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re: Billionaire investor says government should have helped consumers instead of companies
Posted on 7/9/20 at 6:17 am to TigreB77
Posted on 7/9/20 at 6:17 am to TigreB77
quote:
While everyone is arguing over $600 unemployment payments for the middle class, mask vs. no mask, left vs. right, and BLM vs. ALM, these multi-millionaires and billionaires are taking full advantage and ensuring they stay rich while the majority of Americans sink deeper and deeper into poverty and debt. And the sad part is we tolerate it.
Welfare for the poor is bad because of Socialism, welfare for corporations is good because ‘Merica. That rhetoric is everywhere around these parts.
1
Posted on 7/9/20 at 6:20 am to Jp1LSU
100% of our PPP loan went to payroll and group health insurance.
Posted on 7/9/20 at 6:30 am to rickgrimes
quote:
this top-down idea that trickle-down economics work," Palihapitiya said. "It doesn't work anymore."
"It's just a failed idea, a failed concept that's had its day," he added.
Notice this is coming from a billionaire. If top down isn’t working, maybe it’s because the guy at the top- this Indian- isn’t spending enough of it or paying enough to his employees to make it work.
fricking hypocrite cocksucker
Posted on 7/9/20 at 6:33 am to ForeverEllisHugh
quote:No he's not.
He’s spot-on.
quote:I say nobody should have gotten anything from the Feds, nor from the State.
I say any company over a certain size should have been given nothing. Let the small businesses and individuals gain the advantage over the multinational devils.
Want some money? Get your arse out there (literally or virtually) and earn it, period. And then pay taxes on it no matter your overall earnings. rich or poor.
Posted on 7/9/20 at 6:34 am to rickgrimes
The PPP certainly helped our small company and without it, at least half of our employees would have been let go and probably not replaced for at least a year.
Our employees are not stupid and they all understand that the owners could not continue to cover salaries and insurance for very long.
Putting that money into the consumers' hands that are facing an imminent job loss would have led to everyone just holding their cash and economic collaspe.
Our employees are not stupid and they all understand that the owners could not continue to cover salaries and insurance for very long.
Putting that money into the consumers' hands that are facing an imminent job loss would have led to everyone just holding their cash and economic collaspe.
Posted on 7/9/20 at 6:53 am to HailHailtoMichigan!
The responses to your post are painful
Posted on 7/9/20 at 6:55 am to HailHailtoMichigan!
quote:
Guess this “billionaire investor” didn’t actually read up on ppp loan regulations
And ignores the fact that we massively juiced unemployment
The idea that consumers didn’t get anything is fricking ludicrous
so roughly 20% of the money went to the largest portion of people - that is even assuming the PPP was doled out as it was supposed to be.
This whole concept of the gov't subsidizing risk to big businesses is nonsense.
This same guy addressed the idiocy of bailing out airlines out of some misguided fear that if they went into bankruptcy, we wouldn't be able to travel on planes any more. Its just nonsense and bullshite to keep justifying taxpayer bailouts of companies that don't deserve it or use it in the best interest of those same taxpayers.
This post was edited on 7/9/20 at 6:58 am
Posted on 7/9/20 at 7:03 am to Oilfieldbiology
quote:
What’s the evidence that this hasn’t worked? Coming out from the carter administration and his trickle up economy and transitioning into the trickle down has led to economic booms.
By what objective measure has our economy gotten worse since 1980?
instead of like 90% of americans forecast to be better off than there parents, that number is now like half. Roughly half the country cant afford an unexpected bill.
Productivity growth has been massively outpacing compensation growth, same with real GDP and wages - the list goes on.
LINK
A summary of several of these statistics.
Posted on 7/9/20 at 7:07 am to ForeverEllisHugh
quote:
I say any company over a certain size should have been given nothing
That’s what happened. Weren’t the only giant companies that received something those that had their entire industry shut down? There were definitely size limitations in CARES/PPP.
Posted on 7/9/20 at 7:07 am to blowmeauburn
quote:
Further, everything was closed except Walmart and Amazon so not hard to imagine who would have gotten the bulk of those direct payments
This. That guy just cared about money going into big mega corporations pockets. He talks about long-term, but everything he says it about short-term. That is where the mega rich get mega rich. They could give two craps about long-term. All lip service.
Posted on 7/9/20 at 7:08 am to Sneaky__Sally
You do realize that the forecast is down because rather than parents coming from the Great Depression we are now coming out of an economic boom facilitated by the evil trickle down economics.
As for the people not able to pay bills, I wonder how many of them are in debt up to their eyeballs due to college, bigger houses (something I’ve bitched about a lot is the lack of new starter homes), or more expensive cars (not the consumers fault but a lot of people won’t drive used)
As for the people not able to pay bills, I wonder how many of them are in debt up to their eyeballs due to college, bigger houses (something I’ve bitched about a lot is the lack of new starter homes), or more expensive cars (not the consumers fault but a lot of people won’t drive used)
Posted on 7/9/20 at 7:14 am to Oilfieldbiology
quote:
You do realize that the forecast is down because rather than parents coming from the Great Depression we are now coming out of an economic boom facilitated by the evil trickle down economics.
