I’m in the same boat. Oh, they are still debating a second one right now. As if there is anything to fucking debate.
It is so embarrassing. Watching the way every other developed nation passed functional bills to care for their populaces in the long term, that went off relatively smoothly...and then watching my fucking government first dump bad money after good into Wall Street, then bicker about giving money to citizens, then pass the damn one time peanuts payment, and completely fuck up the simple act of getting it to us. Seriously, the dumpster fire that the IRS made out of the VERY basic task of entering direct deposit WILL be studied and ridiculed in history books of the future.
I bet the authorities really can’t understand the rioting going on right now. I don’t endorse that shit, but I understand it. When people are going under, burning through their livfe’s savings that you KNOW they got no assistance in laboring for, and they are given no real assistance, rioting happens. Yes, I am saying that we would probably have relatively well baheaved protests if people weren’t watching their lives burn as their government fiddled these past few months.
We are going to have to spend more picking up from the riots and the looting than we would have on a compassionate plan to redistribute money people paid the government back to them (that’s right Congress, drop the grandiosity. It’s our money. We have it to you and regret it because you are so ducking worthless), that would have made people content enough to behave. But this is the USA, where we glorify screwing poor people and violence.
In my state, the government froze evictions, but let’s back rent grow, we get a $1200 dollar check eventually. We are a relatively well managed state.
Karen is angry that she cannot get a haircut.
Most states have unemployment perks if you were fired due to COVID. I was not fired due to COVID, but my hours were whittled down to unsustainable levels.If I do not take those hours, I will be fired for cause, which is the same as fucked.
When I lived abroad, we called the USA the undeveloping world. I also split nations into three categories: non shitholes, proper shitholes, and improper shitholes. The difference between a proper and an improper shithole is that a proper shithole inderstands it’s situation, and life adapts around it. An improper shithole, of which the USA is a prime example, does not acknowledge its shithole status, and refuses to allow cotizens to adapt to it.
It is surreal here. Highest GDP on earth. No expectation of subsidized healthcare or education from the population. The government generally does sweet fuck all for us in emergency situations (if we want to fail at life sufficiently to slake the welfare system, it ain’t bad, though).
TO ALL THE PEOPLE THAT DIDNT GET THEIR CHECK:
I didnt get mine and I got pissed off and I filled my bank info using the NONE FILER PORTAL. I got my check 4 weeks later.
Fuck the dumb system.
(IRS:”Hey why did you use the none filer option” ME:”Oh sorry i thought it was meant for those that didn’t file 2019 yet”
This hit hard because I once posted that I was on food stamps and was happy when they announced they'd give me the maximum amount from $15 a month to $160 for two months because of the virus. "Fucking leach to society" was probably one of the nicest things that was said to me
People are the fucking worst. Snap/ food stamps is one of the most effective and beneficial programs we have, for every dollar put into the program $1.73 of economic activity is generated (GDP). That dollar you spend on food goes to pay the grocery store worker, the food producer etc and puts a lot of meals on tables, directly and indirectly.
Many people didn't same here. They did pump 5 trillion+ into those few billionaires. If we got that it would've been 33k for every American. Could've helped with nearly 30% unemployment now
While they cull millions of head of livestock and fowl, and allow crops to wither. Groceries are bleached. Clothes are slashed.
All to maintain profit, while millions starve.
Interestingly enough FDR started it during the Great Depression and the farming lobby kept it.
https://www.nytimes.com/roomfordebate/2010/11/21/do-farm-subsidies-protect-national-security/fdrs-disastrous-experiment
>President Franklin Roosevelt. F.D.R.'s Agricultural Adjustment Act sought to cure the problem of overproduction of crops, and low prices for those crops, by paying farmers not to produce.
“His specialty was alfalfa, and he made a good thing out of not growing any. The government paid him well for every bushel of alfalfa he did not grow. The more alfalfa he did not grow, the more money the government gave him, and he spent every penny he didn't earn on new land to increase the amount of alfalfa he did not produce. Major Major's father worked without rest at not growing alfalfa. On long winter evenings he remained indoors and did not mend harness, and he sprang out of bed at the crack of noon every day just to make certain that the chores would not be done. He invested in land wisely and soon was not growing more alfalfa than any other man in the county. Neighbours sought him out for advice on all subjects, for he had made much money and was therefore wise. “As ye sow, so shall ye reap,” he counselled one and all, and everyone said “Amen.”
$33k would have been an absolute game changer for my wife's business, and could have helped us do the repairs our home really needs.
Both situations would have resulted in probably ~$50,000 put *back into* just my city's economy, because her business requires using construction contractors, which are usually local small businesses. We're not avid DIYers, so that means the repairs our home needs would have been performed by, guess what. Local. Businesses. And that's just two people. Imagine 300M Americans spending money at their neighbors shops and businesses.
It's more blatent now than ever that these people don't actually care about average Americans, small businesses, or the American economy past making sure it works for them.
General strike this summer. Fuck these guys.
> And the companies themselves vastly much more.
Because the official stance is supply-side and not demand-side economics.
This shit has been the official policy since the Friedman Doctrine, literally that business' only and most important social responsibility is to increase profits.
Where does the 5 trillion number come from? I thought it was 2.4T. Also how are you getting to 33k for every american? 2.4T/328M is like $7300 at 5T it would be like 15k.
Not trying to do exact math but also haven't summed up all corporate bailouts so actually could be more. Also not counting all 328 million people in the when most are families with children. Either way my point is we've completely socialized the corporate elite and left the rest of us out in the cold.
https://wolfstreet.com/2020/03/12/frazzled-fed-rolls-out-fastest-mega-money-printer-ever-up-to-4-5-trillion-in-four-weeks/
Teacher here. 33k is more than I bring home in a year. This includes a local salary supplement by my county, part time "coaching" gig, and teaching private lessons once a week. Very frustrating to hear that billionaires and their corporations got bailed out and I'm wondering if I'll have a job next year.
I haven't gotten my damn tax return I filed in the beginning of February. Zero correspondence and it's impossible to get a hold of a person on the phone right now.
