this post was submitted on 20 Dec 2024
430 points (99.3% liked)

News

23622 readers
3140 users here now

Welcome to the News community!

Rules:

1. Be civil


Attack the argument, not the person. No racism/sexism/bigotry. Good faith argumentation only. This includes accusing another user of being a bot or paid actor. Trolling is uncivil and is grounds for removal and/or a community ban. Do not respond to rule-breaking content; report it and move on.


2. All posts should contain a source (url) that is as reliable and unbiased as possible and must only contain one link.


Obvious right or left wing sources will be removed at the mods discretion. We have an actively updated blocklist, which you can see here: https://lemmy.world/post/2246130 if you feel like any website is missing, contact the mods. Supporting links can be added in comments or posted seperately but not to the post body.


3. No bots, spam or self-promotion.


Only approved bots, which follow the guidelines for bots set by the instance, are allowed.


4. Post titles should be the same as the article used as source.


Posts which titles don’t match the source won’t be removed, but the autoMod will notify you, and if your title misrepresents the original article, the post will be deleted. If the site changed their headline, the bot might still contact you, just ignore it, we won’t delete your post.


5. Only recent news is allowed.


Posts must be news from the most recent 30 days.


6. All posts must be news articles.


No opinion pieces, Listicles, editorials or celebrity gossip is allowed. All posts will be judged on a case-by-case basis.


7. No duplicate posts.


If a source you used was already posted by someone else, the autoMod will leave a message. Please remove your post if the autoMod is correct. If the post that matches your post is very old, we refer you to rule 5.


8. Misinformation is prohibited.


Misinformation / propaganda is strictly prohibited. Any comment or post containing or linking to misinformation will be removed. If you feel that your post has been removed in error, credible sources must be provided.


9. No link shorteners.


The auto mod will contact you if a link shortener is detected, please delete your post if they are right.


10. Don't copy entire article in your post body


For copyright reasons, you are not allowed to copy an entire article into your post body. This is an instance wide rule, that is strictly enforced in this community.

founded 2 years ago
MODERATORS
top 35 comments
sorted by: hot top controversial new old
[–] [email protected] 5 points 3 hours ago

If it had grown with inflation, $6.3 trillion would have been turned into $8.4 trillion

[–] [email protected] 6 points 3 hours ago

Yeah, but wealth redistribution is communism and socialism and whatever...

[–] [email protected] 2 points 2 hours ago* (last edited 2 hours ago)

Isn't 10 years around the time you'd expect a doubling anyway if it was in a board market ETF?

I'm not saying it's great that their wealth has doubled... but it's not surprising and isn't beyond normal at the 10y mark.

[–] [email protected] 5 points 3 hours ago

That looks like the face Jeff makes when he is farting and thinking "god what a beautiful fart"

[–] [email protected] 6 points 13 hours ago

Isn’t Jeff looking yummy today?

Get in my belly!

[–] [email protected] 42 points 1 day ago (2 children)

We broke our economic system a while ago. Citizen United really help drive that home. The part I find so funny is the people I know complaining about taxes and never getting anything from the government.

Yet the very same individuals don't make a peep about the ridiculous amounts of money our society funnels to the wealthiest. Some kid getting a school meal for free? No no we can't have that. Billionaires able to buy social media companies and make them shittier? Why just go right ahead. Multiple private space companies? Perfectly fine. How about maybe some college for the people? No dice nerds that'd cost too much money!

[–] [email protected] 4 points 3 hours ago

Socialism is for the rich.

[–] [email protected] 7 points 5 hours ago (2 children)

Elon Musk is the biggest welfare queen of them all. He took in billions of government tax payer’s money…

[–] [email protected] 1 points 1 hour ago* (last edited 1 hour ago)

I see this a lot, but people often don't understand where a lot of the money he's gotten comes from. The big ones that come up beyond regular tax incentives for building something somewhere are... (these often don't cost money, it means less money in though)

SpaceX - They bid on contracts and won them and are often the lowest cost bidder. Sure it's government money but its not in anyway shape or form close to welfare. They are actually saving tax payers billions of dollars.

Tesla - They got a DOE loan while times were hurting yes, but it was a LOAN, that they paid back in full early. Nothing special here and not a bailout. Tax payers benefited from the interest.

Tesla - ZEV credits - People can complain about this one if they want as it's the closest to what you're describing, but it was intended to spur new business which it did. This is the one that others couldn't realistically benefit from but Tesla could. The money comes from other manufactures though, not taxpayers. But it was forced by the government, so in a sense this one is a handout in the form of a punishment.

Tesla - $7500 200k rebates were open to everyone up to 200k vehicles. GM also used these up.

