Tag Archive: Socialism


“The problem with socialism is that you eventually run out of other people’s money.” — UK Prime Minister Margaret Thatcher (1925-2013)

If a private sector position with full benefits isn’t the greatest anti-poverty program ever devised … what on earth is?

In order to avoid saying she will raise taxes on the middle class for “Medicare For All,” Senator Elizabeth Warren (D-Massachusetts) is proposing federal confiscation of all pretax employer paid Medicare health care benefits for literally millions of working achievers.

Her plan will eliminate private health insurance for 150 million Americans or more, and nationalize the $530 billion private health insurance industry.

Isn’t the termination of $8.8 trillion in cherished pretax employer-paid health care benefits for millions of employees, the equivalent of a middle class tax increase on steroids? Keep in mind, the annual federal budget is only … $4.45 trillion.

Instead of Starbucks paying $20,000 for this benefit to each of its 291,000 employees for private insurance (e.g., Blue Cross, Kaiser …), the legendary coffee roaster would be compelled to turn-over a similar amount to the federal government. In turn, these employees would lose their Starbucks offered pretax Medicare benefits and choice of private health insurer, only to forced into government paid … and only government paid … DMV-style insurance.

The Bernie Sanders “Medicare for All” bill (which Warren supports) calls for a 4 percent federal income tax increase for middle class workers. In order to avoid saying she is raising middle class taxes, Warren proposes instead federal confiscation of pretax employer paid health care benefits.

“In practice this (redirection of employer-paid health benefits to the government) would be a tax on employment, which seems likely to hurt middle-class Americans.” — The Economist, November 9, 2019

Deciding which plan (Sanders or Warren) is worse is just as difficult as deducing which is better.

How about keeping and retaining private health insurance, and our ability to choose our own doctors, dentists and optometrists?

Almost DailyBrett has always exhibited a libertarian streak. If we empower our $4 trillion behemoth federal government to confiscate pretax employer-paid health insurance, and eliminate private health insurance for 150-million-plus souls, the obvious question is:

What’s next?

Tax On Billionaires

” … if she gets elected president, then I would bet that we will have a legal challenge, and I would bet that we will win the legal challenge. And does that still suck for us?” — Facebook founder Mark Zuckerberg commenting on the spectre of a Warren presidency to the company’s 35,000 employees.

The public relations spin by Bernie and Elizabeth has focused squarely on the likes of Zuckerberg, Bill Gates, Jamie Dimon and Leon Cooperman, including Warren mocking the latter for his tearful concern about the future of our country.

Consider the Bill and Melinda Gates Foundation has given $36 billion to fight third-world poverty. Does no good deed go unpunished?

The centerpiece of the billionaire vilification campaign is a 2 percent wealth tax on those with assets exceeding $50 million (how many folks in blue states California, New York, Connecticut, Massachusetts … are included in this tax?), and 6 percent for those with $1 billion or more. We are not just talking about giving “two cents” (on each dollar) more.

How would the federal government determine the amount of wealth to be taxed and confiscated? When would it be paid? How much stock will needed (needlessly?) be sold (maybe even at loss) and how much will be immediately bought back? What’s the algorithmic multi-billion dollar impact on the 52 percent of the country investing in stocks and stock-based mutual funds for their retirement or children’s education?

Is this tax, constitutional? Are we talking about double taxation? More to the point, do we want as a nation to empower … there’s that verb again … our massive government to punitively confiscate wealth and with it, achievement? How about a tax on lower upper class wealth? Ditto for a levy on upper middle class wealth? And how about … ? The possibilities are limitless.

Three European nations still impose wealth taxes: Norway, Spain and Switzerland. How’s Spain doing?

Eleven European nations have rescinded their wealth taxes: Austria, Denmark, Finland, France, Germany, Iceland, Ireland, Italy, Luxembourg, Netherlands and Sweden.

That’s right, wealth taxes didn’t work in Denmark and Sweden, why should it fly in Iowa, Michigan, Ohio, Pennsylvania and Wisconsin?

