Billionaire Intervention: Necessary Solution for Financial Issues? - Essay Sample

Introduction

The prevalence of financial issues raises the question seeking to establish whether or not billionaires should intervene. In fear of more and severe financial issues, billionaires are the perfect solutions for the prevailing financial issues. The necessity of their intervention is informed by the probable more and severe financial meltdown that might haunt them as well. In the capitalistic economy, wealth and money are hard-earned, and this is a principle that allows billionaires to acquire more wealth. Indeed, billionaires' intervention is necessary for down stepping financial issues that might bring the world's economy down through accruing debt margins and taxation of the poor (OXFAM International, 2019). They can achieve this through multidimensional approaches to enhancing equality and narrowing the gap amongst the opulent and the underprivileged, as well as adhering to taxation rules and regulations, as discussed below.

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Reducing the Gap Amongst the Wealthy and the Underprivileged and Equality

Billionaires can do much with their money or wealth, and minimizing the gap amongst the affluent and the deprived people is one fundamental way through which they can solve financial problems. The wealthy individuals can take care of the most pressing issues such as global medical bills; finance the construction of necessary infrastructures, and hackle hunger issues and other epidemics through philanthropy that might arise (Digital Information World, 2019). These activities can bridge the gap among the opulent and the deprived individuals, and hence, a resolution to much of the financial problems.

Philanthropy

Billionaires can solve financial meltdowns through philanthropic activities such as donations, the establishment of foundations aiming at solving societal issues such as poor medical services and education. Philanthropy can, directly and indirectly, solve financial issues. A typical example of financial issues that can be solved through philanthropy regards high student loans that drain their finances with and without jobs. Student loans accumulate and accrue pretty much quick, and this incapacitates most graduates from saving and acquiring homes, as well as necessities in life upon employment (Digital Information World, 2019). If billionaires can fund their education, student loans can be erased, and as such, they can have the financial freedom to save and develop their lives hassle-free.

Another dimension of mitigating the gap amongst the affluent and the underprivileged concerns the construction of necessary infrastructures. The private sectors are richer than the governments courtesy of capitalistic economic systems, and it is this phenomenon that informs the need for billionaires' philanthropy. For instance, they should participate or take full responsibility during the construction of necessary infrastructures such as roads, dams, medical bills, sporadic epidemics such as diseases and hunger. The converse of this will imply that the government will raise taxes to obtain the money to complete these activities. In the process, the poor will sink in poverty, and this will create even more financial issues (Digital Information World, 2019). To this point, billionaires will be directly solving financial problems. Billionaires' participation in the construction of the infrastructures that might exacerbate the poor's financial meltdown limits the financial damages in the letters' lives. In the process, the poor will have the financial freedom to develop themselves or invest in various businesses to incre3ase their earnings. The bottom line of this phenomenon is a process that will lead to narrowing the gap concerning the opulent and the deprived individuals.

Taxation and Debt Burdens on the Poor

Billionaires are known to be scrupulous and chronic tax defaulters. Also, they have mastered the art of tax avoidance, especially in countries with stringent tax policies and laws. Such practices create financial problems such as minimal cash flow that occurs when they earn more and less. Taxing the rich and eliminating evasion and avoidance is an effective strategy through which governments can acquire the finances necessary to fund basic social amenities and the necessary services to citizens. Billionaires, without a doubt, will significantly contribute more taxes, especially through their businesses and companies. This will prevent financial issues that arise when governments have insufficient funds to fund their activities. A significant financial problem solved is extreme debts (Oxfam International, 2019). Governments may opt for borrowing, and the borrowing can be too much for the country to pay. Such debts may accrue beyond the country's abilities. However, taxing billionaires avails more money that can significantly finance the most essential and basic activities, and as such, rising debt margins as one fundamental problem solved by billionaire's wealth.

Conclusion

In the capitalistic world, billionaires accumulate wealth and money, and worse still, they spend less, evade and avoid taxes. The society, at the same time, faces severe financial problems such as the need to establish the necessary infrastructures, rising prices of basic commodities, and unaffordable survive such as education, health and housing services, hunger issues, and other epidemics. Such circumstances raise questions regarding whether or not billionaires can fix the prevailing financial problems such as rising debt margins and the increasing gap between the poor and the rich. Indeed, billionaires should be tasked to fix the prevailing financial crises because they can achieve this hassle-free. It is undeniable that such financial problems will increase if they do not intervene.

References

Digital Information World. (2019). What Could Billionaires Solve with their Money? Retrieved from https://www.digitalinformationworld.com/2019/05/what-problems-could-billionaires-solve-infographic.html

Oxfam International. (2019). Inequality and Poverty: the hidden cost of tax dodging. Retrieved from https://www.oxfam.org/en/inequality-and-poverty-hidden-costs-tax-dodging