Latest news with #capitalism
Yahoo
2 days ago
- Business
- Yahoo
"A Lot Of Us Can't Afford Groceries": People Are NOT Impressed By The News That Elon Musk Is On Track To Become The World's First Trillionaire
Editor's Note: While we can't endorse what X has become, we can bring you the worthwhile moments that still exist there, curated and free of the surrounding chaos. In case you want to feel worse about your bank account than you already do, Elon Musk is on track to become the world's first trillionaire in 2027. As a millennial with zero hope of buying a house near my friends and family, I know that's just what I want to hear about on a Monday morning: the rich growing absurdly richer. Like, so wealthy that it's difficult to even fathom. Related: According to Forbes, Elon's net worth currently sits at $412 billion, up a whopping $6.4 billion in the past trading day. The Tesla and SpaceX CEO remains the richest man in the world despite all the backlash he faced during his time with DOGE. Over the past year, several publications have reported the likelihood of Elon being the first to hit this disgusting milestone, but a recent, viral tweet has sparked further conversation. Understandably, the internet is not pleased. Many people pointed out that he has the means to solve world hunger and homelessness, but has not: Related: Others shared thoughts about us as a society... ...and their thoughts on capitalism: Related: Folks pointed out that people are struggling to buy groceries: Some focused on how ridiculous the idea of a trillionaire is: Related: This account suggested a wealth cap: And finally, this person summed it up perfectly: What do you think of all this? LMK in the comments below! Also in In the News: Also in In the News: Also in In the News:
Fox News
3 days ago
- Politics
- Fox News
Florida senator calls on New Yorkers who 'hate socialism' to move south with aerial ad
Florida Sen. Rick Scott flew an aerial ad across the skies of New York City on Saturday with a message encouraging residents to relocate to the Sunshine State to escape socialism, should Zohran Mamdani become mayor of the Big Apple. The banner was seen above Coney Island and Jones Beach as beachgoers soaked up the sun. "Hate socialism?" read Scott's aerial ad. "Us too! Move 2 FL." Scott addressed the aerial banner in a statement provided to Fox News Digital. "While many New Yorkers are out enjoying the beach this weekend, we will be giving them a friendly reminder that in addition to our world class beaches, Florida is the state where you can escape socialism," said Scott, who headed the state as governor from 2011-2019. The Republican senator slammed New York City and the politics of Mamdani. "New York City once represented the American Dream – a city where anything was possible," Scott said. "Today, it has now become the city where only billionaires can prosper, Jewish students are attacked on campus, capitalism is shunned and radical socialists like Zohran Mamdani are celebrated." Mamdani handily won New York City's Democratic mayoral primary last month against former New York Gov. Andrew Cuomo. Mamdani is seen as a frontrunner in the race for City Hall, though many in the Democratic establishment have yet to fully embrace the socialist nominee. Scott said New York City reaped the rewards of capitalism, "the best system in the world," which is now "being villainized by the Democrats all across this country." "Democrats are working around the clock to discredit President Trump and tear down our country and rebuild it in their woke, radical image through socialist policies," the Republican said. "But, this isn't new. It's just an old, barbaric, discredited idea that's failed every time it's been tried. Just look at Cuba and Venezuela and the many families who fled those brutal regimes to live in Florida." Scott said that during his time in political office he worked to ensure that families in Florida could achieve the American Dream, including good jobs, education and safe communities. "That is the American Dream and it is deeply unfortunate that it is completely slipping away in New York," he said. "New York families deserve better."
Bloomberg
4 days ago
- Business
- Bloomberg
Can Markets Bring Home Prices Down and Take Care of Our Children?
By Welcome to the Wall Street Week newsletter, bringing you stories of capitalism about things you need to know, but even more things you need to think about. I'm David Westin, and this week BlackRock's Rick Rieder explained why markets are so happy despite the tariff disruption, and we looked at what private equity investment could mean for the crisis in child care. If you're not yet a subscriber, sign up here for this newsletter. President Trump came to office promising sweeping economic changes that brought predictions of trouble ahead. Six months in, tariffs are up, the 'One Big Beautiful Bill' looks to add to an already-troubling national debt, but the predicted troubles are yet to show up in the markets or the economy.
