commit: fcf469ca3c316489e869028b814241cab3ac92ce
parent 4885f1d310eaaaee5e57ab5decf73ffd192cf935
Author: Matt Korostoff <mkorostoff@gmail.com>
Date: Wed, 8 Jul 2020 13:36:40 -0400
Merge pull request #42 from MKorostoff/dev
Release 1.4
Diffstat:
6 files changed, 113 insertions(+), 81 deletions(-)
diff --git a/THE_PAPER_BILLIONAIRE.md b/THE_PAPER_BILLIONAIRE.md
@@ -0,0 +1,17 @@
+# The Paper Billionaire Argument
+
+The most common argument against closing the wealth gap is what I've come to call "the paper billionaire" argument. The argument basically goes "these people aren't _really_ that wealthy, because there's no way to liquidate this much wealth." It's an interesting and provocative argument, worthy of serious discussion. But it is, ultimately, incorrect.
+
+Essentially all of this wealth is held in stocks and bonds. The most common version of the paper billionaire argument I'm familiar with is that, if all these rich people tried to sell all of this stock at once, the market would be flooded and the price would drop significantly. That statement might be technically true in absolute, but that's not how you liquidate securities. You would liquidate over several years in a carefully managed liquidation plan that avoids flooding the market, not in a giant lump sum.
+
+Billionaires [regularly liquidate in this manner](https://www.cnbc.com/2020/02/11/jeff-bezos-sold-4point1-billion-worth-of-amazon-shares-in-past-week.html) as a matter of routine, and it has never caused the market collapse consistently forecast by billionaire defenders. I have never once heard anyone advocate instant liquidation in an immediate one-time firesale, except when used as a straw man to prove the supposed impossibility of liquidation.
+
+Now you may be wondering, just how slowly would you have to do this liquidation in order to avoid flooding the market? And the answer is, surprisingly, not that slowly. The market cap of the US stock market is around $21 trillion. Around $64 trillion worth of stock changes hands in the US every year. If you wanted to liquidate a trillion dollars over, say, five years that would constitute about 0.3% of all the trading that happens in that time.
+
+There are a wide variety of serious policy proposals floating around aimed at reducing inequality, and none of them include a massive immediate seizing of all assets from wealthy people. Some play out over generations (such as a more progressive inheritance and gift tax) some play out over decades (such as a more progressive capital gains and corporate tax structure) and others play out over a few years (such as immediate term deficit spending repaid over time through a single-digit wealth tax).
+
+Another version of the paper billionaire argument holds that you couldn't sell all these stocks over any period of time, because only other billionaires would be able to buy them. This is simply nonsense. Market participation may not be 100%, but it's a hell of a lot more than 400 people. Half of all households in the US own stock, either directly or through their 401k/IRA. On any given day, millions of individuals buy stock, mostly through their retirement accounts, a few hundred dollars at a time.
+
+But let's set all of this aside and suppose that the paper billionaire argument is actually true (it's not, but for the sake of argument). Let's suppose liquidating this wealth caused 80% of it to vanish into thin air. That would leave behind $700 billion—still enough to eradicate malaria, provide everyone on earth with water and waste disposal, lift every American out of poverty, and test every single American for coronavirus. I think this is one of the points that should come through most clearly in this website—the amounts we're dealing with are so mind-flayingly large that it scarcely matters if are calculations are off by 500%.
+
+I find it telling that no one EVER tries to quantify the paper billionaire argument. They never ask "how big is the total market?" or "what portion _could_ we safely liquidate without some major negative consequence?" No. They simply look at the massive scale of global wealth, and the massive scale of global poverty, and then retreat into cynicism. The millions dead from preventable diseases? Unsolvable, they declare. Those who would address global poverty just "don't understand how stocks work." Perhaps it's easier to just declare the problem unsolvable than to confront the massive human cost of your ideology. But confront it we must. The money is there, we just need to take it.