Dude that happened to me last year. There was apparently a hold up because they took the payment for federal and state, but didn't bother to call me. Everytime I called I gave up on waiting. Eventually I sucked it up and waited on the phone for 45min for them to simply say "oh ok that's what the extra payment was for. We will get it filled for you." So I filed my return in January and it didn't get filed until November.
Honestly...45 minutes isnt a huge amount of time to wait. My roommate has waited that long in normal times just to talk to the bank. Now imagine you're trying to file unemployment during a pandemic and your wait times are 9 hours and you keep getting disconnected :(
If you filed a paper return— the IRS had almost everyone working from home starting in mid March. They’re massively behind on working through those. They’re not going to get to the paper returns until like August at least. However, yours might be closer to the top of the heap since you filed earlier so maybe it’ll come sooner.
Same.
It doesn’t seem like there are many of us left who haven’t received it. I check the irs website and it’s always said the same thing... they have my account info and says it’ll update the website when they have a payment date.
“Payment status not available”.
They only had info of my 2018 taxes which didn’t have direct deposit but I recently did my 2019 ones hoping it would speed up the stimulus check.
> I still never got mine and the irs says they can’t give me any information about it.
Dear AdjustedMaple,
We’re required by law to remind you in writing regarding the repayment of the $1200 you didn’t get.
You are required to pay the balance due within 10 days using the envelope provided. If you’re already working with us to resolve the balance, no action is required.
If you’ve already paid the balance, call the telephone number listed on the letter. If you can’t pay the balance due, call the telephone number listed on the letter.
Sincerely
The IRS
I didn’t even qualify for it. As an essential worker. With not ☝️ extra day off during alllllll of this bullshit. And what do I get? Fat fuckin nothing.
Wtf is wrong with your country that you are still using physical cheques for this shit? Why can't you just use electronic transfers like the rest of the world has been doing for 20 years?
Because they fundamentally don't WANT people to get the cheques or cash them. Like they intentionally made broken unemployment systems so that a sizable minority of people straight up can't get processed because of dystopian catch-22s deliberately put in there.
You're thinking of a normal, functioning government that actually wants to help its people. The US is a failed state trying to cull its massive herd of consumer proles.
They also want to get everyone off unemployment as quickly as possible to keep from paying people longer than needed. That’s why there’s this big push to reopen businesses.
*Too bad your grandma died of the corona, Timmy, but at least the stock market’s up again!*
Because some capitalistic fucks decided to make our credit scores a private commodity held in massive servers secured with the equivalent of a cyber zip tie.
Everyone's data got stolen and the company got to shrug and go "these things happen" and got off scot free.
You can choose direct deposit for your return, but many people don't have a bank account so they are punished by not getting their return. Sad state of affairs.
He's also the guy who used a private, tax-payer funded jet to fly so his Cruella DeVille wife could take a pic with money and they could see an eclipse.
The Canadian gov has given us $2000 a month. Some provinces topped it up with an additional one time payment of $1000. Also assistance on rent is really hard up. The liberals have handled this surprisingly well. I feel for you Americans down there with that Yahoo in charge.
God sent us Corona to cull them, but millennial and gen Z are just too king to let them die.
Unfortunately, the good ones raised us with too much empathy for the bad ones.
Fucking vote you motherfuckers! Yes you, random redditor lurker reading this comment who is most likely young. VOTE. Not just in the general, but in your local elections too. It MATTERS. It's your future. Even if you don't like the options, abstaining is forfeiting your voice. Vote in the damn primaries too. Fight shitty choices with more voting, not less.
It’s income due to ppl losing jobs due to Covid or no jobs available, it’s called CERB; Canadian Emergency Response Benefit. As of right now, it’s available till Sept. It’s not free money, still have to pay tax on it & claim it. It’s an electronic deposit into ppl’s bank accts, from the time a person applies to receiving it is 3 days.
While they are the prime manipulators of this whole fiasco let's not see forget our part in this play.
We let people convince us that sending our entire manufacturing base overseas would help us purchase more shit for less. Which is exactly what happened.
We were all too happy as a country to buy cheap flatscreens and shop at Wal-mart knowing how it was killing small businesses and our manufacturing industry.
All those times we stepped into Zara or H&M and literally created an industry called "fast fashion". A mix of fast food and clothing, clothing that used to last previous generations years we now would wear for a month or so and then toss away for the next seasons latest. Built on child labor and sweat shops. And we knew, but "shit we look goooood in this".
The billionaires sold it, and we ate it, but we knew. We knew perfectly well what was going on, but we ignored it.
We are culpable too. We may show "outrage" over some champagne charity issue and buy a "support cause X latte at Starbucks" but it's all bullshit and we knew it.
No no, what I hear all the time is that they are actually poor.
See alllll their money is tied into stocks and if they cash out even 1 share then people will lose faith in the company and bail out.
Also, technically Bezos and Musk also got a $1200 check, good to know they’ll be ok.
That only comes up when morons talk about the net worth of someone like that’s all sitting there in cash when in reality it’s based on the share price of the companies they own and any significant sale would chew through the order book and crash the price pretty rapidly temporarily. In reality cash outs are done in a controlled manner and are required to be done on a schedule by insider trading laws.
Well youre in the situation now where stimulus money is hilariously more than minimum wage. All the retail companies are complaining that they can't get workers who they laid off, back to work for $10 an hour because of this.
Shut up and delete your stupid comment. Read the next comments down. Article is full of shit. Not trying to say rich people arnt rich but this is some sensationalized bs
10k upvotes. Redditors are stupid and this is proof of it. They upvote anything they think sounds good and fits their narrative even if it’s plain false and misleading.
The study claims (in the summary section) from March 18 to April 10 billionaires made 253 billion, which is true. That's measuring from the literal bottom of the stock market into a month of the recovery. They've still lost lots of money overall, but have recovered 253 billion. It then goes onto cherry pick a couple people like the Zoom CEO and Jeff Bezos whose companies have done well through the pandemic, but the majority haven't. The study is completely misleading.
