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The Trouble With Billionaires Hardcover – Sep 14 2010


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Product Details

  • Hardcover: 288 pages
  • Publisher: Viking Canada; 1st Edition edition (Sept. 14 2010)
  • Language: English
  • ISBN-10: 067006419X
  • ISBN-13: 978-0670064199
  • Product Dimensions: 22.9 x 15.7 x 2.8 cm
  • Shipping Weight: 499 g
  • Average Customer Review: 4.7 out of 5 stars  See all reviews (14 customer reviews)
  • Amazon Bestsellers Rank: #121,605 in Books (See Top 100 in Books)


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30 of 30 people found the following review helpful By A. Volk #1 HALL OF FAMETOP 10 REVIEWER 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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2 of 2 people found the following review helpful By Joanne M Rennick on Nov. 21 2012
Format: Paperback Verified Purchase
McQuaig has written a timely call to arms about the manipulation of the general population by the super rich. What The Occupy movement failed to do was read this book before they marched. They needed McQuaig's expert analysis and attainable recommendations to give momentum to their diffuse frustrations about the leap frogging of powerful elites over the backs of the middle class.

McQuaig lays bare the insidious progression of power from the majority to the very few and describes how those few have held fast the reins of wealth and power in the US and Canada since the early 1900s. The book is not just bitter cynicism or resentment of the 'haves' by the 'have nots' instead it offers concrete recommendations for reform that would rebalance the distribution of wealth and give opportunities to our young people. I will definitely be using this in classes and urging my university students to read and discuss this book with their peer groups. The current model of obtaining an undergraduate degree in order to join the ranks of those serving non-fat lattes at Starbucks surely holds less appeal to these bright young people than finding new ways forward to create a society that actually gives a damn. Please read this book.
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