diff --git a/img/cares.svg b/img/cares.svg
@@ -8,7 +8,7 @@
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- <metadata> Produced by OmniGraffle 7.15.1
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<dc:date>2020-04-24 01:58:02 +0000</dc:date>
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- <tspan font-family="Helvetica Neue" font-size="15.008022" font-weight="400" fill="black" x="7354117e-19" y="14">$2 trillion</tspan>
+ <tspan font-family="Helvetica Neue" font-size="15.008022" font-weight="400" fill="black" x="7354117e-19" y="48">$2 trillion</tspan>
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- <tspan font-family="Helvetica Neue" font-size="15.008022" font-weight="400" fill="black" x="0" y="14">$2.96 trillion</tspan>
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diff --git a/img/ninety.svg b/img/ninety.svg
@@ -1,7 +1,12 @@
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- <tspan font-family="Helvetica Neue" font-size="12" font-weight="400" fill="black" x="0" y="11">Give $10,000 to every </tspan>
- <tspan font-family="Helvetica Neue" font-size="12" font-weight="400" fill="black" x="0" y="25.336">American household</tspan>
+ <text transform="translate(136 220)" fill="black">
+ <tspan font-family="Helvetica Neue" font-size="16" font-weight="400" fill="black" x="0" y="15">Give $10,000 to every </tspan>
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- <tspan font-family="Helvetica Neue" font-size="12" font-weight="400" fill="black" x="0" y="11">Test every American for coronavirus</tspan>
+ <text transform="translate(301.764 65.62102)" fill="black">
+ <tspan font-family="Helvetica Neue" font-size="16" font-weight="400" fill="black" x="0" y="15">Test every American for coronavirus</tspan>
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+ <tspan font-family="Helvetica Neue" font-size="16" font-weight="400" fill="black" x="12.226992" y="15">Eliminate all federal taxes on </tspan>
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- <tspan font-family="Helvetica Neue" font-size="12" font-weight="400" fill="black" x="13.565997" y="11">Provide clean water and waste </tspan>
- <tspan font-family="Helvetica Neue" font-size="12" font-weight="400" fill="black" x="6.4259966" y="25.336">disposal to every human on earth</tspan>
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diff --git a/index.html b/index.html
@@ -24,7 +24,7 @@
<meta property="og:description" content="Wealth inequality in the United States is out of control. Here we visualize the issue in a unique way." />
<meta property="og:image" content="https://mkorostoff.github.io/1-pixel-wealth/img/off-the-chart.png" />
- <link rel="stylesheet" type="text/css" href="main.css?version=1.3">
+ <link rel="stylesheet" type="text/css" href="main.css?version=1.4">
<meta name="viewport" content="width=device-width, initial-scale=1, minimum-scale=1" />
</head>
<body>
@@ -67,7 +67,7 @@
<div name="bezos" class="wealth-wrapper bezos">
<div id="bezos" class="wealth ruler">
- <h2 class="wealth-title">$139 billion (wealth of Jeff Bezos)</h2>
+ <h2 class="wealth-title">$171 billion (wealth of Jeff Bezos)</h2>
<div class="counter" id="bezos-counter"></div>
<div class="key">
<span>$80 million</span>
@@ -91,7 +91,7 @@
<div class="text-infobox infobox">
<div id="bezos-counter-start" class="title">
- <p>Lol, just kidding, we're about ⅓ of the way. Keep scrolling though, there's more to see.</p>
+ <p>Lol, just kidding, we're about a third of the way. Keep scrolling though, there's more to see.</p>
</div>
</div>
@@ -274,7 +274,7 @@
<div id="four-hundred" class="wealth-wrapper four-hundred">
<div class="wealth ruler">
- <h2 class="wealth-title">400 richest Americans ($2.96 trillion)</h2>
+ <h2 class="wealth-title">400 richest Americans ($3.5 trillion)</h2>
<div class="counter" id="four-hundred-counter"></div>
<div class="key">
<span>$80 million</span>
@@ -282,7 +282,7 @@
<div class="infobox infobox text-infobox intro">
<div class="title">
- Jeff Bezos may be insanely rich, but it is a drop in the ocean compared to the combined wealth of his peers. The 400 richest Americans own about $3 trillion, which is more than the bottom 60% of Americans.
+ Jeff Bezos may be insanely rich, but it is a drop in the ocean compared to the combined wealth of his peers. The 400 richest Americans own about $3.5 trillion, which is more than the bottom 60% of Americans.
</div>
</div>
@@ -307,6 +307,11 @@
</div>
</div>
+ <div class="infobox text-infobox infobox-close">
+ <div class="title">
+ Some will argue that using this wealth for public benefit is not possible, because it's "tied up" in stocks, and therefore inaccessible. <a href="https://github.com/MKorostoff/1-pixel-wealth/blob/master/THE_PAPER_BILLIONAIRE.md" target="_blank">This is just not true</a>.