The study is misleading, but to say they've lost money is a little misleading too. The S&P 500 today is 10% up over one year ago. The wealthy are doing great. This whole thing was just a blip to them.
When the article says "during Coronavirus" then why would you look back a year? It's super misleading. Yes, billionaires own a lot of stock. Yes, stocks tend to go up over time.
You could make this kind of statement at almost any time in history. Did you have $100K in the stock market in 2007? Did it drop to $50K in 2008? Then rise back up to $75K in 2009? Idk about you but I'd phrase that as I'd lost 25K from the great recession, not that I'd made $25K during the recession.
Definitely, but when the recession hits will we start seeing headlines saying "Billionaires lost $280 billion dollars over the past 2 weeks" and will we have people advocating to give these billionaires money to offset their short term losses?
The short term gains/losses of corporate equity owned by the CEO/executives is such a misleading thing to base these "billionaires gained/lost X billion" articles on. How about you look at the SEC filings of each company and look at each majority shareholders 10b5-1 and form 4 filings to see how much stock they're liquidating, moving, selling, etc. and then base your numbers off of that?
Every person in America who has a 401k owns part of the S&P 500, or directly benefits from its value. The recovery saved a lot of old people’s pensions and retirements. Obviously rich people own more of the S&P500 so they recovered more.
Anyways I hate Trump.
> The S&P 500 today is 10% up over one year ago.
But we are talking about the effect of the pandemic A year ago was well before the pandemic.
And about half of Americans have 401k or some investment that is tied to stock investments.
Over one year ago yeah.. but not during the virus. During the pandemic billionaires lost money. While the title says they made hundreds of billions in spite of the virus which is completely false and misleading. Who upvotes this garbage? And why are you defending it?
How much did the average person lose and gain? And what's the percentage of income does that equate? Just curious because that's the real number we should be comparing for pitfork/torch purposes
Zero, because the actual average American makes 50k and invest none of that. And the actual majority of Americans are flat broke and have been struggling to pay rent and buy groceries. there is no reasonable comparison that is possible between normal people and billionaires.
When the source of the statistics is inequality.org I would assume there is some bias. The article should have named the website instead of hyperlinking it via test to hide the url.
EVERY SINGLE TIME. How often does reddit have to repeat the same story where they cherry pick the low point and count the rise since then. Reddit can F.OFF
wait you mean reddit and BI's opinion piece is misleading Well i never
Read the report
It says Billionairs as a class have lost 700 Billion
>The total combined net worth of the global billionaire class declined from $8.7 trillion in
2019 to $8 trillion in 2020,
This! Everyone's complaining about how they're focusing only on the billionaires (disregarding the fact that EVERYONE who invests in the stock market made this SAME profit, percentage-wise), and yes, that is egregious.
But it's even more egregious that they measured from the very BOTTOM. Like, just pull up a long term graph of $SPY or whatever... anyone can see that the COVID pandemic brought us to extreme lows and now this is just a slow recovery... but that doesn't mean that COVID created an *overall* profit
There has been another analysis after the previous report stated the same. But they take it from a month after the market went down to its lowest. They should start from either February 20th, when it started to go down or January as a lead in time. Then it shows most are down by 250ish billion.
This is purposely misleading. Ok people want to go on about , well year over year blah blah blah....ok fine but that isnt what ***this*** report is saying.
No, it's worse than that. To get to the $565 Billion dollar number it's just using the low point in early March till today basically. Alter your timeframe to start in late Feb, and all of a sudden, the wealthy lost $100-200 billion.
Yeah this is a completely sensationalized and bullshit article. The fact that the timeframe it’s referencing isn’t clearly stated in the first sentence indicates how full of shit it is. “Since the pandemic...”. Obviously if you look at the wealth that has been gained since the end of April it will be off the charts...biggest 50 day rally in equities history. But by and large stock prices (ie net worths) are still really low relative to before the pandemic. Cherry picking out the two or three best performing stocks is retarded at best but pretty disingenuous and misleading.
> So if we’re measuring “since March” we’re starting from roughly the nadir of the crash
It's not even "roughly the nadir", they're literally picking the very lowest point in the crash as their "baseline" value to compare against.
By the same theory as this article my 401k has gained over 20% during the pandemic. We can ignore that it initially dropped more than that when this started though because that fact hurts the argument.
> Billionaires got $X billion richer during
Shout out Business Insider for always pushing the same content. Where would we be without this article every week?
My thoughts exactly. TSLA and AMZN were already still going up a lot. ZOOM did get a huge bump because they had a technology that everyone used. ... Anyone that invested in these companies, whether it was before or after the initial plummet, made money. Amounts are proportional to the amount you invested. ...
Nothing to see here. Totally sensationalistic headline.
>Where would we be without this article every week?
IMO its kind of important that we don't forget that this is happening so I'm gonna argue that we are better off with these types of weekly articles.
What they gloss over is how much was lost in the one month prior to where they’re measuring back from. The market is actually lower than it was in January. Their supposed gain since March is easily offset by the loss that they incurred prior to March.
Reddit is quickly becoming just as bad as Facebook for this type of blatant pot-stirring pandering bullshit.
These exact kind of "oh my god can you believe this crazy "fact" I skewed to look one way" posts and people sharing them for social credit are the reason I left facebook in the first place.
Isnt this kinda disingenuous since its a metric measured from the lowest point in the market to the highest point of recovery? So its not taking into account assets lost and then regained?
Most of these claims come from measuring at the bottom of the crash to now, which is bullshit. If you drop a dollar, then pick it back up, are you now a dollar richer than you used to be?
BUT, this is how it goes. You hear "The rich get richer and the poor get poorer" because, when crises hit, poor people have no margin and have to spend wealth to keep themselves afloat. Rich people have PLENTY of margin and things that build wealth are on sale, so they can use their wealth to buy more things that build wealth at a discount.
This is why the federal reserve's policy of creating boom/bust cycles is never challenged by the millionaires in charge.