According to the stately The Economist, Warren’s all-government all-the-time programs include requiring Amazon, Facebook and Google to be regulated as platform utilities (before or after their breakups?), 40 percent of all board seats held by “public reps” (read, unions), bans on nuclear power and fracking, 75 percent lobbying taxes, 37 percent taxes on capital gains, and the imposition of taxes on unsold stocks (employing Enron-style mark-to-market accounting or MTM) … and the list goes on and on and on.

Warren supporters caution America’s Investor Class (52 percent of the entire nation) not to worry; her plan will eventually be watered down or not approved. If so … what’s the point?

Are Warrenites and Sandernistas supporting Republican control of at least one house to serve as a check and a balance to radicalism? Didn’t think so.

Some see Warren as a Socialist champion against Capitalism or buy low sell high.

Instead, Almost DailyBrett sees Bernie and Elizabeth as two peas in the same pod.

They are threatening our economic freedom. They will dip into our wallets, and deny us benefits and physician choices we already enjoy. The only winner? Big government.

Instead of wisely controlling the size and scope of government, some will be cool with a greatly empowered … there’s that verb again … carnivorous federal bureaucracy with even more power over our individual abilities to chart our own financial futures.

Be afraid … be very, very afraid.

https://www.nationalreview.com/2019/03/elizabeth-warren-wealth-tax-european-nations/

https://slate.com/business/2019/11/elizabeth-warrens-health-care-medicare-for-all-single-payer-unfair.html

https://www.economist.com/briefing/2019/10/24/elizabeth-warrens-many-plans-would-reshape-american-capitalism

https://www.economist.com/united-states/2019/11/07/how-would-elizabeth-warren-pay-for-her-health-policy

https://slate.com/technology/2019/10/mark-zuckerberg-said-elizabeth-warrens-presidency-would-suck-for-us.html

https://almostdailybrett.wordpress.com/2019/09/15/how-blue-cross-saved-my-bacon/

The Dow Jones closed for the first time ever more than 27,000.

The S&P 500 recorded a record close exceeding 3,000.

The NASDAQ passed 8,000 and has been in and out of record territory.

America’s economy has been growing for 121 months, and the bull market is advancing at a record pace.

The combination of rising markets, nearly 3 percent annualized GDP growth, record low unemployment of 3.7 percent, inflation under 2 percent and interest rates set to decline under 2.25 percent will not last forever … but these factors are here right now.

Three years ago, Gallup projected that 52 percent of Americans own stocks and stock-based mutual funds. That 2016 figure preceded the election of Donald Trump and the corresponding rises in the Dow, S&P 500 and the NASDAQ.

Gallup also recorded that 37 percent of younger Americans under 35 are invested, reflecting overall cautiousness by millennials.

Earth to critics of Capitalism/advocates of Socialism: America’s investor class is not 1 percent, but more than half of all Americans (e.g., 170 million).

Almost DailyBrett is convinced these investor class market participation figures are low, reflecting the residual impact of the 2008 recession. They do not take into account our robust economic expansion, record low unemployment and un pequeno inflation.

In 2007, 65 percent of Americans invested in stocks and stock-based mutual funds. Your author will take the “over” that market participation number has now reached 60 percent, and continues to climb.

Whether they are active or passive investors, these Americans constitute a high-propensity-to-vote investor class. They vote on America’s future (and their own) through their investments mainly of U.S. based large caps.

Will America’s investor class, those who own stocks and/or stock-based mutual funds decide a continued or new direction of the nation?

Some poor souls seem to correlate America’s investors with a Monaco-sized sliver of our population. Woe is to those who do not invest.

Socialism and its media allies assert that those with greater discretionary funds are more prone to invest in markets. Why do they believe this undeniable fact is a revelation?

While some prefer to make a racket protesting before the cameras in the streets, others … millions of others … are quietly investing in living longer, their health care, their children’s education and their happy retirement.

As they say on the airlines: “Put on your own mask, before assisting others.” These Americans with discretionary income have the ability to contribute to charities and donate resources to make America a better place.