+ </div>
+ </div>
<div class="infobox text-infobox infobox-close">
<div class="title">
@@ -323,15 +328,15 @@
</div>
<div class="infobox text-infobox infobox-half">
- <h2 class="title what-could-we-do">What could we do with 3% of this money?</h2>
+ <h2 class="title what-could-we-do">What could we do with under 3% of this money?</h2>
</div>
<div class="infobox infobox-quarter flex">
- <div class="piechart three-percent">
+ <div class="piechart two-point-eight-percent">
<svg class="piechart-outer" viewBox="0 0 32 32">
<circle class="piechart-inner" r="16" cx="16" cy="16" />
</svg>
- <span class="label">3%</span>
+ <span class="label">2.8%</span>
<div class="dotted-line"></div>
<div class="description">
<h2>Test Every American for Coronavirus</h2>
@@ -341,16 +346,16 @@
<div class="infobox text-infobox infobox-close">
<div class="title">
- <p>As of this writing, testing in the United States falls far short of what is needed to re-open the economy. By some estimates, sufficiently ramping up testing to around 30 million tests per week would cost around <a href="https://www.cnbc.com/2020/04/21/coronavirus-tests-rockefeller-plan-would-screen-millions-for-covid-19.html" target="_blank">$100 billion total</a>, or about 3% of the wealth currently controlled by the 400 richest Americans.</p>
+ <p>As of this writing, testing in the United States falls far short of what is needed to re-open the economy. By some estimates, sufficiently ramping up testing to around 30 million tests per week would cost around <a href="https://www.cnbc.com/2020/04/21/coronavirus-tests-rockefeller-plan-would-screen-millions-for-covid-19.html" target="_blank">$100 billion total</a>, or about 2.8% of the wealth currently controlled by the 400 richest Americans.</p>
</div>
</div>
<div class="infobox infobox-quarter flex">
- <div class="piechart three-percent">
+ <div class="piechart two-point-eight-percent">
<svg class="piechart-outer" viewBox="0 0 32 32">
<circle class="piechart-inner" r="16" cx="16" cy="16" />
</svg>
- <span class="label">3%</span>
+ <span class="label">2.8%</span>
<div class="dotted-line"></div>
<div class="description">
<h2>Permanently Eradicate Malaria</h2>
@@ -401,7 +406,7 @@
<div class="infobox text-infobox infobox-close">
<div class="title">
<p><em>All</em> of these deaths are preventable. Treating and preventing malaria is a well understood science, universally practiced in the developed world.</p>
- <p><a href="https://www.ncbi.nlm.nih.gov/pubmed/25551454" target="_blank">It is estimated</a> that malaria could be globally eradicated by 2030 for a cost around $1.84 per at-risk person per year, or around $100 billion total. This would be around 3% of the wealth currently possessed by the 400 richest Americans.</p>
+ <p><a href="https://www.ncbi.nlm.nih.gov/pubmed/25551454" target="_blank">It is estimated</a> that malaria could be globally eradicated by 2030 for a cost around $1.84 per at-risk person per year, or around $100 billion total. This would be around 2.8% of the wealth currently possessed by the 400 richest Americans.</p>
</div>
</div>
@@ -412,15 +417,15 @@
</div>
<div class="infobox text-infobox infobox-half">
- <h2 class="title what-could-we-do">What could we do with 5% of this money?</h2>
+ <h2 class="title what-could-we-do">What could we do with under 5% of this money?</h2>
</div>
<div class="infobox infobox-quarter flex">
- <div class="piechart five-percent">
+ <div class="piechart four-percent four-point-three-percent">
<svg class="piechart-outer" viewBox="0 0 32 32">
<circle class="piechart-inner" r="16" cx="16" cy="16" />
</svg>
- <span class="label">5.1%</span>
+ <span class="label">4.3%</span>
<div class="dotted-line"></div>
<div class="description">
<h2>Provide $1,200 to every American household.</h2>
@@ -436,13 +441,13 @@
<div class="infobox text-infobox infobox-close">
<div class="title">
- <p>The wealth of 400 Americans could have financed the entire CARES act, including the corporate bailouts, expanded unemployment, and expanded testing—with nearly a trillion dollars left over.</p>
+ <p>The wealth of 400 Americans could have financed the entire CARES act, including the corporate bailouts, expanded unemployment, and expanded testing—with a trillion and a half left over.</p>
</div>
</div>
<div class="infobox infobox-close cares">
<div class="chart">
- <img src="img/cares.svg">
+ <img src="img/cares.svg?v=2">
</div>
</div>
@@ -453,11 +458,11 @@
</div>
<div class="infobox infobox-quarter flex">
- <div class="piechart five-percent">
+ <div class="piechart four-percent four-point-eight-percent">
<svg class="piechart-outer" viewBox="0 0 32 32">