Daily Mail
5 days ago
- Politics
- Daily Mail
Nancy Pelosi's bizarre rambling during speech to Gen Z sparks 'intoxication' claims
Nancy Pelosi 's speech to young liberals Friday baffled onlookers as she had to stop and start a rambling address. The former Speaker of the House, 85, has made viral moments for the wrong reasons this year, snapping at a reporter for asking if she'd run for a 20th term and using a walker to get around the floor of the Capitol. Addressing Gen Z activists at the Voters of Tomorrow summit in Washington, Pelosi attempted to diagnose problems she saw regarding income inequality. 'We've moved to shareholder capitalists, where the CEO of the company is making like 300 or 400 times what the workers are making. It would take some of the workers a lifetime to make... a lifetime to make what the CEO makes in one year,' she said as she gestured using her finger. 'We have important work to do about fairness and all the rest of that. How could that be okay? Even CEOs have complained about that, that's not what capitalism is supposed to be about.' She got sidetracked in trying to figure out how many years a worker would take to earn what a CEO does, saying you'd 'have to go back to before the Revolution... to make what the boss makes.' 'This is unfair, it's unjust, it's undemocratic, it's wrong, it's shameful and it must be shamed. And we are going to... that's our fight, to cancel the cuts,' she said, referring to Donald Trump's 'Big, Beautiful Bill.' 'But with a reason... and also listening, to how you see what the priorities should be for the future.' Pelosi tried to end: 'I'll just, again, close by saying... and I mean it this time... I'm from Baltimore, I felt when I was going here that I was going back to Baltimore. Any Marylanders here? Any Californians here?' She then cited the Star-Spangled Banner being written in Baltimore before naming a favorite line from it as she ended the talk. Social media - particularly conservatives - pounced at the speech. 'WTF? What's wrong with Nancy Pelosi, is she intoxicated? Gibberish and more gibberish! I don't think the audience can even understand what she is saying. One of the premier faces of the Democrat Party,' wrote Eric Daugherty. Another took on the content of Pelosi's speech: 'What about the hundreds of millions SHE has made trading stocks of those companies based on insider information?' One compared the address to a fellow California politician's speech patterns: 'She drank Kamala's lemonade.' Another succinctly demanded: 'Term limits.' Pelosi, 84, suffered a fall last December in Europe and underwent hip replacement surgery. 🚨 WTF? What's wrong with Nancy Pelosi, is she intoxicated? Gibberish and more gibberish! I don't think the audience can even understand what she is saying. One of the premier faces of the Democrat Party. — Eric Daugherty (@EricLDaugh) July 25, 2025 Many branded Congress a 'nursing home' after Pelosi was pictured using her walking frame to get around the floor a month later. Heading into the 2025 session, the average age of Congress members is 79 days older than last session, at 58.9 years old. While the image of Pelosi has sparked criticism, she is not the oldest serving member of Congress. Delegate to the House Eleanor Norton holds that title at 88 years old. Hal Rogers is also 87, while Maxine Waters is 86, while Steny Hoyer is 85. Republican congresswoman Kay Granger was recently found in a dementia care facility after she vanished from work. A bombshell report in December revealed the 82-year-old Texas Representative, who hadn't cast a vote in the six months prior, was discovered at a memory care facility after reportedly being found wandering lost and confused through her neighborhood, according to an investigation by the Dallas Express. Granger, who wound up a nearly 30-year career in the House in January, was reportedly living in the $4,000-a-month nursing home for the previous six months. Senate Minority Leader Mitch McConnell, 82, has also faced intense scrutiny after several concerning public episodes where he appeared to freeze mid-sentence. To serve in the House, a member must be at least 25 years old, while the age restriction is set at older than 30 in the Senate. The retirement age in the United States is 65. Pelosi was an outspoken advocate in 2023 of Supreme Court term limits, arguing that they would help hold the powerful justices 'to account.' She has represented San Francisco in Congress for 37 years.
Yahoo
23-07-2025
- Business
- Yahoo
If Every Worker in America Earned the Same Paycheck, What Would Happen to the Economy?