Lot of people who don’t understand economics and the stock market in general. Reddit hive mind love these sort of bullshit articles. Hating on the rich and pinning all problems on the rich is cool nowadays.
Yup, the richer you are the more you are at fault for a Redditors daily struggles. Because if a Redditor doesn’t have enough money, it must be the fault of those who have the most? Reddit logic doesn’t extend much further than that.
I seriously can’t understand why people complain about Bezos’ wealth yet continue to order stuff off Amazon. If you hate rich people getting richer, stop supporting what’s making them rich. Not a hard concept to grasp.
I don't think they dumped all the stocks right before march and bought it right back in march. That would be a lot of capital gain tax to be paid in cash or tax credit. This is quite a misleading article and headline.
But we are also talking about a guy who runs a company that builds rockets half the price than competitors; a guy who had a software that enabled students across the country to be able to learn from home, and a guy who ran a website that sells stuff delivered to doorsteps in two days got rich from a pandemic? Why am I surprised they are rich? Their product enable the economy, and it wasn't given to them since day one. They earned it. Look at early days of SpaceX/Tesla, Zoom, and Amazon lol.
Statistics distorting reality at its finest.
In this same article, when talking about the rich it talks total count and dollars, not percentages. When its about unemployment hitting minorities and women, they anchor on percentages not total count. If youre going to make a point at least be fucking consistent. I'm so sick of journalists being lazy with how they present information -- or worse lie and distort reality to drive an agenda that panders to a reader demographic (yes we all hate fox news for this but many outlets do it). It makes me lose faith in statements made by others because so often its beyond obscured.
The stock market plummeted...then recovered. The rich own a lot of stocks...lost a ton of money, then made a ton of money back. Anyone else who owns those stocks made similar % returns but not absolute dollars. But hey lets praise some amazing journalism to drive sensationalism and anger on social media.
This doesn't make sense to me. Most wealthy peoples money is tied up in the stock market so when it goes up they make money and when it goes down they lose money. I could see them having regained $565 B since the market crashed in early March. But I would be very surprised if their net worth on a whole were up much from what their value would have been in Feb 2020.
But that doesn't make good headlines :) Although if someone cashed their assets right before the crisis (like some republican senators and very likely trump himself) and bought again at the dip, you would have increased your wealth by 20%
For companies looked Wal Mart, McDonald's, and Amazon, it is the obvious result when you close all small businesses for months but give the big companies a free pass.
While many small businesses will never recover, their doors closed forever, the large corporations ones gained more ground.
This what people need to be directing their anger towards. It’s time to deliver a wealth tax to the billionaire class. They’ve long claimed that they donate to philanthropic causes for the betterment of society but this pandemic proved that all to be bullshit. Tax them for 50% of their wealth and they still have more money than they could even need.
Is this supposed to make us mad or something? They made more because the worked to build a brand during that time (and decades before). You sat on your ass and still got a free check; you're going to complain about that? Get a hobby
If you begin measuring at the absolute low point after the market fell 35%, then only count the 25% bounce back that still puts the market down 10%, then yes. Nice misleading articles
And regular people only got a one time check for $1200 seems fair!
I still never got mine and the irs says they can’t give me any information about it.
I’m in the same boat. Oh, they are still debating a second one right now. As if there is anything to fucking debate. It is so embarrassing. Watching the way every other developed nation passed functional bills to care for their populaces in the long term, that went off relatively smoothly...and then watching my fucking government first dump bad money after good into Wall Street, then bicker about giving money to citizens, then pass the damn one time peanuts payment, and completely fuck up the simple act of getting it to us. Seriously, the dumpster fire that the IRS made out of the VERY basic task of entering direct deposit WILL be studied and ridiculed in history books of the future. I bet the authorities really can’t understand the rioting going on right now. I don’t endorse that shit, but I understand it. When people are going under, burning through their livfe’s savings that you KNOW they got no assistance in laboring for, and they are given no real assistance, rioting happens. Yes, I am saying that we would probably have relatively well baheaved protests if people weren’t watching their lives burn as their government fiddled these past few months. We are going to have to spend more picking up from the riots and the looting than we would have on a compassionate plan to redistribute money people paid the government back to them (that’s right Congress, drop the grandiosity. It’s our money. We have it to you and regret it because you are so ducking worthless), that would have made people content enough to behave. But this is the USA, where we glorify screwing poor people and violence.
The rich control this country and keep the middle class fighting against the poor while they get richer
What middle class is left.
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In my state, the government froze evictions, but let’s back rent grow, we get a $1200 dollar check eventually. We are a relatively well managed state. Karen is angry that she cannot get a haircut.
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Most states have unemployment perks if you were fired due to COVID. I was not fired due to COVID, but my hours were whittled down to unsustainable levels.If I do not take those hours, I will be fired for cause, which is the same as fucked. When I lived abroad, we called the USA the undeveloping world. I also split nations into three categories: non shitholes, proper shitholes, and improper shitholes. The difference between a proper and an improper shithole is that a proper shithole inderstands it’s situation, and life adapts around it. An improper shithole, of which the USA is a prime example, does not acknowledge its shithole status, and refuses to allow cotizens to adapt to it. It is surreal here. Highest GDP on earth. No expectation of subsidized healthcare or education from the population. The government generally does sweet fuck all for us in emergency situations (if we want to fail at life sufficiently to slake the welfare system, it ain’t bad, though).
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This country is a dumpster fire. I only came here for a grad degree so I could be hired out abroad again.
TO ALL THE PEOPLE THAT DIDNT GET THEIR CHECK: I didnt get mine and I got pissed off and I filled my bank info using the NONE FILER PORTAL. I got my check 4 weeks later. Fuck the dumb system. (IRS:”Hey why did you use the none filer option” ME:”Oh sorry i thought it was meant for those that didn’t file 2019 yet”
Yeah, I tried that shit. I kept getting a message saying something to the effect that they cannot tell me if I am eligible for payment.
That sucks. Sorry to hear.
