ObjectivityIncarnate

  • 0 Posts
  • 1.39K Comments
Joined 2 years ago
cake
Cake day: March 22nd, 2024

help-circle
  • people who interpret “no ethical consumption under capitalism” as a license to do whatever they want, because it’s all unethical.

    Have you actually encountered someone who did this? Everyone I’ve ever known of who was in the ‘do whatever they want’ mindset, certainly wasn’t because of how they interpreted that ‘slogan’, it was just because they don’t give a shit to begin with—they almost certainly had never even heard it before.






  • You mean the same Beneficial Ownership Information (BOI) that Trump and Musk killed the enforcement of after a tweet? (Both billionaires, btw.)

    Goalpost move, you said billionaires prevent those laws from passing. They passed. You lied. The end.

    Are you arguing that a 1% excise tax limited to stock buybacks (even lower than the 2 and 3% I already argued won’t change the status quo) in any way counters [anything]?

    Nope. A new tax that applies only to the wealthiest demographic successfully passing is just another refutation of your assertion that billionaires prevent legislation that affects them negatively from passing, and that’s the only reason I mentioned it. More desperate goalpost moves.

    For every legal loophole that is closed

    So you admit they do get closed. I thought billionaires never let detrimental legislation pass?

    It would be convenient for you, if I were to suggest that, or any other argument you try to put in my mouth.

    Behold, your words, verbatim:

    When those policies conflict with the interests of billionaires, the billionaires stop them from passing.




  • you just get loans against your static wealth at incredibly favorable interest rates.

    It’s more than that, because the wealth of those who utilize loans this way typically isn’t static. It’s not about just getting a good rate, it’s that the assets they use as collateral appreciate in value at a rate higher than inflation and the interest rate combined, so in practice, the interest rate is literally negative. The price of having access to these loans is that their net worth just grows a bit more slowly as a result.

    Of course, this only works as long as said assets continue to appreciate at that rate.





  • With violent conviction: 7%

    That’s a lot higher than the general population, isn’t it? Google says it’s 2-4% estimated (there’s apparently no explicit data collected on specifically violent convictions—there is for “felony” convictions, but there are a ton of non-violent felonies, so that’s pretty useless for this kind of comparison).

    I also can’t help but notice that the article, especially the headline, is very careful to say “most” only about certain “city crackdowns”. According to the same chart in the article, among all ICE arrests across the US from Jan 20th to Oct 15th, only 33% had “No criminal charges”, which means 67% of them did have criminal charges. Pretty stark contrast to what the headline would like to imply, isn’t it?

    Overall, pretty blatant cherry-picking. I hate that it’s so difficult to find media that will just present the facts without any spin.




    1. Irrelevant, as I never claimed such. I pointed out the lack of correlation between billionaires per capita increasing over time, and poverty over the same period of time. Not all correlation is causally linked, but all causally linked things are also necessarily correlated. But if two things are not correlated, then they can’t be causally linked, either (at least not to a statistically-significant degree that isn’t wiped out by other factors), and that’s what I pointed out.
    2. So, by which financial measure would you say that working-class Americans in 1925 are doing better than they are in 2025, then? There must be at least one, if your assertion is correct.
    3. Then that should make the question above, all the easier to answer.

    Working class Americans (and not just those at or below the federal poverty line) support policy changes that would materially improve their lives. When those policies conflict with the interests of billionaires, the billionaires stop them from passing.

    Are you seriously suggesting that legislation that is detrimental to billionaires never becomes law?

    The Inflation Reduction Act of 2022, among other things, imposed an excise tax on stock buybacks, something that will literally never impact anyone who isn’t significantly wealthy, and that passed. A year before, the Corporate Transparency Act passed, and basically struck the death knell for shell company schemes, (not a whole lot of that happening among the working class, lol) by requiring “Beneficial Owners” to be reported to FinCEN, so they know who the actual human beings who own them are. Billionaires lost the ability to hide assets and real estate within anonymous LLCs.

    It’s ridiculous to think that billionaires are all just smiting any and all legislation that would negatively impact them at will. You are clearly deep in some echo chambers.


  • Its very easy to make an incorrect correlation

    I think you don’t understand what “correlation” means. The correlation is clearly and inarguably what I showed it to be: billionaires per capita went up as poverty went down. That’s a plain fact.

    43% of the US living in poverty

    I’m not going to bother examining how legitimate this stat is, because even if I just take this at face value, what is that compared to the 40-60% I cited? It still does nothing to support the point that billionaires are ‘holding the working class down’ to any statistically-significant degree. If we take the bottom of the range of the estimate I got, 40%, and took your figure as-is, 43%, then a 7x increase in billionaires per capita increased poverty by 3% total over 100 years! That stat takes “nothingburger” to a whole new level.

    That doesn’t do much of anything to support the assertion that billionaires are ‘capping the lives of the working class’, when there being seven times more of them makes no statistically-significant difference in the poverty rate.

    Not to mention that 1925 is in the midst of the roaring twenties, before the Great Depression, and your article was written a few years after a global pandemic that wreaked havoc on the world’s economy—two facts that both skew things in favor of your claim.