With every key stroke on a retail trading site (e.g., Charles Schwab, TD Ameritrade, eTrade) or making another contribution to their personal IRA or their 401K at work, these hard-working Americans are quietly making a stand.

They proudly believe in buying low and selling high. They have the economic freedom to earn a profit.

They are economic freedom loving individuals taking direct control of their futures.

Almost DailyBrett wonders why these good decent hardworking overachievers are being vilified simply by putting their hard-earned, already taxed discretionary dollars to work.

America’s Investor Class is the Salt of the Earth and the Backbone of America, if you don’t mind a few metaphors.

Defending Economic Freedom

Why is “profit” such a dirty word to so many?

Doesn’t profit or bottom line mean a business … can stay in business?

Don’t jobs, opportunities, security and yes, tax revenues, alight from successful enterprises?

And yet Almost DailyBrett is becoming increasingly troubled by the onslaught against America’s investor class, and the war on economic freedom.

As we continue into the “silly season” of American politics, we hear proposals to raise tax rates to 70 percent or more, impose a 2 percent “surcharge” on assets, introduce a 0.1 percent tax on each and every stock, mutual fund and bond trade.

There are those who want to eliminate private health insurance for 180 million, provide taxpayer health care for illegal aliens, introduce an 18 percent Value Added Tax (VAT) to fund Universal Basic Income (UBI) for those who want to play video games all day.

Heaven forbid, but these silly season proposals could become the laws of the land. The more capital that is redistributed by a predatory government is less money for America’s Dreamers, the Investor Class.

Some complain about income inequality, when 73 percent of college graduates (B.A. or above) and 83 percent of advanced degree recipients (M.A., M.S., Ph.D) invest in markets. One can make a compelling argument that education leads to a separation between the haves and have nots of discretionary income and thus, the investor class.

Should we shut off access to education to achieve social justice? Or should we teach students to understand and intelligently invest in markets?

Almost DailyBrett believes we should adopt policies to expand America’s Investor Class and defend Economic Freedom.

The nearly 170 million members of America’s Investor Class are high propensity. They will vote in 2020.

Wonder which party and candidates will earn their votes?

https://news.gallup.com/topic/stocks.aspx

https://news.gallup.com/poll/233699/young-americans-wary-investing-stocks.aspx

https://www.financialsamurai.com/what-percent-of-americans-own-stocks/

https://almostdailybrett.wordpress.com/2019/03/10/my-congressman-wants-to-double-tax-our-retirement/

https://www.foxnews.com/opinion/newt-gingrich-trump-democrats-pelosi-mcgovern

 

 

 

“For the American generation which has grown up since the downfall of the USSR, socialism is no longer the boo word it once was.” The Economist, Feb. 16, 2019

The youngest of all Millennials were gestating in 1980.

Reagan called upon Gorbachev to “Tear Down This Wall” in 1987.

The Berlin Wall came tumbling down in 1989.

The Soviet Union collapsed under its sheer weight in 1991.

The last of the Millennials arrived in the millennial year, 2000.

The largely overlooked question: How many Millennials personally remember the USSR?

Alas, the answer is very, very few.

Only the oldest Millennials may have any memory of the Wall coming down when they were nine or the Soviet Union imploding without a shot being fired when they were 11.

For the vast majority of Millennials including all of the younger members of the Y-Generation, none of them remember the USSR and most of all, its authoritarian brand (being charitable) of socialism/communism.

To top it off, they are thus easily impressionable for exploitation by politicians, entertainers and academics who absolutely adore all things Karl Marx including some wearing red star hats and sporting Che Guevara t-shirts and posters.

Instead of “We the people” and liberty, it’s “Dictatorship of the Proletariat.”

When someone says government can provide a whole cavalcade of goodies – government-paid health insurance, college, jobs — for free, including Universal Basic Income (UBI) for those “unwilling” to work … don’t you just know there will be Big Brother Orwellian strings attached?

