This article is well worth the read. Archived version:
In sum, some of America’s most prosperous times were when top marginal rates were extremely high (70%-92%). And now the GOP only serves the excessively rich and large corporations to put wealth and power above all else, gutting tax revenue and nearly every public program possible so those that already have money can have a little more.
Thanks for sharing that info. Definitely sounds like it might have been a good idea in the past but now overdo for a change. Sad that the current PM wants to continue destruction to get votes.
Seems like a good example of how policies need to be implemented with a forward-thinking mentality. Can’t rely on future changes.
The cost of solar and wind is becoming so attractive, it’s hard to see why anyone would do otherwise.
The elephant in the room (at least for the US; I’m not as familiar with UK policies) are the subsidies. It sparks new investments because many of the incentives are specifically related to new projects. Other ones mess with the valuation of the equipment, making long term tax burden much lower. It’s not the only energy industry to receive subsidies. But it’s pretty asinine to continue to support the one that’s destroying our world.
“In one case, it’s going to profit, amplifying the incumbent status of the oil and gas industry. In another, under more aggressive decarbonization policy and low oil and gas prices, it’s actively working against the climate goal by spurring additional production.”
Ford started this negotiation with 9% raise and eventually went up to 30%. Collective bargaining and strikes work.
And don’t ever listen to someone who says otherwise. They’re either a mindless bootlicker or have something to gain from a splintered workforce. Unions aren’t immune to problems, but it’s the best way to effectively rebalance the distribution of profits.
The healthcare industry has had horrendous work conditions for a very long time. It’s deeply ingrained into the US system. That’s a bad starting point.
Then adding in all the emboldened anti-science and anti-healthcare mentality must be beyond frustrating to deal with as a professional. I can’t stand seeing the comments on social media that minimize the literal millions of COVID deaths, the supposed effectiveness of bullshit treatments, and the utter lack of respect for the people who have dedicated their lives to advancing medicine.
Getting that shit thrown in your face as you’re literally trying to help them has to feel like a giant punch in the gut.
And that’s all on top of the abundant societal issues that these workers have to deal with. From insurance fuckery to the growing numbers of people without homes and those battling addiction.
Living that day in and day out would make anyone miserable.
That’s a good point, but for Sweden, it is indeed 480 paid days. It’s a government calculation related to your income and there is a point (after 390 days) where it drops to the minimum payout, but it is still paid leave.
There are also government-mandated options in Sweden to receive a slightly lower pay in exchange for working fewer hours. I don’t have the exact details here, but it’s something like 75% pay for 75% hours.
Pretty incredible coverage for new parents in that specific country.
This article has a great summary for a lot of European countries’ parental leave laws. And yeah, quite a few are less than a year of paid leave:
Yes, one quarter of decreased profits. Sales for the same quarter are only down 20%.
Another article says “The company still expects full-year net sales in a range between 23.2 billion euros and 24.6 billion euros, sticking to its forecast.”
I understand that it’s sometimes necessary for companies to trim the fat. But with annual net sales still on track and the company making healthy profits for many quarters running, it sure sucks for those 14,000 people that one bad quarter is being used as the reason that they’ll no longer be able to pay their bills.
https://www.cnbc.com/amp/2023/10/19/nokia-to-cut-up-to-14000-jobs-after-profit-plunges-.html
Yeah, and I have no idea where you are, but this goes far beyond the suspect cities like San Francisco. Not only are many of these workers spread out in tons of cities across the US (and world), it will also hurt wherever their funds were flowing to and the supply chains associated with them. Travel, electronics, food/dining, home furnishings, hobbies of all sorts, etc.
Another big difference is that a lot of these are “new money” people. And I’m not using that in a derogatory sense. It just means that their spending is likely to be much higher than “old money” individuals hitting the same payday.
If you’ve always had $10 million, you don’t go out and start buying shit like crazy even if you make another $2 m. But if it’s your first $2 m, you’re likely to go spend A LOT of it.
And that’s real economic growth. It’s the opposite of trickle-down economics (which just causes more hoarding of wealth and slowing of money exchanging hands).
As much as I feel for the people hit hard right now, I think this is an economic indicator that‘s going to cause many downstream consequences if it continues.
On top of the downward trends by the tech titans, venture capital funding is plummeting. That’s because the VC investors can see that the likelihood of a big successful buyout is decreasing, mostly because the big fish are tightening their belts and facing higher borrowing costs (interest rates).
Many big companies have effectively outsourced R&D, waiting until a startup creates something worth buying instead. Then the VC employees either got a nice payout or employment with the big company (or both).
These often massive transactions were the source of serious economic growth. Those people had stability to spend in a way that many others wish. In the face of crappy outlooks and flat wages in tons of other fields, tech has long been the outlier making plenty of middle income people shoot up in wealth. And it did bring along others for the ride.
That growth drying up is not good for anyone. Well, unless you’re waiting on a market crash.
Exactly. The IRS has TONS of information on every individual and business. There may be some unreported items, but that’s the exception to the rule.
The IRS has a “transcript” with all of the many reported transactions associated with each person/entity. And you can request this transcript, which many people with complicated tax situations do so they can verify that everything is reported correctly and their records match the IRS data.
https://www.irs.gov/individuals/get-transcript