Even if You Did Give Everyone $4.3 Million, Poverty Would Get Worse
[dropcap size=big]A[/dropcap] popular meme going around Facebook attempts to paint the narrative that giving everyone $4.3 million from the Powerball would solve poverty for good. Not only is the math for this completely wrong, but the economics behind this whole concept wouldn’t work either, as the Facebook post below explains.
“The whole ‘powerball redistribution’ myth is extremely dangerous and I can’t believe how many of you fell for it.
Yes, the math obviously doesn’t come out to anywhere near $4.3 million. Even if it did, you still wouldn’t solve poverty.
I’ll explain this in a way that a 6 year old could understand. Literally.
Imagine I go to school, and I sell energy drinks there.
Now imagine everyone in that school makes an allowance of about $1 an hour minimum.
How much could I afford to sell energy drinks for? $1. Maybe $1.50.
Now imagine, everyone in that school makes an allowance of at least $20 an hour.
I could afford to sell energy drinks for $20-25.
Now imagine this same scenario happens with millions of dollars. Can you imagine what that would do to prices? They’d go through the roof.
This isn’t going to solve poverty. It’s going to make the dollar worthless.”
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