Back From The USSR

“I’m back in the U.S.S.R.
You don’t know how lucky you are boy
Back in the U.S.S.R. (Yeah)”
– Lennon (Not Lenin) & McCartney

For Almost DailyBrett, a 1981 two-week trip to Leonid Brezhnev’s “Evil Empire” was an eye-opening, life-changing journey.

Kevin in Moscow – 1981

The flood-lit Wunder of Red Square (Красная площадь) in Moscow, the Swan Lake performance of the Bolshoi, the splendor of the Czar’s winter and summer palaces in St. Petersburg (Leningrad at the time) are all must see for any student of history and politics, let alone art.

Your author has placed a return-venture to modern-day Russia on his Bucket List, particularly what has changed and unfortunately what has remained the same (tyranny).

It’s safe to say that Russia has transformed itself after attempted Glasnost and Perestroika into an authoritarian oligarchical capitalist state with widespread corruption.

You can take the Vladimir Putin out of the KGB, but you can’t the KGB out of Vladimir Putin.

Looking back to your author’s trip to the Soviet Union, there were the wonders of Russia. There was also the socialist/communist police state reality of the USSR.

There were the jammed horrible motor coaches,

There were the lines for food and the basics of life.

There were well-stocked Beriozka or “little birch” stores, which accepted all currencies except for Russian rubles. It must suck to be you, Ivan and Tanya.

There were the tiny little cars with lawn-mower engines for the fortunate few (10 years wait), while Zil limousines carried Communist big shots to their exclusive dachas.

The Most Equal Of The Equals

“In an ideal socialist society, “the people” own the means of production. Everyone’s basic needs are met. Leaders are elected democratically. When implemented, however, human nature intervenes. Powerful elites take charge.” – Alex Berezow. USA Today Board of Contributors

Bummer.

There is so much discussion about the haves and the have-nots of American society.

There are cries for social justice: Translated some all-powerful state entity must level the playing field.

The question, which remains: Did socialist/communist USSR really even the score for everyone?

Whattya think AOC? How’s Venezuela working out? Is history repeating itself?

Even more to the point: Do Millennials in their lack of deep direct knowledge/remembrance of the USSR appreciate the stark dark truth of government provided socialism?

Karl Marx may be turning over in his grave but sorry to say, his idea did not work, and will not work regardless of the nation. Too many people want to achieve, and to do better for themselves and their families.

And yet there is hope for Millennials, and proof that many have not consumed the red cool aid.

It’s called Buy Low Sell High, and that beautifully simple concept applies to Millennials too.

https://www.economist.com/leaders/2019/02/14/millennial-socialism

https://www.economist.com/briefing/2019/02/14/millennial-socialists-want-to-shake-up-the-economy-and-save-the-climate

https://www.usatoday.com/story/opinion/2018/02/21/cnn-thinks-socialism-cool-my-grandparents-ussr-would-disagree/349830002/

https://www.marketwatch.com/story/millennials-communism-sounds-pretty-chill-2017-11-01

“Can’t decide whether you are a Democrat or a Republican …”

Bless these two students, who on separate occasions, refreshingly relayed their puzzlement to your author.

Almost DailyBrett does not believe that classrooms should ever be the venue for the indoctrination, let along the formation of young warriors in the fight between noble socialism and evil capitalism.

Gee … maybe … just maybe these students are smart enough to make up their own minds on these issues?

Even though long-time Almost DailyBrett readers and contemporaries know or at least suspect your author’s political predilection, it was rewarding to know at least some of my students weren’t so sure … and that is how it should be for all professors or instructors.

There seems to be a contagious disease among tenure-track or tenured academic types (e.g., professors and instructors) that university students are there to endure for hours on end their personal political pontifications and bloviations.

Is that why students are taking out loans averaging $30,000 each, waiting tables or asking mom and dad to dig deep … real deep … for their college education?

Don’t think so.

Buy Low, Sell High

As Almost DailyBrett fondly looks back to more than five years teaching public relations, integrated marketing, corporate communications and investor relations, one particular moment always brings back tears to the eyes.

