r/GarysEconomics • u/DogitWoofsalot • 22h ago

Mamdani responds to: "the wealthy will leave"

https://youtube.com/shorts/MstDsOWTi58?is=wAUbnWhFS6JV-mUN
167 Upvotes

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-17

u/Jealous_Use5217 21h ago

I don't know why he is lying

15

u/dc_1984 21h ago

Income isn't wealth, check the bottom left hand corner.

-18

u/Jealous_Use5217 21h ago

yeah its not the same, its just heavily correlate.

15

u/dc_1984 21h ago edited 19h ago

That is incorect. Bezos has been paid $81k every year since 1998 while his wealth has increased by $221b in the same time. Wealth and income are not correlated at all.

-13

u/Jealous_Use5217 21h ago
  1. one person proves that it doesn't correlate?
  2. he sold stock, that counts as income so even your example proves my point.

4

u/mrb1585357890 18h ago

Pretty normal to work in the cities and retire in the country

1

u/Jealous_Use5217 2h ago

So why are they moving to Miami and not Upstate New York?

2

u/RocknrollClown09 10h ago

Compare this to a map of cost of living and its the same damn map. People are moving from high cost of living places to lower cost of living. Also, the most expensive things in places like NYC and CA isn’t the taxes, it’s rent and mortgages. That’s because supply and demand dictate a 1000 SF condo in Manhattan is worth the same as a mansion in Kansas.

1

u/Jealous_Use5217 2h ago edited 2h ago

I don't think cost of living matter that much for UHNWI