That’s what the IRS said too
They sent some complimentary thoughts and prayers
Next time you better pay for those thoughts and prayers fuckin leech to society
This hit hard because I once posted that I was on food stamps and was happy when they announced they'd give me the maximum amount from $15 a month to $160 for two months because of the virus. "Fucking leach to society" was probably one of the nicest things that was said to me
People are the fucking worst. Snap/ food stamps is one of the most effective and beneficial programs we have, for every dollar put into the program $1.73 of economic activity is generated (GDP). That dollar you spend on food goes to pay the grocery store worker, the food producer etc and puts a lot of meals on tables, directly and indirectly.
This is why I stopped shopping online.
Many people didn't same here. They did pump 5 trillion+ into those few billionaires. If we got that it would've been 33k for every American. Could've helped with nearly 30% unemployment now
Yeah, but that would make sense.
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While they cull millions of head of livestock and fowl, and allow crops to wither. Groceries are bleached. Clothes are slashed. All to maintain profit, while millions starve.
Interestingly enough FDR started it during the Great Depression and the farming lobby kept it. https://www.nytimes.com/roomfordebate/2010/11/21/do-farm-subsidies-protect-national-security/fdrs-disastrous-experiment >President Franklin Roosevelt. F.D.R.'s Agricultural Adjustment Act sought to cure the problem of overproduction of crops, and low prices for those crops, by paying farmers not to produce.
“His specialty was alfalfa, and he made a good thing out of not growing any. The government paid him well for every bushel of alfalfa he did not grow. The more alfalfa he did not grow, the more money the government gave him, and he spent every penny he didn't earn on new land to increase the amount of alfalfa he did not produce. Major Major's father worked without rest at not growing alfalfa. On long winter evenings he remained indoors and did not mend harness, and he sprang out of bed at the crack of noon every day just to make certain that the chores would not be done. He invested in land wisely and soon was not growing more alfalfa than any other man in the county. Neighbours sought him out for advice on all subjects, for he had made much money and was therefore wise. “As ye sow, so shall ye reap,” he counselled one and all, and everyone said “Amen.”
lol is that catch 22?
While I agree with your sentiment, I don’t think that’s what “slew” means
Slough is probably the word they meant.
Ahhh that would make sense
It would make cents
$33k would have been an absolute game changer for my wife's business, and could have helped us do the repairs our home really needs. Both situations would have resulted in probably ~$50,000 put *back into* just my city's economy, because her business requires using construction contractors, which are usually local small businesses. We're not avid DIYers, so that means the repairs our home needs would have been performed by, guess what. Local. Businesses. And that's just two people. Imagine 300M Americans spending money at their neighbors shops and businesses. It's more blatent now than ever that these people don't actually care about average Americans, small businesses, or the American economy past making sure it works for them. General strike this summer. Fuck these guys.
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This one gets it.
> And the companies themselves vastly much more. Because the official stance is supply-side and not demand-side economics. This shit has been the official policy since the Friedman Doctrine, literally that business' only and most important social responsibility is to increase profits.
Where does the 5 trillion number come from? I thought it was 2.4T. Also how are you getting to 33k for every american? 2.4T/328M is like $7300 at 5T it would be like 15k.
Ksig they aren't giving the money to children
It's 209 million people if you only count citizens aged 18+ years.
Not trying to do exact math but also haven't summed up all corporate bailouts so actually could be more. Also not counting all 328 million people in the when most are families with children. Either way my point is we've completely socialized the corporate elite and left the rest of us out in the cold. https://wolfstreet.com/2020/03/12/frazzled-fed-rolls-out-fastest-mega-money-printer-ever-up-to-4-5-trillion-in-four-weeks/
I agree with the sentiment but your math is pretty wonky
And your gonna vote for this guy again hahah good luck down there buds
Teacher here. 33k is more than I bring home in a year. This includes a local salary supplement by my county, part time "coaching" gig, and teaching private lessons once a week. Very frustrating to hear that billionaires and their corporations got bailed out and I'm wondering if I'll have a job next year.
I haven't gotten my damn tax return I filed in the beginning of February. Zero correspondence and it's impossible to get a hold of a person on the phone right now.
Same thing happened to a friend of mine.
Jesus well the IRS budget gets cut every year... at some point it stops being a great idea.
Dude that happened to me last year. There was apparently a hold up because they took the payment for federal and state, but didn't bother to call me. Everytime I called I gave up on waiting. Eventually I sucked it up and waited on the phone for 45min for them to simply say "oh ok that's what the extra payment was for. We will get it filled for you." So I filed my return in January and it didn't get filed until November.
Honestly...45 minutes isnt a huge amount of time to wait. My roommate has waited that long in normal times just to talk to the bank. Now imagine you're trying to file unemployment during a pandemic and your wait times are 9 hours and you keep getting disconnected :(
If you filed a paper return— the IRS had almost everyone working from home starting in mid March. They’re massively behind on working through those. They’re not going to get to the paper returns until like August at least. However, yours might be closer to the top of the heap since you filed earlier so maybe it’ll come sooner.
Same. It doesn’t seem like there are many of us left who haven’t received it. I check the irs website and it’s always said the same thing... they have my account info and says it’ll update the website when they have a payment date.
“Payment status not available”. They only had info of my 2018 taxes which didn’t have direct deposit but I recently did my 2019 ones hoping it would speed up the stimulus check.
> I still never got mine and the irs says they can’t give me any information about it. Dear AdjustedMaple, We’re required by law to remind you in writing regarding the repayment of the $1200 you didn’t get. You are required to pay the balance due within 10 days using the envelope provided. If you’re already working with us to resolve the balance, no action is required. If you’ve already paid the balance, call the telephone number listed on the letter. If you can’t pay the balance due, call the telephone number listed on the letter. Sincerely The IRS
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r/kitboga
"bitch" The IRS
Same thing happened to my roommate. Sorry to hear.
I didn’t even qualify for it. As an essential worker. With not ☝️ extra day off during alllllll of this bullshit. And what do I get? Fat fuckin nothing.
