2,000 round trips.
A million dollars in a stack of $100 bills is 3.6 feet tall. A billion dollars in $100 bills is almost ¾ of a mile tall.
A million dollar bills laid end-to-end would stretch 97 miles. A billion dollar bills laid end-to-end would circle the earth nearly four times.
If you spend $1,000 a day, a million dollars would last 2.7 years. A billion dollars would last 2,740 years.
If you spend $1,000,000 a day, a million dollars would last one day. A billion dollars would last 2.7 years.
Wow!