Tesla - $7500 IRA Have convinced Tesla and other OEMs to source more materials within NA boosting the NA economy and it's independence from outside threats, so while it's money out, it's also money in and improved national security.

You gotta remember, as a corporation, they are obligated to use any and all incentives available to them, or they would be breaching their fiduciary duty and open to shareholder lawsuits. They do not have a choice on the matter.

Edit: Clarity on some points, but I also wanted to add, that SpaceX is going to save the US government more money than Tesla will ever have taken from taxpayers. Its a fact, not up for debate. It might have already done so as well given the below quote.

Quote from a general in the military

"General Hyten, [then] the Vice Chairman of the Joint Chiefs, told me last year ... the fact that we have competition now on going to space -- just for the military -- has saved them $40 billion in launch costs."

[–] [email protected] 1 points 3 hours ago

Yup. And the US post office does a ton of the work for Jeff. Something like 2/3 of our "welfare" dollars just go to corporate welfare. What confuses me is why republican voters support this. Because I know they aren't all multi millionaires or billionaires.

[–] [email protected] 76 points 1 day ago (10 children)

A question I have is once you are a billionaire, why do you need more money?

What is there left that you can't buy?

[–] [email protected] 16 points 18 hours ago

Elon Musk bought a president

[–] [email protected] 61 points 1 day ago (1 children)

It's a dick measuring competition with their buddies at that point, at the expense of the rest of us.

[–] [email protected] 17 points 1 day ago (1 children)

Not necessarily true. More money at that level isn't about more material possessions or even more services: it's about more power and influence. It's playing toward oligarchy.

[–] [email protected] 19 points 1 day ago

I didn't say anything about possessions and purchasing power, the competition in that echelon is about who has more ability to bend the world around them, thus the dick measuring comment.

[–] [email protected] 10 points 22 hours ago

The personality required to "earn" a billion dollars off the backs of your working employees is exactly why it will never be enough for them. Have enough money that all your grandchildren's entire lives are paid for? Then it's now about control. Who can you influence and how much of your shitty mentality can you project onto others?

[–] [email protected] 4 points 19 hours ago (1 children)

Billion dollars grows by 70 million passively per year. Next year you have 1,070,000,000 which grows by 74.9 million and next year by 80 million and so on. Basically the more money you have the easier it is to make more money.

Also, a billionaire doesn't have billion dollars in the bank. That's not what being a billionaire means.

[–] [email protected] 1 points 3 hours ago

Cumulative interest is absurdly powerful. Turns out that the best way to earn a fuckton of money is to start with a heckton.

Tangentially related: a friend told me that they worked out that £1,000,000 in the bank/invested in safe options would accrue enough interest that you could retire and have a decently comfortable income just off of the interest (meaning that the million pounds would remain untouched and able to be inherited by kids of whatever).

It weirdly reminds me of growing things like moss, yeast (for bread) or fungi. It takes far more time than work; you set up the conditions for them to grow, and then you leave them to their own devices for a while. I can't imagine treating money like this; growing up poor means that no matter what level of financial security I achieve as an adult, I will always be acutely aware of exactly how much money I have, and how fast it is growing or shrinking.

[–] [email protected] 11 points 1 day ago* (last edited 1 day ago)

People who want money for specific things and will eventually be satisfied stop long before reaching billionaire status.

[–] [email protected] 9 points 1 day ago

It's an addiction, plain and simple. If the number isn't going up, they're not happy.

[–] otp 2 points 1 day ago

What is there left that you can't buy?

Politicians are cheap, but getting the President of the USA to let you have all the power of the US President is pretty expensive.

Unless you're Putin. But Musk managed to do it without being Putin.

[–] JohnDClay 1 points 22 hours ago (1 children)

A city on Mars? I'm pretty sure that's what Elon is trying to buy, he's paying several billion dollars to work on it.

[–] [email protected] 1 points 3 hours ago

If this happens, he gets a pass. It's the only reason I can think of to focus that much wealth in one place.

[–] [email protected] 2 points 1 day ago (1 children)

It's not about buying things, it's about winning the game and staving off boredom and existential dread.

[–] [email protected] 4 points 1 day ago

We need more people like Luigi to add excitement back into their lives!

[–] [email protected] 2 points 1 day ago

Because you have to win the billionaire game.

[–] [email protected] 21 points 1 day ago

I just fucking hate them all so much.

[–] [email protected] 22 points 1 day ago (1 children)
[–] [email protected] 1 points 12 hours ago
[–] [email protected] 9 points 1 day ago

Stocks double roughly every decade so this isn't surprising at all.

[–] [email protected] 11 points 1 day ago

Seems like I remember seeing this headline a decade ago.

[–] [email protected] 2 points 23 hours ago