More than 30 of my Central Washington University PR students chanted in unison … “Buy Low, Sell High!” … at my retirement party.

Upon receiving the Central Washington University Department of Communication Faculty Spotlight Award, they gathered around me for a group picture. Your author will always remember this moment.

Isn’t Buy Low and Sell High the essence of capitalism, particularly publicly traded corporate capitalism?

The answer is “yes.” Keep in mind that buying low and selling high is easier said than done. More importantly this phrase is the backbone to the practice of fiduciary responsibility on behalf of the 54 percent of Americans investing in stocks and stock-based mutual funds.

America’s investor class — planning for retirements, funding higher education for their children, opening up a new businesses — require accurate and complete communication about a company’s business plan, financials and simply … how does a corporation make money.

The highest expected communications professional compensation levels … usually in six figures … are directed to students adept at financial communications, who are studying at today’s schools of journalism and mass communication.

Almost DailyBrett believes wholeheartedly the purpose of universities/colleges is to prepare students to attain and sustain salaried professional positions with full benefits … and maybe even employee stock purchase plans (ESPP) and/or stock options.

Universities and colleges should be professional schools, providing students with lifelong learning skills and tools to succeed in our increasingly complex digital world … including beating artificial intelligence (AI).

If students wish to Occupy Wall Street that should be their choice, not their command.

By the way, how did that movement work out?

Students should always be fully aware of the imperfections of Capitalism. For example, watching The Smartest Men In The Room (Fortune’s Bethany McLean’s tome on the Enron bankruptcy) was required for each of your author’s Corporate Communications/Investor Relations classes.

In addition to the aforementioned Fiduciary Responsibility, a publicly traded company needs to complement this requirement with Corporate Social Responsibility (CSR). Besides doing well, a company should be mindful of doing good … including giving back to communities, protecting the environment … that make success, possible.

Certainly, students can be taught to live in tents, recite cumbersome theory or rail at the world back in their own bedrooms at mom and dad’s house.

They also can learn how to decipher an income statement, a balance sheet, a cash-flow statement and to understand the significance and formulas associated with market capitalization, earnings per share (EPS), and price/earnings (P/E) ratios and related multiples.

Looking back at your author’s professorship, there is no doubt about political disposition. There was also a comprehension that students are to be prepared for the professional world, and many of these graduates have done well, real well.

And if a couple of students or more, can’t tell whether Almost DailyBrett or any other professor/instructor, drifts left or right that’s the way … it should be.

 

 

 

Ever wonder how Venezuela became … Venezuela?

Almost DailyBrett at one time expected that Amazon would announce Austin, Texas as the recipient of HQ2 with its estimated $50 billion total investment and upwards to 50,000 technology positions with full benefits.

As a major technology hub, Austin offers a well-trained workforce, the capital of a right-to-work state, no state income taxes, and politicians’ favorably predisposed to corporate capitalism. In addition, Amazon bought Whole Foods in 2017 for $13.7 billion, which is based in … Austin.

Instead, Amazon selected Northern Virginia with it well-educated workforce and proximity to the infinite wisdom emanating within the Beltway. The other choice, which raised more than a few eyebrows, was heavily unionized and über-taxed Long Island.

The original thinking was Amazon would be welcomed with the prospect of providing 40,000 real positions with annual salaries averaging $150,000 and full benefits – not strip mall jobs – and $27.5 billion in new tax revenues during the course of 10 years. Yes, there were $3 billion in tax incentives from the State of New and New York City and these are always controversial.

Let’s see $3 billion in exchange for $27.5 billion in new revenues and 40,000 direct high-paying positions, not counting all the indirect economic activity supporting Amazon HQ2 in terms of suppliers, vendors and utilities.

Buy Low, Sell High?

Alas the United States is a divided nation, not just Democrats vs Republicans … but more to the point: Socialism vs. Capitalism.

Some wish to punish Amazon and its wealthiest dude on the planet boss, Jeff Bezos, for pioneering digital retail, employing 613,300, generating $232 billion in annual revenues, and stimulating $798 billion in investor market capitalization.

