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The Trouble with Billionaires: Why Too Much Money At The Top Is Bad For Everyone Hardcover – Sep 14 2010


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Product Details

  • Hardcover: 288 pages
  • Publisher: Viking; 1st Edition edition (Sept. 14 2010)
  • Language: English
  • ISBN-10: 067006419X
  • ISBN-13: 978-0670064199
  • Product Dimensions: 16 x 2.5 x 23.6 cm
  • Shipping Weight: 476 g
  • Average Customer Review: 4.7 out of 5 stars  See all reviews (14 customer reviews)
  • Amazon Bestsellers Rank: #223,321 in Books (See Top 100 in Books)

Product Description

Quill & Quire

The Trouble with Billionaires isn’t exclusively focused on exposing the problems caused by individuals with buckets of money. It is more concerned with how our culture, our government, and our economic system has allowed a handful of people to accumulate tremendous wealth and power while so many others languish in or near poverty. Linda McQuaig, the author of Shooting the Hippo and The Cult of Impotence, and Neil Brooks, an Osgoode Hall tax law professor, make a convincing case that economic inequality is one of the largest problems facing the U.S. and Canada, taking a serious toll on people’s health and well-being and skewing the balance of political power toward the wealthiest slice of society.

While the subject is undeniably crucial, some of the points the authors make are, by now, well known. For example, they draw comparisons between our current level of inequity and that of the 1920s just prior to the Great Depression. They also attempt to mix anecdote and hard data in Gladwellian fashion, but they are mostly unconvincing. This is especially true of a chapter that leans too heavily on baseball metaphors that don’t really translate to economic or political contexts.

The most compelling material, believe it or not, explains how the tax code and other state interventions in the market helped create so many billionaires, who frequently spend their considerable political and financial capital calling for even freer markets and even more advantageous regulations and tax breaks. Some of these details, like the explanation of how a couple of Canada’s richest families have been able to avoid major tax penalties, are truly revelatory.

The Trouble with Billionaires should raise the profile not only of these issues, but also of co-author Brooks. A LexisNexis search of The Globe and Mail and the Toronto Star turned up his name only twice (once in an article about this book and once in a McQuaig column) in the last two years. Meanwhile, Kevin Gaudet, the director of the right-wing Canadian Taxpayers Federation, appeared in more than 50 articles during the same period. It would be nice to have Brooks’s perspective and intelligence added to this debate.

Review

'Entertaining and enraging... assiduously researched and a fast-paced read.' -- John Kampfner Observer --This text refers to the Paperback edition.

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Customer Reviews

4.7 out of 5 stars
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31 of 31 people found the following review helpful By A. Volk #1 REVIEWER#1 HALL OF FAME on Dec 20 2010
Format: Hardcover Verified Purchase
The back of this book lists an interesting fact. If you made a dollar per second, every second, you'd be a millionaire in 11.5 days. At that same rate ($3600 per hour) it would take you 32 YEARS to become a billionaire! If Bill Gates had made his fortune at that rate, he would have had to start 1,600 years ago! What this means in practice is that billionaires represent a form of wealth beyond the experience, or even comprehension, of most people. McQuaig and Brooks argue in this book that these extreme cases of wealth are harmful in a variety of ways.

Their first argument is that billionaires contributed to both the Great Depression as well as the recent depression. In a nutshell, when money leaves the hands of the middle class for the extreme rich, there is less money for general spending (run the example in reverse- you'd have to spend $3600 per hour for 32 years to run out of $1,000,000,000!!!) and more for investing (they can't spend it, so they invest it). That money led to inflated bubbles and riskier investments, leading ultimately to market crashes. Trickle down economics doesn't work (91% of the wealth created in the last two decades in the US went to the top 10%).

Their second argument is that huge disparities in wealth lead to health problems. This is becoming a well-established fact in social studies. Income disparity appears to be the best predictor of violent homicides. It also predicts general health. In a fascinating (and I think very intuitively powerful) example, the average height of Americans (who have the greatest inequality of any "modern" country by a long-shot) is growing slower than the height of Europeans, even controlling for immigrants.
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14 of 14 people found the following review helpful By Stephen Pletko TOP 50 REVIEWER on Jan. 18 2011
Format: Hardcover
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"As a result of the increasing concentration of income and wealth at the top during the last few decades, the United States, Britain, and Canada have become extremely unequal societies...What exists today in the Anglo-American countries is an excessive level of inequality that has rarely been seen in modern history...

In the past few decades the middle and lower classes have experienced almost no growth in income. Virtually all the income growth has been at the top, particularly at the very top. The top-earning 1 percent of Americans now enjoy a whopping 24 percent of the national income. These high rollers make up an enormously rich and powerful class that can be described as a plutocracy."

The above is found in this fascinating and tremendously informative book by Linda McQuaig and Neil Brooks. McQuaig is a columnist for the Toronto Star newspaper and author while Brooks is a professor of tax law at Osgoode Hall Law School in Toronto.

Contrary to the title of this book and as can be garnered from the quotation that begins this review, this book is about income inequality with billionaires being at the extreme of this inequality.

When I first picked up this book, I thought it was going to be one long diatribe against billionaires, a diatribe driven by jealousy and envy. Nothing could be further from the truth. This book delves into history and critically analyses recent events. It looks into the myths, misconceptions, and realities that inundate the capitalistic economic system. Above all, it makes reasoned, rational arguments.
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15 of 16 people found the following review helpful By Robert D'arcy on Dec 29 2010
Format: Hardcover
Clearly and convincingly makes the case for the problems with the growing inequality in the world but particularly in the US, Canada and UK. The very rich have as much to fear from this issue as the poor in the long run but their short term vision may make them not take any steps to help correct things.
I recommend this book to anyone with an open mind.
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3 of 3 people found the following review helpful By Eric Lawton TOP 1000 REVIEWER on July 17 2011
Format: Hardcover Verified Purchase
I read this book in a single session, which I rarely do with any book.
It is an easy read, with many illuminating analogies to help bring attention to some important facts. Too many of us do not understand the current threat to democracy with the enormous powers of subversion which any billionaire has. It's too easy, even for those of us who are familiar with numbers, just what difference there is between a million (a comfortable retirement) and a billion, a thousand times more, which brings power equivalent to even large governments.

The authors not only reminded of the facts, but bring them brilliantly into focus by imaginative devices such as seeing each person's height in proportion to their wealth. If average wealth is compared with average height, then many of us are under a foot in height while the richest billionaires' heads are up there with the space shuttle.

The books shows how no one has earned this kind of power and that it is dangerous to the rest of us for them to have it.

All the arguments as why they deserve or have earned this wealth are skillfully demolished, particularly by showing how even those with the strongest claims have in fact managed merely to been better at collecting the "rewards" of not only their own work, but that of countless others.

We are also shown why there are many with far weaker claims - those who not only precipitated but profited enormously from the recent economic crises - who have not only contributed nothing in return for their wealth but have caused misery for millions.

Like another reviewer of this book, I was disappointed only by the suggestions as to what we do about the situation. Sure some of the measures are good ideas.
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