<circle class="piechart-inner" r="16" cx="16" cy="16" />
</svg>
- <span class="label">5.7%</span>
+ <span class="label">4.8%</span>
<div class="dotted-line"></div>
<div class="description">
<h2>Lift every American out of poverty.</h2>
@@ -480,7 +485,7 @@
<div class="infobox text-infobox infobox-close">
<div class="title">
- <p><a href="https://www.census.gov/content/dam/Census/library/publications/2019/demo/p60-266.pdf" target="_blank">Every single person</a> in America could be lifted above the poverty line with a one-time cash subsidy of around $10,000 per impoverished family (and about $7,000 for impoverished individuals). The total cost would be $170 billion, a little over 5% of the wealth currently controlled by 400 individuals.</p>
+ <p><a href="https://www.census.gov/content/dam/Census/library/publications/2019/demo/p60-266.pdf" target="_blank">Every single person</a> in America could be lifted above the poverty line with a one-time cash subsidy of around $10,000 per impoverished family (and about $7,000 for impoverished individuals). The total cost would be $170 billion, a little under 5% of the wealth currently controlled by 400 individuals.</p>
</div>
</div>
@@ -505,7 +510,7 @@
</div>
<div class="infobox text-infobox infobox-half">
- <h2 class="title what-could-we-do">What could we do with 6% of this money?</h2>
+ <h2 class="title what-could-we-do">What could we do with under 6% of this money?</h2>
</div>
<div class="infobox infobox-quarter flex">
@@ -513,7 +518,7 @@
<svg class="piechart-outer" viewBox="0 0 32 32">
<circle class="piechart-inner" r="16" cx="16" cy="16" />
</svg>
- <span class="label">6%</span>
+ <span class="label">5.7%</span>
<div class="dotted-line"></div>
<div class="description">
<h2>Refund 2018 taxes for all households earning under $80,000</h2>
@@ -528,15 +533,15 @@
</div>
<div class="infobox text-infobox infobox-half">
- <h2 class="title what-could-we-do">What could we do with 8% of this money?</h2>
+ <h2 class="title what-could-we-do">What could we do with under 7% of this money?</h2>
</div>
<div class="infobox infobox-quarter flex">
- <div class="piechart eight-percent tiny">
+ <div class="piechart six-point-eight-percent tiny">
<svg class="piechart-outer" viewBox="0 0 32 32">
<circle class="piechart-inner" r="16" cx="16" cy="16" />
</svg>
- <span class="label">8%</span>
+ <span class="label">6.8%</span>
<div class="dotted-line"></div>
<div class="description">
<h2>Provide clean drinking water and toilet access to every human on earth.</h2>
@@ -559,7 +564,7 @@
<div class="infobox text-infobox infobox-close">
<div class="title">
- <p>Contaminated water is a major source of disease, including cholera, dysentery, and typhoid. <a href="https://www.who.int/news-room/fact-sheets/detail/drinking-water">It is estimated</a> that contaminated water kills about 829,000 people every year, making it one of the world's biggest killers. The cost to provide clean water and waste disposal for everyone on earth would be about <a href="https://www.who.int/water_sanitation_health/watandmacr3.pdf" target="_blank">$240 billion</a>, or 8% of the wealth controlled by the 400 richest Americans.</p>
+ <p>Contaminated water is a major source of disease, including cholera, dysentery, and typhoid. <a href="https://www.who.int/news-room/fact-sheets/detail/drinking-water">It is estimated</a> that contaminated water kills about 829,000 people every year, making it one of the world's biggest killers. The cost to provide clean water and waste disposal for everyone on earth would be about <a href="https://www.who.int/water_sanitation_health/watandmacr3.pdf" target="_blank">$240 billion</a>, or 6.8% of the wealth controlled by the 400 richest Americans.</p>
</div>
</div>
@@ -570,15 +575,15 @@
</div>
<div class="infobox text-infobox infobox-close">
- <h2 class="title what-could-we-do">What could we do with 40% of this money?</h2>
+ <h2 class="title what-could-we-do">What could we do with a third of this money?</h2>
</div>
<div class="infobox infobox-quarter flex">
- <div class="piechart forty-percent tiny">
+ <div class="piechart thirty-six-percent tiny">
<svg class="piechart-outer" viewBox="0 0 32 32">
<circle class="piechart-inner" r="16" cx="16" cy="16" />
</svg>
- <span class="label">43%</span>
+ <span class="label">36%</span>
<div class="dotted-line"></div>
<div class="description">
<h2>Give $10,000 to every American household</h2>
@@ -588,7 +593,7 @@
<div class="infobox text-infobox infobox-close">
<div class="title">
- There are about 128 million households in the United States. To give each one $10,000 would cost $1.28 trillion, or about 43% of the wealth controlled by 400 Americans.