Amazon was greeted to Gotham by a buzz-saw of those who disdain capitalism in favor of command-and-control socialism.

As a former gubernatorial press secretary, the author of Almost DailyBrett imagined what it would be like to be relaying really bad news to the boss – New York Governor Andrew Cuomo – and answering the flood of media calls.

The alternative of a root canal is looking real attractive right now.

Ever hear the one about banging your head against the wall?

It only feels good, when you … stop.

Is Amazon Serious?

Is Amazon just firing a shot across the bow?

“It (loss of Amazon investment) would certainly undermine confidence in governance. You can’t empower anti-capitalist ideologues and expect the capitalists to embrace them. I still think they will work this out, because the embarrassment would be severe.” – Joel Kotkin, Chapman University professor of Urban Studies

“You have to be tough to make it in New York City. We gave Amazon the opportunity to be a good neighbor and do business in the greatest city in the world. Instead of working with the community, Amazon threw away that opportunity.” – New York Mayor Bill de Blasio

“Threw away” constitutes fighting words.

These provocative words make it more difficult for the City of New York and Amazon to “work this out.” Why did da Mayor challenge Bezos’ manhood (we know it exists) in the first sentence of his prepared statement, and then charge the company with throwing away an opportunity in the concluding sentence.

Hey Mr. Mayor ever heard of the words … “disappointed”? … “concerned? … “let’s talk”?

If New York bids adieu to 25,000-to-40,000 Amazon positions and $27.5 billion in tax revenues in Alexandria Ocasio-Cortez’ congressional district, will those who are cheering today be demanding social justice from New York state and city tomorrow?

Even China with its brand of authoritarian capitalism figured out that buying low and selling high is the best way to provide prosperity for its people.

New York had the prospect of becoming a lucrative technology hub … but it “threw away” that opportunity.

https://www.nytimes.com/2019/02/14/nyregion/amazon-hq2-queens.html

https://www.forbes.com/sites/alyyale/2019/02/13/leaving-long-island-city-what-losing-amazon-hq2-would-mean-for-nycs-future/#18d48f01127c

https://nypost.com/2019/02/14/de-blasio-amazon-threw-away-great-opportunity-in-nyc/

 

 

“Ask not what your country can do for you – ask what you can do for your country.” – President John F. Kennedy, Inaugural Address, 1961

“Economic security for all who are unable or unwilling to work.” – FAQ for the “Green New Deal,” 2019

“Lately it occurs to me what a long, strange trip it’s been.” – Grateful Dead, Truckin,’ 1970

Almost DailyBrett remembers those who said same-sex marriage would never happen.

There were those who said that recreational marijuana would never be legal, let alone pot shops on virtually every street corner.

And that states (i.e., Virginia, New York, Vermont) would never adopt up-to-the-nanosecond-of-birth (and beyond), abortion.

They are all now reality.

Will the next breakthrough come in the form of Universal Basic Income (UBI), or income redistribution from those who achieve to those … who voluntarily do … nothing?

Call it the ultimate in cradle-to-grave dependency: The government taxes entrepreneurs/job creators up the wazoo to pay living-breathing recipients for the privilege to sleep-in-to-noon, play video games, binge watch, smoke dope, drink beer and repeat the cycle the following day.

Seems a long way from the days of JFK, once a Democratic senator from Massachusetts, calling for nationwide patriotism to Ed Markey, a present-day Democratic senator from … you guessed it … Massachusetts, advocating taxpayer payments to those “unwilling” to work.

To be fair, Rep. Alexandria Ocasio-Cortez, Markey and other Green New Dealers, claimed it was a “mistake” for the plan’s FAQ to be distributed to the media … who in turn reported the details of the proposed give-away to those who just don’t want to work.

How did the word “unwilling” end up on a draft FAQ, if Universal Basic Income isn’t a part of the thinking of the Green New Dealers?

Talk about a public relations disaster.

