Do We Need Billionaires?

A significant portion of the population in the USA still thinks of Reaganomics as certified fact rather than a largely discredited theory. By this mindset the engine of our economy requires people to strive for a ton of money. A rising tide lifts all boats and all that. First, I got to wondering, were US billionaires even a thing at the end of Reagan’s term? As a tween at the time, I couldn’t really remember. Turns out, yes: Sam Walton • $6.7 billion • Wal-Mart Stores John Kluge • $3.2 billion • Metromedia Ross Perot • $3.0 billion • Electronic Data Systems Donald Newhouse • $2.6 billion • Publishing Samuel Newhouse Jr. • $2.6 billion • Publishing Henry Hillman • $2.5 billion • Industrialist Lester Crown • $2.3 billion • Inheritance / investments Anne Cox Chambers • $2.25 billion • Inheritance / Cox Enterprises Barbara Cox Anthony • $2.25 billion • Inheritance / Cox Enterprises Warren Buffett • $2.2 billion • Stock market Then, I needed some context for the difference between a…