If I can buy a can of tennis balls for $3 but I derive $10 of pleasure from playing with those balls, that $7 difference is my net benefit. A “consumer surplus” is the value of a product that people buy beyond the price they pay for it. Amazon has added, conservatively speaking, $1 trillion of consumer surplus for all of the tens of millions of people in the United States and around the world who go online and click to buy products on Amazon. But as he has correctly pointed out, it also means that he has collectively created some $850 billion of wealth for all of the millions of people who own Amazon stock - which is probably close to one-third of all Americans. He owns perhaps 15% of the stock, which would mean his net worth is somewhere near $150 billion. Amazon’s stock is now worth close to $1 trillion. Elizabeth Warren, a Massachusetts Democrat, calls their wealth “obscene.”Īmazon founder Jeff Bezos has attained a wealth that exceeds some countries. It’s clear why the superrich are a tempting target to, as Biden puts it, “pay their fair share.” We have billionaires with almost unfathomable riches. Does anyone really believe that any of these new schemes that President Joe Biden conjures up every few days to “tax the rich” will cause Bill Gates, Elon Musk, or Warren Buffett to pay more taxes?
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