Imagine an America where the CEO of a tech giant takes home the same salary as a grocery store cashier. Where software engineers, janitors, teachers and hedge fund managers all earn the exact same paycheck. It's a radical idea, and one that's gaining attention thanks to people like Madeline Pendleton, founder of Tunnel Vision, a clothing company where every employee, including Pendleton herself, is paid the same wage. Profits are shared, and there's a five-year plan to distribute ownership equally. It's an especially compelling idea when you consider that most working Americans are struggling to get by, while CEOs were paid 351 times as much as the typical worker in 2020, according to the Economic Policy Institute. But what would happen if this model were scaled up, not just to one business, but to the entire U.S. economy? Find Out: Read Next: The short answer: The results would be complicated, and maybe even chaotic. Chris Motola, a financial analyst with explains that the impact of every worker in the U.S. drawing the same salary is very different than every worker within a single company drawing the same salary. 'A socialist company like Tunnel Vision is still competing within a capitalist economy,' he said. 'Blown out to the national level, this technically wouldn't even be socialism, but a strictly enforced compensation regime.' Pendleton's model thrives partly because it exists within capitalism. Her employees benefit from equitable treatment and profit-sharing, but the business still competes on the open market. When you remove individual compensation differences across the entire workforce, say, by mandating a single national wage, it changes everything. What Happens to Motivation and Performance? One of the biggest challenges in a flat-pay society is motivation. If no matter how hard (or little) you work, you earn the same as everyone else, what's the incentive to go above and beyond? 'The immediate question is, 'How would such a society provide extrinsic motivation if it can't offer different levels of financial compensation to workers at the individual level?'' Motola said. He proposes a few scenarios. One is to treat the nation like a giant corporation, where GDP gains and sovereign wealth fund profits are distributed as bonuses, meaning everyone is a stockholder. Another is to provide nonfinancial incentives like status, land or flexibility. But both ideas raise further questions: Who decides who gets what perks? What keeps people from burning out when their extra effort brings them no extra pay? 'High performers and low performers would receive the same compensation, however, which could lead to resentment and burnout,' Motola noted. Discover More: Would Markets Still Exist? Even in a flat-pay society, people would likely still want to build wealth. If investment and ownership remain possible, a new class divide could simply emerge between those who invest wisely and those who don't (or can't afford to). 'Does the market still exist? Can people still invest? If so, investors could potentially earn a higher income beyond their salary,' Motola pointed out. So even if salaries were equal, inequalities could persist, just in different forms. Capital investment, property ownership and other private ventures might become the new dividing lines. The End of the Hustle Economy One immediate effect of wage flattening could be the collapse of the hustle economy. No more side gigs for extra income, because everyone already earns the same. That might sound great to burned-out workers, but it could also stifle innovation. Still, there's potential upside: more collaboration and less competition. Without the pressure to outperform for promotions or raises, people might focus on meaningful work, not just lucrative work. Slower, but Possibly Fairer Decision-Making A national flat-pay system would likely eliminate traditional corporate hierarchies, or at least remove pay as the incentive for climbing them. 'The main value proposition of hierarchy, including economic hierarchy, is that it provides a quicker, more efficient decision-making apparatus than resolving things by committee,' Motola said. 'The flipside is that a bad despot can do far more damage than a bad committee.' With equal pay, leadership roles may still exist but they'd be chosen for trust or skill, not compensation. That could lead to slower processes but potentially more democratic workplaces. Utopian or Unworkable? Ultimately, paying every worker in America the same salary would require a fundamental restructuring of how we define value, ambition and success. Changing every worker's salary to a flat rate would go well beyond payroll. It would require a fundamental reset of cultural norms around value, ambition and success. Pendleton's Tunnel Vision proves that an equal-pay model can work on a small scale, with buy-in from everyone involved. But scaling that model to an entire nation? As Motola put it, 'Long story short: It's an unworkable scenario.' Still, it's a compelling thought experiment and one that forces us to confront the values embedded in our paychecks, and to ask whether equality always has to come at the expense of incentive, or if we just need a new kind of incentive altogether. More From GOBankingRates 10 Genius Things Warren Buffett Says To Do With Your Money This article originally appeared on If Every Worker in America Earned the Same Paycheck, What Would Happen to the Economy?