Announced Democratic presidential aspirant and entrepreneur Andrew Yang, has actually dug into his own pocket to pay one family in New Hampshire and another in Iowa $1,000 per month to demonstrate the benefits of UBI.

The vast majority will rightfully ask ‘Andrew Who?’ but give him credit for having the courage to introduce Universal Basic Income into the Democratic presidential primary season social justice debate.

Will UBI be part of the party platform at the 2020 Democratic National Convention. Your author will take the “under” … for now.

If there are millions of people voluntarily not working (e.g., approximately 32 percent of working age males, source American Enterprise Institute), maybe the government can give them a hand as the face the repetitive boredom associated with doing and accomplishing … nothing.

Paying People To Do Nothing?

Almost DailyBrett never thought he would be compelled to ask: Is it moral for the government to take money from hard-working taxpayers to give it to those … who decide on their own to do nothing, achieve nada, and give zero back to society?

The debate about whether or not to establish a “safety net” for those adversely impacted by deep economic cycle downswings has long been decided. The questions remain about the extent, costs and durations of these assistance programs.

UBI is the ultimate public assistance cocaine dressed up as a basic right. The recipients are forever hooked to the green drug. The government is now obligated to forever keep providing this largesse to those who unwilling to work.

The pressure will always be present to increase UBI payments to keep pace or even exceed inflation, regardless of the consequences to the annual deficit or the rapidly accumulating national debt. The insatiable demand for more redistribution tax dollars for the do-nothings will accelerate.

Any efforts to curtail or reduce Universal Basic Income will trigger a cold-turkey effect (see “Yellow Vests” or gilets jaunes on the streets of Paris). The “program,” once launched will be eternal and unreformable.

Eventually, who is going to say “no” to free money from the government? Isn’t it in the recipients’ “best interest” to stay on the government gravy train? Don’t they as Americans have a right to not work … and get paid for it too?

Despite the obvious moral questions, the public policy fight over Universal Basic Income is closer to the beginning rather than the end. Those who worry out loud about the impact of Artificial Intelligence (AI) – a good example is Elon Musk – have already pointed UBI as another tool in the safety net.

Universal Basic Income is not a safety net, but that doesn’t mean it won’t.

UBI is a shameful governmental give-away pure and simple.

Strong Almost DailyBrett opinion to follow.

https://www.cnbc.com/2019/02/07/ocasio-cortezs-green-new-deal-offers-economic-security-for-those-unwilling-to-work.html

https://www.businessinsider.com/right-wing-media-attacking-alexandria-ocasio-cortezs-green-new-deal-2019-2

https://www.nationalreview.com/corner/the-green-new-deal-and-a-universal-basic-income/

https://www.cnbc.com/2018/09/10/andrew-yang-universal-basic-income-to-protect-jobs-from-automation.html

https://almostdailybrett.wordpress.com/2016/07/06/universal-right-to-a-paycheck/

https://almostdailybrett.wordpress.com/2018/04/15/deadbeat-boyfriends/

 

 

 

“I can understand wanting to have millions of dollars, there’s a certain freedom, meaningful freedom that comes with that. But once you get much beyond that, I have to tell you, it’s the same hamburger.” – Bill Gates speaking to university students

There are 25.7 million Google results of an image of a middle-aged dude standing all alone with his hands in his pockets.

He is patiently waiting in line for his cheeseburger, fries and a coke.

The maroon pullover guy is patronizing the original Dick’s (1954), which unofficially serves as a gateway to the upper class Wallingford neighborhood in Seattle.

Is the pale dude (gasp) … privileged?

What gave him the right to buy a “Deluxe,” fries and a coke in Wallingford?

Did his parents dote on him? Where did he go to school? Where did he go to college?

Did he ever invent anything of value to society? Did ever provide a living to people?

Did he ever give back to make our world a better place?

And if the answers to these questions do not meet communal approval – Privilege? Family? College? Inventions? Philanthropy? – should we as a collective society even the score in the name of social justice?

