- cross-posted to:
- socialism@lemmy.ml
- cross-posted to:
- socialism@lemmy.ml
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Imagine all the good that could be done with that amount of money.
But imagine how much more money they can make with that money!
Number only go up.
I feel sad when number go down
I feel happy
Even a simple redistribution back to the people who should have been getting this money (i.e. workers) would have a profound impact on the quality of life of millions.
Luxury yacht and private jet manufacturers be salivating rn.
It estimated that 148 top corporations made $1.8 trillion in profits, 52 percent up on 3-year average, allowing hefty pay-outs to shareholders even as millions of workers faced a cost of living crisis as inflation led to wage cuts in real terms.
I guess we know where all this “inflation” came from.
And stop calling it “profits”, it’s theft. They are stealing from customers by overcharging, and they are stealing from employees by not paying them enough.
There’s absolutely no reason why their workers aren’t getting a large chunk of that money, especially when “profits” are up an average of 52 goddamn percent.
When the hell is enough money enough for these assholes? What are they planning to do with all this hoarded wealth? Buy a country?
They plan to buy bunkers and staff (I really do not mean hire staff, I do mean buy - they are debating how to control their staff once the economy collapses, and have floated the idea of bomb collars) to ride out the apocalypse they are actively causing.
It’s all very backward thinking. They can’t even envision not ruining the planet, they are planning for it as an inevitability.
https://www.businessinsider.com/photos-inside-luxury-bunkers-ultra-rich-prepare-for-doomsday-2022-9
Profit is theft and it always has been.
I am confused. From what you’re saying, profit shouldn’t exist, only business expenses.
So a Mom and Pop shop doesn’t need to make any profit to pay for their living expenses (not business) and shouldn’t be allowed to have money to go on trips or vacation themselves?
Employees are able to go work to make money to spend on living costs, personal things, and vacation.
I have a friend who owns a tea shop with no employees. So she isn’t allowed to make a profit? Only allowed to make enough to keep the business running? Sounds like that would be miserable. Might as well close the store and be an employee of another business.
So a Mom and Pop shop doesn’t need to make any profit to pay for their living expenses (not business) and shouldn’t be allowed to have money to go on trips or vacation themselves?
They can pay themselves a wage, which is a business expense, and then save their wages like everyone else. The only basis for profit is the exploitation of labor and unfair exchanges in the market, hence, all profit is theft.
How do you think not-for-profits and cooperatives work? They don’t have profit, but no one works for free!
Your teashop friend could just as easily pay themselves to run their shop and invest whatever is left into the shop. Profit isn’t necessary.
They can pay themselves a wage, which is a business expense, and then save their wages like everyone else.
Your teashop friend could just as easily pay themselves to run their shop and invest whatever is left into the shop. Profit isn’t necessary.
I find it confusing. How do you differentiate if that is a “wage” or “profit”? How does a person who owns a small business determine how much wage to pay themselves with? I would think most small business owners will just put enough money into the business expenses for how big they want their business to be, then take the rest for themselves.
A small business typically don’t need as much money to reinvest back into the business itself unless they are looking to expand the business to something bigger. There is only so much you can spend for business expenses when you don’t want to deal with expanding your business even bigger. Some people only want to own a small shop.
For example, my friend at the tea shop is happy with the size of their small shop. They already offer enough stock to locals. They don’t want to expand anymore. She loves running a tea shop and talking to locals, but does not want to deal with running a big store with employees. But from what you’re saying, they should keep reinvesting in the business, even though the business doesn’t need more money to avoid making a profit.
I understand profit is an issue with bigger companies due to them stealing money from their employees by paying themselves much more, but I am trying to understand how profit shouldn’t exist for a smaller / mom and pop / 1 person shop.
If she doesn’t want to expand, she can just pay herself a higher wage for doing such a good job. Profit is superfluous for her - it’s probably just a tax thing in her case, where she gets a better tax deal if she pays herself with profits instead of wages.
Her “profit” is literally just the money she isn’t paying herself in wages. That’s what all profit is, hence, profit is theft. The fact that she is sort of stealing from herself for tax reasons just highlights how unfair tax law is imo
nah dude. You put as much money as possible back into the business, instead of paying it in income tax. When you’re small, you basically want to make sure your net profit is 1 dollar end of fiscal year. When you’re big enough, then ok, show a profit. pay your tax. Those better accountants you can now afford, they’re a write off too though. I own a bar, place doesn’t make any money, all the bills are paid though, pay a lot in federal and provincial sales taxes. It’s a different mentality. You just get used to it being ok not to show or have much a profit, because the business pays all your bills, you’re almost like an old subsistence model where you might handle lots of cash, but you never keep much because of myriad taxes and expenses, but it doesn’t really matter, the heats on and there’s always food in the fridge.