+ There are about 128 million households in the United States. To give each one $10,000 would cost $1.28 trillion, or about 36% of the wealth controlled by 400 Americans.
</div>
</div>
@@ -600,13 +605,13 @@
</div>
<div class="infobox text-infobox infobox-close">
- <h2 class="title what-could-we-do">What could we do with 85% of this money?</h2>
+ <h2 class="title what-could-we-do">What could we do with 70% of this money?</h2>
</div>
<div class="ninety-wrapper-outer infobox infobox-close">
<div class="ninety-wrapper center-sticky">
<div class="ninety">
- <img src="img/ninety.svg" />
+ <img src="img/ninety.svg?v=2" />
</div>
</div>
</div>
@@ -639,6 +644,6 @@
<a class="about-this" target="_blank" href="https://github.com/MKorostoff/1-pixel-wealth/blob/master/README.md">About this page</a>
</div>
-<script type="text/javascript" src="main.js?version=1.3"></script>
+<script type="text/javascript" src="main.js?version=1.4"></script>
</body>
</html>
diff --git a/main.css b/main.css
@@ -295,13 +295,13 @@ h1 {
background-color: #03A9F4;
}
.bezos .wealth {
- width: 278000px;
+ width: 342000px;
height: 500px;
background-color: orange;
}
.four-hundred .wealth {
margin-left: 100px;
- width: 5920000px;
+ width: 7000000px;
height: 500px;
background-color: #03A9F4;
}
@@ -481,6 +481,9 @@ h1 {
.zoom .zoom-out {
display: inline;
}
+.no-single-human {
+ margin-left: 18000px;
+}
.no-single-human .title {
max-width: 390px;
}
@@ -590,7 +593,7 @@ h1 {
height: auto;
}
.what-could-we-do.title {
- width: 320px;
+ width: 330px;
text-align: center;
font-size: 25px;
font-weight: bold;
@@ -624,14 +627,14 @@ h1 {
.six-percent .piechart-outer {
transform: rotate(-45deg);
}
-.eight-percent .piechart-inner {
- stroke-dasharray: 8 100;
+.six-point-eight-percent .piechart-inner {
+ stroke-dasharray: 6.8 100;
}
.two-point-seven-percent .piechart-outer,
-.three-percent .piechart-outer {
+.two-point-eight-percent .piechart-outer {
transform: rotate(-38deg);
}
-.five-percent .piechart-outer {
+.four-percent .piechart-outer {
transform: rotate(-43deg);
}
.four-tenths-percent .piechart-outer {
@@ -640,14 +643,17 @@ h1 {
.four-tenths-percent .piechart-inner {
stroke-dasharray: .4 100;
}
-.three-percent .piechart-inner {
- stroke-dasharray: 3 100;
+.two-point-eight-percent .piechart-inner {
+ stroke-dasharray: 2.8 100;
+}
+.four-point-three-percent .piechart-inner {
+ stroke-dasharray: 4.3 100;
}
-.five-percent .piechart-inner {
- stroke-dasharray: 5 100;
+.four-point-eight-percent .piechart-inner {
+ stroke-dasharray: 4.8 100;
}
-.forty-percent .piechart-inner {
- stroke-dasharray: 43 100;
+.thirty-six-percent .piechart-inner {
+ stroke-dasharray: 36 100;
}
.piechart .dotted-line {
position: absolute;
diff --git a/main.js b/main.js
@@ -79,7 +79,7 @@ function update_wealth_counter() {
if (bezos_viewable()) {
if (bezos_counter_viewable()) {
let wealth = (window.scrollX - bezos.offsetLeft + 175) * 500000;
- bezos_counter.innerHTML = (wealth < 139000000000) ? money.format(wealth) : "$139,000,000,000.00";
+ bezos_counter.innerHTML = (wealth < 171000000000) ? money.format(wealth) : "$171,000,000,000";
}
else {
bezos_counter.innerHTML = '';
@@ -88,7 +88,7 @@ function update_wealth_counter() {
else if (four_hundred_viewable()) {
if (four_hundred_counter_viewable()) {
let wealth = (window.scrollX - four_hundred.offsetLeft + 175) * 500000;
- four_hundred_counter.innerHTML = (wealth < 2960000000000) ? money.format(wealth) : "$2,960,000,000,000.00";
+ four_hundred_counter.innerHTML = (wealth < 3500000000000) ? money.format(wealth) : "$3,500,000,000,000";
}
else {
four_hundred_counter.innerHTML = '';