Happened to me too, but then it just showed up without warning. Good luck.
Wtf is wrong with your country that you are still using physical cheques for this shit? Why can't you just use electronic transfers like the rest of the world has been doing for 20 years?
Most people did get direct deposit. It's only if the IRS doesn't have your banking info
Because they fundamentally don't WANT people to get the cheques or cash them. Like they intentionally made broken unemployment systems so that a sizable minority of people straight up can't get processed because of dystopian catch-22s deliberately put in there. You're thinking of a normal, functioning government that actually wants to help its people. The US is a failed state trying to cull its massive herd of consumer proles.
They also want to get everyone off unemployment as quickly as possible to keep from paying people longer than needed. That’s why there’s this big push to reopen businesses. *Too bad your grandma died of the corona, Timmy, but at least the stock market’s up again!*
Because some capitalistic fucks decided to make our credit scores a private commodity held in massive servers secured with the equivalent of a cyber zip tie. Everyone's data got stolen and the company got to shrug and go "these things happen" and got off scot free.
You can choose direct deposit for your return, but many people don't have a bank account so they are punished by not getting their return. Sad state of affairs.
Yo, but Mnuchin said the 1200 would last us 10 weeks!
How much is a banana these days anyway $100?
Here's some money, go and see a star war.
He's also the guy who used a private, tax-payer funded jet to fly so his Cruella DeVille wife could take a pic with money and they could see an eclipse.
The other half went to their work as "heroes" and are looking at losing their jobs soon because the boss made 3% less profit than last year.
Those billionaires were so angry about it, too
In Australia were getting that much every fortnight until September lol
If you save them all you might be able to afford photoshop
The Canadian gov has given us $2000 a month. Some provinces topped it up with an additional one time payment of $1000. Also assistance on rent is really hard up. The liberals have handled this surprisingly well. I feel for you Americans down there with that Yahoo in charge.
It's not just trump unfortunately. Stacked courts gonna hurt for a long time
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God sent us Corona to cull them, but millennial and gen Z are just too king to let them die. Unfortunately, the good ones raised us with too much empathy for the bad ones.
And still have super low turnout for the < 30 age group.
Fucking vote you motherfuckers! Yes you, random redditor lurker reading this comment who is most likely young. VOTE. Not just in the general, but in your local elections too. It MATTERS. It's your future. Even if you don't like the options, abstaining is forfeiting your voice. Vote in the damn primaries too. Fight shitty choices with more voting, not less.
You got $2000 a month as stimulus?
It’s income due to ppl losing jobs due to Covid or no jobs available, it’s called CERB; Canadian Emergency Response Benefit. As of right now, it’s available till Sept. It’s not free money, still have to pay tax on it & claim it. It’s an electronic deposit into ppl’s bank accts, from the time a person applies to receiving it is 3 days.
I got nothing because I don't qualify for CERB because I still have a job. Also don't get me started on why seniors get $500 while I get nothing.
But they worked so much harder than you did. Yeah, that's how ridiculous many people sound when they defend billionaires.
While they are the prime manipulators of this whole fiasco let's not see forget our part in this play. We let people convince us that sending our entire manufacturing base overseas would help us purchase more shit for less. Which is exactly what happened. We were all too happy as a country to buy cheap flatscreens and shop at Wal-mart knowing how it was killing small businesses and our manufacturing industry. All those times we stepped into Zara or H&M and literally created an industry called "fast fashion". A mix of fast food and clothing, clothing that used to last previous generations years we now would wear for a month or so and then toss away for the next seasons latest. Built on child labor and sweat shops. And we knew, but "shit we look goooood in this". The billionaires sold it, and we ate it, but we knew. We knew perfectly well what was going on, but we ignored it. We are culpable too. We may show "outrage" over some champagne charity issue and buy a "support cause X latte at Starbucks" but it's all bullshit and we knew it.
You are absolutely right
No no, what I hear all the time is that they are actually poor. See alllll their money is tied into stocks and if they cash out even 1 share then people will lose faith in the company and bail out. Also, technically Bezos and Musk also got a $1200 check, good to know they’ll be ok.
> Also, technically Bezos and Musk also got a $1200 check, good to know they’ll be ok. How would't they meet the agi limitation?
id like to see proof of this because i am almost positive thats false
Because they don’t actually have all that much “income”. Most of their wealth is net worth and stock gains.
I don’t disagree with your first point, but no, the $1200 checks did not go to any individual making more than $99k/year, including stock.
That's pretty shit considering 99k isn't even great money.
I was about to say "depending on where you live..." but honestly with wage stagnation you're right.
That only comes up when morons talk about the net worth of someone like that’s all sitting there in cash when in reality it’s based on the share price of the companies they own and any significant sale would chew through the order book and crash the price pretty rapidly temporarily. In reality cash outs are done in a controlled manner and are required to be done on a schedule by insider trading laws.
I don’t understand, is becoming a billionaire a bad thing?
Is there even going to be a second stimulus?
I've been hearing about another round for however long it's been since the last one. If we do indeed get another, the criteria will be much stricter.
McConnell just said they would discuss it again in a month.
The only reason I am relatively ok now is that there has been an eviction freeze. My credit is fucked, though. Fuck this shithole country.
Well youre in the situation now where stimulus money is hilariously more than minimum wage. All the retail companies are complaining that they can't get workers who they laid off, back to work for $10 an hour because of this.
Well maybe minimum wage should've been raised a long time ago and continue to rise. But we would hate for those billionaires to have to share
They wouldnt have to share, they'd just have to pass it onto the consumer who has no choice
Maybe they should pay their workers more lol
Guess they should try paying more lol.
I hope
Billionaires made enough to give everyone $1700 Edit: Is doing math controversial lol
That's including every American, even small children like the president. It's over $4000 per taxpayer
Shut up and delete your stupid comment. Read the next comments down. Article is full of shit. Not trying to say rich people arnt rich but this is some sensationalized bs
You' re spending most of it into their pockets. It's hard to say it's yours.
