For years and years, Republicans have told us

[Uncle Joe]

Link to tweet

[calimary]

1. Yep!

[appalachiablue]

2. 'Burrito Economics': New Billionaires, US & World

Nearly 500 People Have Become Billionaires During The Pandemic Year, Apr. 6, 2021, Forbes. - Ed.

A new billionaire every 17 hours: Here are the most notable newcomers on Forbes' 2021 World's Billionaires list.

Covid-19 hasn’t stopped the spread of billionaires, who multiplied at an astounding rate over the past year. A record 493 people joined Forbes’ World’s Billionaires list this year—meaning the world on average gained a new billionaire every 17 hours since Forbes last took a snapshot of billionaire wealth on March 18, 2020. The previous record for most new billionaires in a year was 290 in 2015.

The average net worth of these 493 newcomers: $2 billion. Their average age: 54 (vs. 63 for the overall list of 2,755 billionaires). A full 84% of them are self-made billionaires, who founded their companies rather than inherited them (vs. 72% for the overall list).

No country put more names on the Forbes list this year than China, which gained 205 new billionaires. Notable Chinese newcomers include its richest newcomer, 45-year-old Chen Zhiping (worth $15.9 billion), who is chairman & CEO of vaping device-maker Smoore International, & Kate Wang ($5 billion), CEO of Chinese vaping company RLX Technology. At 39, she is one of the world’s youngest self-made female billionaires.

The U.S. has the 2nd highest number of newcomers, with 98. That includes Kim Kardashian West ($1 billion), whose beauty & shapewear empire pushes her over the 10 -digit mark; Hollywood mogul Tyler Perry ($1 billion); & Apple CEO Tim Cook ($1.3 billion). The richest newcomer is also an American: Miriam Adelson, who is worth $38.2 billion after inheriting the gambling empire built by her late husband. Germany added the 3rd most billionaires this year, with 26, followed by Canada & India, with 19 apiece. In all, 36 countries have at least one new billionaire this year...

More,
https://www.forbes.com/sites/chasewithorn/2021/04/06/nearly-500-people-have-become-billionaires-during-the-pandemic-year/

[NullTuples]

15. Almost makes it sound like people profiteered from the pandemic...

[Brother Mythos]

3. No one who has been paying attention is the least bit surprised by any of this.

Corporations do not exist to create jobs, or pay high wages.

[jaxexpat]

4. Now hold on and give it a chance.

I suspect, in a nod to global warming, that trickle down will work perfectly......when hell freezes over

[NoMoreRepugs]

5. Kardashians as billionaires - small wonder the World is heading down the toilet.

[A HERETIC I AM]

14. People are willing to buy what they are selling.

I get what you are saying, truly I do. It is disturbing that so many are willing to pay any attention at all to these vacuous, self absorbed assholes.

But if nothing else, the Kardashian clan understands marketing, and they’re good at it.

[BobTheSubgenius]

24. Leaps forward in manufacturing methods and capabilities and scientific innovation...

...used to be the hallmarks of the American success story - as well as a few"accidents" of history and geography. But, history also proved that scientific innovation could come from other places, and did, for centuries, so that wasn't unique to the US by any means.

The sturdiest leg on that stool is the one that remains predominant, though. The true American genius is marketing. It was as if no other country, society or social movement of any kind ever realized the possibility existed.

[A HERETIC I AM]

25. I won't argue with that!

Of the top most recognized brand logos in the world, how many are American companies?

Coca Cola, for sure.

Fords Blue Oval most certainly.

The Golden Arches

Even the Toyota logo was designed by an American! Done by Californian Molly Sanders, who also designed several other well known Auto industry logos, including the Lexus badge and the Buick V6 “Power Source” logo.

[Wounded Bear]

6. Trickle down economics is doing exactly what it is designed to do...

which is to hoover money up to the top 1% at the expense of everybody else.

Reaganomics is all about creating millionaires, and if it drives more people into poverty than into wealth, so be it.

[KS Toronado]

9. And the more it drives people into poverty

Crime rate goes up with it.

[SergeStorms]

7. And finally pay a living wage...

to their workers. Doesn't the Walton family have enough money by now that they could pay their employees a decent wage? Their employees shouldn't have to depend on Medicaid for their health problems.

[Firestorm49]

8. Another day, another big lie. So what else is new?

[Wounded Bear]

10. Reaganomics is the big lie that kicked off the modern era of repub malfeasance...nt

[Jon King]

11. Trickle down has always been garbage....

They appeal to those delusional white guys who think they will someday be rich. Meanwhile 99.9999999% of them never get any benefit from the tax cuts.

Going back 40 years I have high school classmates, college classmates, co-workers, cousins, nephews, a brother in law, you name it......all been voting Repug because they thought they would someday be rich enough to benefit.

Not a damn one ever made enough to come close to that economic class. Meanwhile over the past 40 years had they suppprted Democrat programs, they, their kids, their grand kids, would all be much better off.

[appalachiablue]

16. +1

[malaise]

12. K & R for truth

[Joinfortmill]

13. There is no trickle down.

[The Unmitigated Gall]

17. For years and years republiscums have said a lot of things...

Most of it utter fucking bullshit calculated to keep white people hating POC, keep said POC “In There Place” and keep working and middle class white dipshits voting the interests of the billionaires.

[jalan48]

18. Love to see this ad run during prime time, especially a big sports event.

[ShazzieB]

19. Trickle down economics, my ass.

[Blue Owl]

21. They'll piss on your leg and tell you it's raining

[Uncle Joe]

22. The golden shower of love.

[Poiuyt]

23. Krugman Wonks Out: Why Doesn't Cutting Taxes on the Wealthy Work?

-snip-

How, then, can we explain the lack of clear responses (other than tax avoidance) to changes in the tax rate on top incomes?

One answer, which I suspect is relevant in the uppermost strata of the income distribution, is that at that level people don’t seek more money so they can afford more things, since they’re already able to afford far more luxury than anyone can enjoy. Instead, it’s about keeping score; that is, their goal is to make as much or more than the people they compare themselves with. And raising taxes on rich people in general doesn’t eliminate the race to out-earn one’s rivals.

Even to the extent that the rich seek income for what it can buy, however, it’s not clear that cutting their taxes will lead to greater effort. Indeed, it could lead to reduced effort, because it becomes easier for them to afford what they want.

-snip-

Or to put it a bit differently, while tax cuts for the rich may offer an incentive to work harder, they’re also a big giveaway that encourages the elite to work less.

Of course, the fact that tax cuts at the top are a big giveaway is precisely the reason that belief in the immense economic importance of low taxes is such an unkillable zombie. As Upton Sinclair famously said, it’s difficult to get a man to understand something when his salary depends on his not understanding it.

https://www.nytimes.com/2021/04/30/opinion/tax-cuts-rich.html