"If you're making $300k a year, you have more in common with someone making minimum wage than you do with Elon [Musk, the founder of Tesla and other corporations]. There are people that walk among us that have so much wealth, that even generations of mismanagement can't squander it. These folks you speak of are not those folks."
I mean isn't this technically true?
Sure upper middle class yuppies tend to be wealth obsessed sociopathic ghouls same as the actual capitalist class but there's still a whole lot of difference in their wealth.
No. They're literally just counting the wealth gap. No analysis of how the petty bourgeois/PMC actually lives compared to working people. Their jobs are fake. They are comfortably wealthy. They probably own property and have access to actual lines of credit.
Sure their lives are very different, but in the end most of the PMC, unless they become rentseekers themselves with real estate, in which case they become capitalists anyway, are still dependent on their "labor", however useless it may be, for their income.
Eventually all PMC become rentseekers though otherwise they can never retire.
This is provably false? Most people's retirement is held in stonks, if you're making 300k/yr you could probably retire with just cash
Stocks are rent-seeking. All passive income is rent-seeking. Any creation of value that doesn't produce anything is rent-seeking. Is everyone that owns stock evil because that value, at some point, was extracted from someone not being paid the full value of their labor? Probably not. Modern capitalism has been quite brilliant in this regard. It's basically said that instead of even attempting to reconcile any of its contradictions, it's going to keep creating more and more, which will require a larger and larger bureaucracy to defuse. Add in constant boom/bust cycles and you've got this self-perpetuating monster called global capitalism.
Depends when you go to collect. If you are retiring in 2008 or 2022 then no. I live in a retirement community and I guarantee you most of these people have investment properties. In the US most people's retirement is absolutely fucking nothing with some social security crumbs. The rest are a mix of investors. Some are stocks only but many are diversified. Also real estate companies, management companies, and banks make great stocks.
thats more of a selection bias because the people that ever get paid that much and work for it have been hand picked by the ultra rich themselves usually. some of them are good at putting on a face for work of course
Plenty of wealth-obsessed sociopaths in the middle and working classes too. A lot of them are crypto bros.
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