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Business, Economics, and Taxes: Capitalism. Yay? >=(

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Fighting Sioux 23 said:
Sounds like WARN Act lawsuits have already been filed.
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So wait, Twitter is going to be insolvent right? Twitter, the company, is responsible for a good chunk of the loans musk saddled them with. Now they've got no revenue.

Who is left holding the bag on these lawsuits? I assume the employees?
 
I just like the fact that workers are basically begging to be laid off just to get out of there.

Even Trump takes longer to destroy a business...
 
We're going to get a recession because the media and the GOP needed a recession for their purposes.

The economy is doing amazing considering 30% of the population, 70% of the ruling class, and 100% of our overseas enemies are actively trying to tank it.
 
Kepler said:
We're going to get a recession because the media and the GOP needed a recession for their purposes.

The economy is doing amazing considering 30% of the population, 70% of the ruling class, and 100% of our overseas enemies are actively trying to tank it.
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We're right back to pre-Covid era unemployment levels and continued low unemployment not seen since Nixon.

https://tradingeconomics.com/united-states/unemployment-rate
 
Handyman said:
So everyone is working and no one can afford basic living...I wonder why that is.
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106900841-1624374507086-tkyp2-the-distribution-of-wealth-in-the-u-s-.png


This is not per capita. This is aggregate. Just let that sink in.
 
At this point the MAGAs don't care about these numbers. They just want to bleat that "No one wants to work!" and that's it.

We can hit a point where every abled-body person has a job and they would cling to the current narrative (especially the 45+ year old crowd. They HATE almost everything the Under 35 crowd says regarding work currently).
 
RaceBoarder said:
At this point the MAGAs don't care about these numbers. They just want to bleat that "No one wants to work!" and that's it.

We can hit a point where every abled-body person has a job and they would cling to the current narrative (especially the 45+ year old crowd. They HATE almost everything the Under 35 crowd says regarding work currently).
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We simply need to get to where the bottom 50% of the income and wealth of the country and the MAGA population overlap exactly. At that point I can stop being a socialist as I will no longer care what happens to the poor. Problem solved.
 
He really has no idea, does he?

Maybe we can forever kill the idea that billionaires are evil geniuses. They're evil mediocrates.
 
RaceBoarder said:
At this point the MAGAs don't care about these numbers. They just want to bleat that "No one wants to work!" and that's it.

We can hit a point where every abled-body person has a job and they would cling to the current narrative (especially the 45+ year old crowd. They HATE almost everything the Under 35 crowd says regarding work currently).
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It isnt just the MAGAs...they care more about the fake "silent quitting" phenomenon than they do about fucking abortion.
 
Interesting to see the spikes on the graph when you set to all time. (All approximation off my mobile screen)

Gerald Ford - Started at 5.5% unemployment, shot to 9% first year in office, then cooled and ended at 7.5% trending down into the Carter administration.

Carter - 7.5 / 7.25, trending down leaving office. Had a U-turn in fall of 79 where it bottomed at 5.6 shot up in 1980, and trended down again before being voted out.

Reagan - 7.25 / 5.5, trending down leaving office.
There was that tiny little unemployment spike from summer 1981 to January 1983. Ballooned from 7.5 to near 11%

Bush Sr. - 5.5 / 7.5, trending up leaving office. The *entire* four years is a steady unemployment climb.

Clinton - 7.5 / 4.25, trending down leaving office. As if a mirror was put next to Bush's numbers, the *entire* eight years trended down hill for unemployment.

Bush Jr. - 4.25 / 7.5, trending violently skyward leaving office. If you take away the financial crisis fallout, Bush would have been around 4.5% unemployment, with just a Reagan-esque bell curve of unemployment in his first term. But then late 2007 strikes...

Obama - 7.5 / 4.75, trending down leaving office. Obama had a brief bell curve where Unemployment spiked from when he took office to a high of 10% spring of 2010, but after that it was a slide down to 4.75 the whole rest of his presidency.

Trump - 4.25 / 3.75*, relatively flat, but trending down until the Pandemic hit. Trump really didnt cause harm to unemployment. But he didnt help either. It was if the Obama economy kept chugging along despite Cheeto Mussolini being President.

Trump/Covid - 3.75/ 6.5 after shutdowns took place in March 2020, unemployment spiked at 15% before the world attempted to resume life as normal (or as much as they could).

Biden/Covid - 6.5 / 4, continued reopening despite surges of Covid. "Normal" stats appear in January of 2022.

Biden - 4* / 3.7, relatively flat but flirting with an upturn. Once the pandemic was ignored by the majority of people and "Normal" life resumed, the Obama economy is still plugging along at ~4%.


So weird to see the unemployment numbers so stable for so long. If you ignore March 2020 through January 2022, it's almost as if we have had Clinton's jobs numbers for 12 years. It's almost as if Republicans aren't good for employees...
 
Handyman said:
It isnt just the MAGAs...they care more about the fake "silent quitting" phenomenon than they do about fucking abortion.
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I think it's a safe assumption that anyone bleating that line also votes R, even though they may not wear a red hat. They're just smart enough to not outright out themselves.
 
Kepler said:
He really has no idea, does he?

Maybe we can forever kill the idea that billionaires are evil geniuses. They're evil mediocrates.
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I honestly think he's dumb. Actually dumb. But statistics are neat. If everyone on earth flips a coin daily, someone will hit heads 32 times in a row. I think he's the moron who actually did.

(I do agree that it must be true that all billionaires have flipped a coin heads an improbable number of times in a row. That must be true.)
 
dxmnkd316 said:
It's 60 days pay and benefits in either CA or NY and 90 days in the other of the two.

But, I saw a note that there could be civil penalties on top of the back pay.
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Yeah, California's WARN Act is much harsher than the Federal WARN Act. IINM, it's up to $500 / day / violation, coupled with benefits (and medical expenses incurred due to lost health insurance) and attorney fees.

This has class action written all over it, and Musk likely doesn't have much of a defense.

Assuming that Twitter had 7500 employees, and laid off 50% (or 3750), that is a potential civil fine of $1.875 million per day, plus benefits. Coupled with the 60-days in wages (average Twitter employee makes around $150k, so 60 days = just under $25k / employee, or approximately $93 million for 3750 employees), and the lawsuit's value tops $100 million pretty quickly. Oh, and the employees would also get their attorney fees under the Act.

Fun times.
 
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