It may seem silly to some to have this public good discussion, and yet 25.7 million Google results are triggered in 0.28 of one second, when one inquires about the guy in the sweater standing all alone in line at Dick’s.

Our Obsession With Wealth?

How many billionaires — members of the three comma club — would stand-in line all alone for a burger and fries?

And yet there was Microsoft founder Bill Gates, 63, waiting in line at Dick’s on Sunday evening, January 13.

In our always-on digital imaging world, it did not take long for the celebrity dude doing normal things to go viral, generating stories and impressions about Gates and his love of hamburgers.

The latest estimates place his net worth at $96.5 billion. Couldn’t Gates simply buy Dick’s as opposed to standing in line for a burger? Where was his entourage? Couldn’t he feed the homeless with Dick’s burgers?

And how did he make that money? Did he take full advantage of his privilege? Did he inherit the money?

As many Almost DailyBrett readers know, Gates and the recently departed Paul Allen founded Microsoft in 1975. Their entrepreneurial spirit and those that followed (i.e., Steve Ballmer and Satya Nadella)  resulted in the ubiquitous Windows operating system, X-Box gaming console, Microsoft Surface PC, Microsoft Cloud and so much more.

Microsoft is one of the three largest competing companies in market capitalization (share price x number of shares) at $814.5 billion, generating $96.5 billion in total revenues and employing 134,944 around the world.

After departing the daily operations of Microsoft, the guy in the maroon sweater with his spouse established The Bill and Melinda Gates Foundation. The charitable organization bearing their names has given a reported $36 billion to date to alleviate third world poverty and suffering. They are without any doubt the most generous philanthropists in America.

And yet …

No Good Deed Goes Unpunished

“The problem with socialism is that you eventually run out of other people’s money.” – Former UK Prime Minister Margaret Thatcher

In her quest to become the 46th President of the United States, Massachusetts Senator Elizabeth Warren has proposed a 2 percent surcharge on net assets – not annual income – exceeding $50 million, and another 1 percent on billionaires.  Is Warren’s  “wealth tax” really confiscation in disguise?

There are questions about whether a confiscatory surcharge of assets – not an income tax – is permissible under the U.S. Constitution. This legal question is above the pay grade of Almost DailyBrett.

Having said that, your author must ask: Why do so many Washington elites want to punish achievement, service and philanthropy?

Some rationalize this obsession with wealth as a quest to reach some far-reaching social justice nirvana when the solution is the same-old tired remedy: wealth redistribution targeting those who provide great products, create jobs and give back to the less fortunate.

The answer always comes down to new and more burdensome taxes, but in Senator Warren’s case she calls for outright confiscation of assets. One thing is certain is the redistribution does not stop there. There will also be increases in tax rates, most of all the top rate from 39.6 percent, hiking it to 70 percent, 80 percent, 90 percent or beyond.

Once you have raised taxes and confiscated assets is that the end … or worse … is that just the beginning?

What’s next? Fees on stock and mutual fund transactions? Surcharges on bank accounts? Is the sky the limit?

How about a wealth tax/surcharge on Bill Gates’ hamburger?

https://www.geekwire.com/2019/billions-served-bill-gates-photographed-standing-line-burger-dicks-drive-seattle/

https://www.ddir.com/

https://www.seattlepi.com/seattlenews/article/Billions-served-Bill-Gates-photographed-standing-13539669.php

https://www.washingtonpost.com/outlook/2019/01/24/senator-warrens-plan-tax-ultrawealthy-is-smart-idea-whose-time-has-come/?utm_term=.251e17e49629

https://www.microsoft.com/en-us/Investor/earnings/FY-2018-Q4/press-release-webcast

https://almostdailybrett.wordpress.com/2015/08/23/three-comma-club/

https://almostdailybrett.wordpress.com/2012/09/25/taxing-uncle-phil-to-death/

https://www.businessinsider.com/biggest-projects-of-generous-philanthropists-bill-and-melinda-gates-2018-8

https://www.goodreads.com/quotes/138248-the-problem-with-socialism-is-that-you-eventually-run-out

 

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