As for the people not able to pay bills, I wonder how many of them are in debt up to their eyeballs due to college, bigger houses (something I’ve bitched about a lot is the lack of new starter homes), or more expensive cars (not the consumers fault but a lot of people won’t drive used)
Yes college is a huge, huge problem along with healthcare costs. But what about the divergence of productivity growth, gdp growth vs. wages growth? Those were in lockstep until the 70's and have been just undermining our economic stability ever sense.
We have had an incredible period of stability since the 70's. Trickle down economics works great for GDP and the upper class. Not so much for the economic stability and the working class (including traditional middle class) - which if it destabilizes enough, will be catastrophic for the upper class as well.
Also regarding the parents thing, its still declining - even since the 70's, upward mobility isn't a likely outcome for most kids today.
This post was edited on 7/9/20 at 7:24 am
Posted on 7/9/20 at 7:21 am to Sidicous
quote:
And then pay taxes on it no matter your overall earnings.
Why pay taxes if the Feds aren't going to be there when absolutely needed?
Not just you but some of the dumbest shite ever has been stated in this thread.
Unless you are a company like Amazon or Wal-Mart you aren't sitting on a ton of cash. Most small businesses have about a 30 day supply of cash on hand then shite gets tight and you have to start making changes. When your receivables start getting slow you start paying slow and it's a domino effect on the whole system.
Posted on 7/9/20 at 7:22 am to Oilfieldbiology
quote:
By what objective measure has our economy gotten worse since 1980?
Wealth Inequality. Bottom 90%’s combined wealth has gone up around 30% but the top 10% has gone up by 250%
Or put another way: historically the middle class was the backbone of the economy, with dominant aggragate earnings. Not anymore.
Meanwhile the middle class is the one primarily getting squeezed by taxes and economic burden of the welfare state they keep trying to grow.
I’m not saying this makes the concept of trickle down completely debunked but you asked the question like the product was all sunshine and rainbows.
This post was edited on 7/9/20 at 7:25 am
Posted on 7/9/20 at 7:28 am to CenlaLowell
quote:
Didn't get NEAR as much as the companies so get outta here with that shite
You would rather companies go under and not pay employees?
Posted on 7/9/20 at 7:31 am to TigreB77
quote:
While everyone is arguing over $600 unemployment payments for the middle class, mask vs. no mask, left vs. right, and BLM vs. ALM, these multi-millionaires and billionaires are taking full advantage and ensuring they stay rich while the majority of Americans sink deeper and deeper into poverty and debt. And the sad part is we tolerate it.
Spot on, look at how most people around here will trip over themselves to defend billionaires like Bezos being sociopathic assholes. As along as youre rich its ok to get away with screwing people and screwing over the country because of the free market. These assholes used how many untold millions of these loans when they werent needed and people STILL defend them. The uber wealthy detest most of the types of people that inhabit this website and would sell us all out for an extra buck if given the chance.
Posted on 7/9/20 at 7:34 am to Nigel Farage
quote:
quote:
While everyone is arguing over $600 unemployment payments for the middle class, mask vs. no mask, left vs. right, and BLM vs. ALM, these multi-millionaires and billionaires are taking full advantage and ensuring they stay rich while the majority of Americans sink deeper and deeper into poverty and debt. And the sad part is we tolerate it.
Spot on, look at how most people around here will trip over themselves to defend billionaires like Bezos being sociopathic a-holes. As along as youre rich its ok to get away with screwing people and screwing over the country because of the free market. These a-holes used how many untold millions of these loans when they werent needed and people STILL defend them. The uber wealthy detest most of the types of people that inhabit this website and would sell us all out for an extra buck if given the chance.
This is one thing that made me not understand how people were so against the idea of a UBI. If you put a Value Added Tax, these massive companies won't be able to get away with playing accounting games to avoid taxes - then instead of the gov't spending that money - send every single american their fair share.
The capitalist society is necessary for innovatoin but it also needs checks and balances - just like our gov't - to make sure it functions in a manner to serve all the people operating in that market, anti trust being the easiest example.
This post was edited on 7/9/20 at 7:36 am
Posted on 7/9/20 at 7:36 am to Sneaky__Sally
dude .I tried to get everyone to join yang gang but few would listen. need to make bezos pay more in taxes with vat. it's a very good plan, very good
Posted on 7/9/20 at 7:39 am to Sneaky__Sally
quote:
This is one thing that made me not understand how people were so against the idea of a UBI. If you put a Value Added Tax, these massive companies won't be able to get away with playing accounting games to avoid taxes - then instead of the gov't spending that money - send every single american their fair share.
I think a lot of folks problem with UBI stems from the people who have openly talked about it and their other policies. The American public are in desperate need of basic upgrades like a cost of living adjustment but that is seen as Socialism by so many on this site, now throw UBI into it and you see where I am going. My problem with UBI is that immigration needs to be either cut to 0 (preferably) or make it so that immigrants arent eligible for it because if you dont do either of these things then Central America will just move up here and bankrupt us while turning us into another new world shithole.
Posted on 7/9/20 at 7:39 am to Mr Perfect
quote:
dude .I tried to get everyone to join yang gang but few would listen. need to make bezos pay more in taxes with vat. it's a very good plan, very good
haha, i know me too. Still tryna fight the good fight.
Its so counter to our entire psychology its is hard to grasp. I thought the idea was just nonsense the first time i heard it, but then i did some research, read his book.
I'm still afraid UBI if it gets warped by some of these insane democrats could be a disaster - but a well funded, well thought out program like he was promoting during the primary could be magic for our country.
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