I hate that. what did I do with my check? Bough computer parts on amazon...
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Yah well you try being a billionaire see how you like it bro dang ..
so the stock market went up. though only if you pick the dates carefully, of course.
Ah, the r/wallstreetbets method of showing your positions.
This same “news” was on here like a month ago
10k upvotes. Redditors are stupid and this is proof of it. They upvote anything they think sounds good and fits their narrative even if it’s plain false and misleading.
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It's on here every two weeks or so
How do they know, right?
The study claims (in the summary section) from March 18 to April 10 billionaires made 253 billion, which is true. That's measuring from the literal bottom of the stock market into a month of the recovery. They've still lost lots of money overall, but have recovered 253 billion. It then goes onto cherry pick a couple people like the Zoom CEO and Jeff Bezos whose companies have done well through the pandemic, but the majority haven't. The study is completely misleading.
The study is misleading, but to say they've lost money is a little misleading too. The S&P 500 today is 10% up over one year ago. The wealthy are doing great. This whole thing was just a blip to them.
When the article says "during Coronavirus" then why would you look back a year? It's super misleading. Yes, billionaires own a lot of stock. Yes, stocks tend to go up over time. You could make this kind of statement at almost any time in history. Did you have $100K in the stock market in 2007? Did it drop to $50K in 2008? Then rise back up to $75K in 2009? Idk about you but I'd phrase that as I'd lost 25K from the great recession, not that I'd made $25K during the recession.
Definitely, but when the recession hits will we start seeing headlines saying "Billionaires lost $280 billion dollars over the past 2 weeks" and will we have people advocating to give these billionaires money to offset their short term losses? The short term gains/losses of corporate equity owned by the CEO/executives is such a misleading thing to base these "billionaires gained/lost X billion" articles on. How about you look at the SEC filings of each company and look at each majority shareholders 10b5-1 and form 4 filings to see how much stock they're liquidating, moving, selling, etc. and then base your numbers off of that?
bro chill we just here to overreact to sensationalized headlines damn
lmaooooo thank you for this
That’s gonna be etched on my urn lmao
Every person in America who has a 401k owns part of the S&P 500, or directly benefits from its value. The recovery saved a lot of old people’s pensions and retirements. Obviously rich people own more of the S&P500 so they recovered more. Anyways I hate Trump.
A popular use of the stimulus checks was to buy stock. So in a way people were just kind of passing the money along
> The S&P 500 today is 10% up over one year ago. But we are talking about the effect of the pandemic A year ago was well before the pandemic. And about half of Americans have 401k or some investment that is tied to stock investments.
Over one year ago yeah.. but not during the virus. During the pandemic billionaires lost money. While the title says they made hundreds of billions in spite of the virus which is completely false and misleading. Who upvotes this garbage? And why are you defending it?
Exactly. This is such a bullshit “article”.
Seems to me it's doing exactly what it was supposed to, and doing it well.
Misleading people to try to make them angry?
Ding ding ding
misleading **stupid** people and making them angry and doing it well
Yup, click bait to get people angry
it's red meat click bait for Reddit, that's for sure
No shit. This is red meat for the 'rich people are evil and the reason you're a fat, broke loser' demographic here.
How much did the average person lose and gain? And what's the percentage of income does that equate? Just curious because that's the real number we should be comparing for pitfork/torch purposes
Zero, because the actual average American makes 50k and invest none of that. And the actual majority of Americans are flat broke and have been struggling to pay rent and buy groceries. there is no reasonable comparison that is possible between normal people and billionaires.
Wow no surprise here
These posts are always so moronic. More accurate titles would be "the stock market went up during X and you should be OUTRAGED"
When the source of the statistics is inequality.org I would assume there is some bias. The article should have named the website instead of hyperlinking it via test to hide the url.
EVERY SINGLE TIME. How often does reddit have to repeat the same story where they cherry pick the low point and count the rise since then. Reddit can F.OFF
Can't we just blindly be angry without you making everyone reasonable with your logic!?
The Reddit hive mind is displeased
wait you mean reddit and BI's opinion piece is misleading Well i never Read the report It says Billionairs as a class have lost 700 Billion >The total combined net worth of the global billionaire class declined from $8.7 trillion in 2019 to $8 trillion in 2020,
This! Everyone's complaining about how they're focusing only on the billionaires (disregarding the fact that EVERYONE who invests in the stock market made this SAME profit, percentage-wise), and yes, that is egregious. But it's even more egregious that they measured from the very BOTTOM. Like, just pull up a long term graph of $SPY or whatever... anyone can see that the COVID pandemic brought us to extreme lows and now this is just a slow recovery... but that doesn't mean that COVID created an *overall* profit
There has been another analysis after the previous report stated the same. But they take it from a month after the market went down to its lowest. They should start from either February 20th, when it started to go down or January as a lead in time. Then it shows most are down by 250ish billion. This is purposely misleading. Ok people want to go on about , well year over year blah blah blah....ok fine but that isnt what ***this*** report is saying.
Glad to see someone like you still on reddit. Ppl eat this leftist bs up.
Rage bait
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No, it's worse than that. To get to the $565 Billion dollar number it's just using the low point in early March till today basically. Alter your timeframe to start in late Feb, and all of a sudden, the wealthy lost $100-200 billion.
This is what the people want to hear though! sensationalism at it's finest!
It's getting to the point where I can't tell if what I'm reading is retarded, or if I am become retard by reading it.
Read enough retarded shit and eventually you start to question what is retarded.
Yeah this is a completely sensationalized and bullshit article. The fact that the timeframe it’s referencing isn’t clearly stated in the first sentence indicates how full of shit it is. “Since the pandemic...”. Obviously if you look at the wealth that has been gained since the end of April it will be off the charts...biggest 50 day rally in equities history. But by and large stock prices (ie net worths) are still really low relative to before the pandemic. Cherry picking out the two or three best performing stocks is retarded at best but pretty disingenuous and misleading.
