Garys Economics What is wealth – and how does it differ from income?
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Mar 21, 2021 The discussion reveals a stark contrast between wealth and income, emphasizing that wealth stems from ownership, not just work. Gary highlights how urban landscapes are dominated by assets owned by the wealthy, linking homeownership struggles to rising debt. He exposes how government assets are indirectly owned by the rich and argues that tax systems unfairly favor wealth accumulation, exacerbating inequality. The podcast calls for fair taxation to empower working individuals to secure affordable housing and futures.
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From Wage Earner To Wealth Observer
- Gary Stevenson recalls growing up in a family where all income came from his father's job and later earning only from his own work.
- He contrasts that with very rich families whose money comes from owning assets, not working.
Wealth Is Ownership, Not Labor
- Wealth is defined as ownership of assets like buildings, shops, and companies rather than jobs or labor income.
- Most commercial and institutional wealth is concentrated among the richest individuals and families.
Debt Turns Homeowners Into Partial Owners
- Debt counts as negative wealth and often means ordinary homeowners only partly own their homes.
- That debt originates from banks ultimately owned by wealthy individuals, linking ownership back to the rich.
