A reminder that he's behind Build Canada and Build Toronto, and that Build Toronto's Eric Lombardi is running for the Ontario Librral Party leadership as we speak.

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[–] ProudCanadianCitizen@lemmy.ca 2 points 4 days ago (2 children)

In the 1970's, $1 million and you were rich.Today, it's $10 million and even that is less than a lottery win. The limit would have to be $100 million.

[–] phoenixz@lemmy.ca 1 points 20 hours ago (1 children)

Why?

Why 100 million?

I get that the number of 10 million is arbitrary, hell, I just semi randomly picked it, but a 10 million net worth gets you A LOT more than you actually need.

Why allow 100 million, though? 10 million is more than any person would need to love an actually full life with travel and plenty of whatever, and you could still invest some money in a small company. Want a bigger one? Join a bunch of people and make a bigger one.

100 million gets into the range where youncan project power over others and that is the entire thing that got us where we are. No person should hold large amounts of power, humanity has shown over and over that that is a very bad idea.

[–] ProudCanadianCitizen@lemmy.ca 1 points 19 hours ago

Inflationary pressures and regression towards the mean. Whatever the cap is, it will also be a cap on the mean. That is, the cap will pull the mean up towards it. I mentioned lottery prizes. Some have been in the $60 - 70 million dollar range. I think this is an indication that people generally are no attracted to having a wealth in this range, and are comfortable with the idea. That is, people generally think $70 million is something they would like to have, so a cap of $100 million would be more palatable. That cap is just above the limit most middle class people would consider as 'super rich'. As an aside, there are some super-homes that go for $50 million in our large cities. It is more about psychology than economics.

[–] explodicle@sh.itjust.works 1 points 3 days ago (1 children)

The multimillionaires would end inflation very quickly.

[–] ProudCanadianCitizen@lemmy.ca 1 points 3 days ago (1 children)

The hell they would. Inflation is what makes them multimillionaires. Once you become that rich, inflation does not affect you. 89%of your income gores to investments, things you WANT to increase in price.

[–] explodicle@sh.itjust.works 1 points 3 days ago (1 children)

Inflation would steadily decrease their real wealth cap. Wealth includes investments.

[–] ProudCanadianCitizen@lemmy.ca 1 points 3 days ago (1 children)

Wrong.Inflation increases the value of their investments. The stock market relies completely on inflation to increase profits. Every inflationary increase directly results in increase profits. That is the purpose of inflation.

[–] explodicle@sh.itjust.works 1 points 3 days ago* (last edited 3 days ago)

Right, but I'm talking about the hypothetical in which their wealth is capped at a fixed number of dollars. They'd reach the cap and then raise the ladder up after them.