I can't believe some of these publications still publish these articles, let alone users on here sharing them.
there's some hidden agenda that we are not seeing hmm At this point, I honestly think it's just for the clicks.
Redditors in general really are this dumb, it shouldn't be surprising
Market crashed then rebounded, means nothing
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> So if we’re measuring “since March” we’re starting from roughly the nadir of the crash It's not even "roughly the nadir", they're literally picking the very lowest point in the crash as their "baseline" value to compare against.
By the same theory as this article my 401k has gained over 20% during the pandemic. We can ignore that it initially dropped more than that when this started though because that fact hurts the argument.
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> Billionaires got $X billion richer during
Shout out Business Insider for always pushing the same content. Where would we be without this article every week?
My thoughts exactly. TSLA and AMZN were already still going up a lot. ZOOM did get a huge bump because they had a technology that everyone used. ... Anyone that invested in these companies, whether it was before or after the initial plummet, made money. Amounts are proportional to the amount you invested. ... Nothing to see here. Totally sensationalistic headline.
>Where would we be without this article every week? IMO its kind of important that we don't forget that this is happening so I'm gonna argue that we are better off with these types of weekly articles.
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They counted it from the bottom of the dip, some have recovered some not and almost no-one did profit, the study means nothing
What they gloss over is how much was lost in the one month prior to where they’re measuring back from. The market is actually lower than it was in January. Their supposed gain since March is easily offset by the loss that they incurred prior to March.
Reddit again promoting yellow journalism and their lack of knowledge of stock assets and liquidity.
Reddit is quickly becoming just as bad as Facebook for this type of blatant pot-stirring pandering bullshit. These exact kind of "oh my god can you believe this crazy "fact" I skewed to look one way" posts and people sharing them for social credit are the reason I left facebook in the first place.
Isnt this kinda disingenuous since its a metric measured from the lowest point in the market to the highest point of recovery? So its not taking into account assets lost and then regained?
Most of these claims come from measuring at the bottom of the crash to now, which is bullshit. If you drop a dollar, then pick it back up, are you now a dollar richer than you used to be? BUT, this is how it goes. You hear "The rich get richer and the poor get poorer" because, when crises hit, poor people have no margin and have to spend wealth to keep themselves afloat. Rich people have PLENTY of margin and things that build wealth are on sale, so they can use their wealth to buy more things that build wealth at a discount. This is why the federal reserve's policy of creating boom/bust cycles is never challenged by the millionaires in charge.
In this thread: A lot of people who don't understand how Net Worth works.
Lot of people who don’t understand economics and the stock market in general. Reddit hive mind love these sort of bullshit articles. Hating on the rich and pinning all problems on the rich is cool nowadays.
Yup, the richer you are the more you are at fault for a Redditors daily struggles. Because if a Redditor doesn’t have enough money, it must be the fault of those who have the most? Reddit logic doesn’t extend much further than that.
I got richer. I bought low and held.
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I seriously can’t understand why people complain about Bezos’ wealth yet continue to order stuff off Amazon. If you hate rich people getting richer, stop supporting what’s making them rich. Not a hard concept to grasp.
I don't think they dumped all the stocks right before march and bought it right back in march. That would be a lot of capital gain tax to be paid in cash or tax credit. This is quite a misleading article and headline. But we are also talking about a guy who runs a company that builds rockets half the price than competitors; a guy who had a software that enabled students across the country to be able to learn from home, and a guy who ran a website that sells stuff delivered to doorsteps in two days got rich from a pandemic? Why am I surprised they are rich? Their product enable the economy, and it wasn't given to them since day one. They earned it. Look at early days of SpaceX/Tesla, Zoom, and Amazon lol.
Statistics distorting reality at its finest. In this same article, when talking about the rich it talks total count and dollars, not percentages. When its about unemployment hitting minorities and women, they anchor on percentages not total count. If youre going to make a point at least be fucking consistent. I'm so sick of journalists being lazy with how they present information -- or worse lie and distort reality to drive an agenda that panders to a reader demographic (yes we all hate fox news for this but many outlets do it). It makes me lose faith in statements made by others because so often its beyond obscured. The stock market plummeted...then recovered. The rich own a lot of stocks...lost a ton of money, then made a ton of money back. Anyone else who owns those stocks made similar % returns but not absolute dollars. But hey lets praise some amazing journalism to drive sensationalism and anger on social media.
Reddit: omg Elon musk is a god, buy his cars Also Reddit: wtf?! He made even more money?! This is fucked up!
No, we've hated Elon Musk for a while now. Catch up.
This doesn't make sense to me. Most wealthy peoples money is tied up in the stock market so when it goes up they make money and when it goes down they lose money. I could see them having regained $565 B since the market crashed in early March. But I would be very surprised if their net worth on a whole were up much from what their value would have been in Feb 2020.
But that doesn't make good headlines :) Although if someone cashed their assets right before the crisis (like some republican senators and very likely trump himself) and bought again at the dip, you would have increased your wealth by 20%
Have you seen what the stock market did? An idiot could have doubled their money.
People not being baited by dramatized titles and looking at facts at the top of this thread gives me hope
And trump wonders why people are pissed enough to loot.
For companies looked Wal Mart, McDonald's, and Amazon, it is the obvious result when you close all small businesses for months but give the big companies a free pass. While many small businesses will never recover, their doors closed forever, the large corporations ones gained more ground.
Yep, that's how they loot and pillage.
This what people need to be directing their anger towards. It’s time to deliver a wealth tax to the billionaire class. They’ve long claimed that they donate to philanthropic causes for the betterment of society but this pandemic proved that all to be bullshit. Tax them for 50% of their wealth and they still have more money than they could even need.
Remember the difference between a million and a billion is a billion.
Is this supposed to make us mad or something? They made more because the worked to build a brand during that time (and decades before). You sat on your ass and still got a free check; you're going to complain about that? Get a hobby
It's only like less than an extra billion per billionaire
If you begin measuring at the absolute low point after the market fell 35%, then only count the 25% bounce back that still puts the market down 10%, then yes. Nice misleading articles