Myth: “If you cut taxes for the rich, they’ll create jobs.”🤡
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Myth: “If you cut taxes for the rich, they’ll create jobs.”
Microsoft just made $133.7 BILLION in net income last year. Today they announced they are getting rid of 60,000 workers. Fuck these companies man.
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Myth: “If you cut taxes for the rich, they’ll create jobs.”
Microsoft just made $133.7 BILLION in net income last year. Today they announced they are getting rid of 60,000 workers. Fuck these companies man.
@yayaver Stock market logic says: If you make big win this year, you NEED to make even bigger win next year, or the stockholders will just sell and buy other stock. They don't care about today's value but about potential increase.
So, the company has to fire thousands of people in a desperate move to surpass the preannual win. -
Myth: “If you cut taxes for the rich, they’ll create jobs.”
Microsoft just made $133.7 BILLION in net income last year. Today they announced they are getting rid of 60,000 workers. Fuck these companies man.
@yayaver the actual problem is the rule change that Reagan did in 1982 to the Security and Exchange Commission rule 18 B. This is the rule that allows stock buybacks. Prior to 1982, stock buybacks were considered to be market manipulation and were against the law. This is what ushered us into shareholder only capitalism. Rolling back that one rule would mean that profits could not be used to raise shareholder stock value. Prior to 1982 the additional profit was distributed to the employees in the form of higher wages and new research. #ResistOfTheDay
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@yayaver the actual problem is the rule change that Reagan did in 1982 to the Security and Exchange Commission rule 18 B. This is the rule that allows stock buybacks. Prior to 1982, stock buybacks were considered to be market manipulation and were against the law. This is what ushered us into shareholder only capitalism. Rolling back that one rule would mean that profits could not be used to raise shareholder stock value. Prior to 1982 the additional profit was distributed to the employees in the form of higher wages and new research. #ResistOfTheDay
Stock buybacks are right up there with Citizens United for the biggest mistakes in American business.
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@yayaver the actual problem is the rule change that Reagan did in 1982 to the Security and Exchange Commission rule 18 B. This is the rule that allows stock buybacks. Prior to 1982, stock buybacks were considered to be market manipulation and were against the law. This is what ushered us into shareholder only capitalism. Rolling back that one rule would mean that profits could not be used to raise shareholder stock value. Prior to 1982 the additional profit was distributed to the employees in the form of higher wages and new research. #ResistOfTheDay
A stock buyback should be a clear signal that a company has run out of ideas on how to invest their money into longer term growth, but here we are.
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A stock buyback should be a clear signal that a company has run out of ideas on how to invest their money into longer term growth, but here we are.
@DaveMWilburn @grayladywriter @yayaver it's a boeing strategy. Stocks go up. Planes go down.
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Myth: “If you cut taxes for the rich, they’ll create jobs.”
Microsoft just made $133.7 BILLION in net income last year. Today they announced they are getting rid of 60,000 workers. Fuck these companies man.
@yayaver Er, no. They announced they're offering the option of early retirement packages to 60000 workers. Kinda low-ball packages tbh, so I wouldn't expect a whole lot of uptake, though they're twice as good for people over 65yo, so that's who this is mostly aimed at.
Point being: it's not layoffs.
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Myth: “If you cut taxes for the rich, they’ll create jobs.”
Microsoft just made $133.7 BILLION in net income last year. Today they announced they are getting rid of 60,000 workers. Fuck these companies man.
@yayaver If we really wanted to see economic growth, we'd get money to the poorest to stimulate economic demand.
Of course, they're against this for ideological reasons.
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Myth: “If you cut taxes for the rich, they’ll create jobs.”
Microsoft just made $133.7 BILLION in net income last year. Today they announced they are getting rid of 60,000 workers. Fuck these companies man.
@yayaver The old memes had it right.
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@yayaver the actual problem is the rule change that Reagan did in 1982 to the Security and Exchange Commission rule 18 B. This is the rule that allows stock buybacks. Prior to 1982, stock buybacks were considered to be market manipulation and were against the law. This is what ushered us into shareholder only capitalism. Rolling back that one rule would mean that profits could not be used to raise shareholder stock value. Prior to 1982 the additional profit was distributed to the employees in the form of higher wages and new research. #ResistOfTheDay
@grayladywriter @yayaver That's why Reagan is in hell. Okay, not the only reason.
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Myth: “If you cut taxes for the rich, they’ll create jobs.”
Microsoft just made $133.7 BILLION in net income last year. Today they announced they are getting rid of 60,000 workers. Fuck these companies man.
The CEO of Netflix paid themself $53 million last year. Now Netflix is raising prices and just fired 1000 workers.
Fuck these hateful corporations.
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Myth: “If you cut taxes for the rich, they’ll create jobs.”
Microsoft just made $133.7 BILLION in net income last year. Today they announced they are getting rid of 60,000 workers. Fuck these companies man.
@yayaver It's okay though because they're only firing *humans* which means it's not an AI failure.
Firing CoPilot would really be concerning, right?
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Myth: “If you cut taxes for the rich, they’ll create jobs.”
Microsoft just made $133.7 BILLION in net income last year. Today they announced they are getting rid of 60,000 workers. Fuck these companies man.
A company that is not hiring people is dying. They just don't know it yet.
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Myth: “If you cut taxes for the rich, they’ll create jobs.”
Microsoft just made $133.7 BILLION in net income last year. Today they announced they are getting rid of 60,000 workers. Fuck these companies man.
tax cuts to the rich doesn't create trickle down. just means the rest of us get pissed on.
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Myth: “If you cut taxes for the rich, they’ll create jobs.”
Microsoft just made $133.7 BILLION in net income last year. Today they announced they are getting rid of 60,000 workers. Fuck these companies man.
@yayaver If you give rich people a cookie, they'll come back with lawyers and pet politicians to make it illegal for anyone but them to have cookies.
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Myth: “If you cut taxes for the rich, they’ll create jobs.”
Microsoft just made $133.7 BILLION in net income last year. Today they announced they are getting rid of 60,000 workers. Fuck these companies man.
@yayaver time to make stock buyback illegal.
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@yayaver Er, no. They announced they're offering the option of early retirement packages to 60000 workers. Kinda low-ball packages tbh, so I wouldn't expect a whole lot of uptake, though they're twice as good for people over 65yo, so that's who this is mostly aimed at.
Point being: it's not layoffs.
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@yayaver The old memes had it right.
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Myth: “If you cut taxes for the rich, they’ll create jobs.”
Microsoft just made $133.7 BILLION in net income last year. Today they announced they are getting rid of 60,000 workers. Fuck these companies man.
@yayaver Every data center fire puts firemen to work, and IT people to rebuild. They might even hire security guards.
So it's just as fair to say burning data centers also creates jobs.
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