I disagree, because profits can be used to upgrade equipment, reward employees, R&D, invest in expanding the business, etc.
When used properly, profits keep businesses healthy and self-supporting without relying on shareholders, the government, or bad actors to get involved.
But absurdly excess profits shouldn’t exist, and absurdly excessive wealth hoarding by individuals should never be allowed to happen.
That’s not what profits are.
Profits are the what is left over after upgrading equipment, paying employees, doing R&D, investing in expansion, and every other business expense. Profit is literally the money left after subtracting expenses from revenue. All profit is wealth hoarding, definitionally.
Profit is theft and it always has been.
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“Heads I win, tails you lose.”
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You made it clear that the answer doesn’t matter?
If I have money, then I can ignored because I am a hypocrite. If I’m poor, then I can be ignored because I’m a loser.
If you must know, I’m a general operator in a factory. I weld stuff onto car parts and watch robots all day. It’s fine, I have enough money to pay off the loans for my car and trailer, but I damn well know that the company reports profits off of the surplus value created by my labor.
I’ll probably never retire unless I take out the 9mm retirement package 🤷♀️
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oh, and as for “any substantial” his POV is profit is theft. it follows.
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eh. not the ones complaining, apparently.
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In business, you can’t predict what your expenses will be next year or in 10 years, so you need profit to act as a buffer. Some years, your revenue exceeds your expectations, and you profit that year.
This could allow you to spend more money on those legitimate business expenses next year, or bank it for years when your expenses exceed your revenue.
Even a non-profit has to have leftover to bank for the future, expand, etc.
But consistently having billions in profit tells me that there’s a massive problem somewhere, and it’s more than likely as a result of wage theft or gouging customers.
That’s not what profit is either! Funds that are set aside for future expenses or to act as a buffer are also just business expenses.
Profit is purely the money that is left after all that shit. Profit is the money the business owner and/or shareholders take for themselves, after everything (investing, saving, wages, everything) has been subtracted. Profit is literally only the money they take for themselves.
Your impression isn’t unique - most Americans don’t really understand what profit is. But like I said, profit is theft and it always has been.
Actually he’s correct as to the dictionary definition of profit. What you are describing are called dividends in business parlance.
The dictionary defines profit as “income in excess of costs” i.e. subtract all expenditures from revenue, that’s profit. It gets more complicated, there’s gross profit vs net profit, but money that is specifically set aside by the business for the future is an operating cost.
Dividends are just a way for profits to be distributed to shareholders.
Yeah, I guess that’s how modern corporations are using profits.
I come from a small business and charity background, so salaries/wages/employee benefits would be considered a business expense. Profits would be banked and used to cover expenses in the future.
It’s different on a small scale because the line between “business expenses” and “personal expenses” can sometimes get blurred. Though technically, if the money is earmarked for future use then it is definitely not profit. That’s a business expense.
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A trillion is a million millions, or a thousand billions. That’s a truly unfathomable number.
They are buying countries - or parts of it. For example Larry Ellison bought Lanai, which is an Hawaiian Island. There are probably more examples.
And that rich people are building sophisticated bunkers is a known fact.
Isn’t that all inflation and all profits? There’s a pretty clear correlation with inequality for both.
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Don’t worry, they don’t have that much foresight. One of the reasons that people cling on to conspiracy theories of evil cabals running the planet are so popular is because it’s slightly more comforting than coming to the realization that no one is actually controlling anything. Society is held precariously on a knifes edge by social norms. And no one actually knows what’s going to happen, because no one is really controlling anything but their small greedy power enclave they have carved out wherever on this rock.
We’ll basically be turned into fuel cells… like on The Matrix… but it’ll be billionaires controlling the machines… probably made by Tesla.
They will literally always need us, read chapters 15 and 16 of Capital which covers automation.
That’s nothing, I once quadrupled my wealth by finding $20 in an old jacket.
Look at Mr. “Can Afford an Old Jacket” over here.
It belonged to my brother first, I got it when he upgraded to one with fake fur around the hood.
I wonder when people will just lose it and start culling these guys for real.
You have lower class people fighting each other in the mud over “welfare queens” and nobody seems to be reaching the logical conclusion that the real enemy is up in that ivory tower.
I wonder when people will just lose it and start culling these guys
I know you were being rhetorical but to expand on that anyway, for many very good reasons not until enough people realize it’s the only way anything will get better for us, and a short bit after we realize they won’t hesitate to do the same.
The fun thing is if the powder keg goes off they are infinitely more exposed if they want to spend their money. Poor people can just walk back into the crowd and blend with the masses. Rich people are going to want to spend their money on services and services usually means blindly trusting a chain of labor. Even if you micromanage your services you can’t watch over the entire supply/service chain…
They’ll be class traitors though, just like now. those’re the ones i am gonna be the saddest about
Thanks, I was feeling a little too happy today.
The truth here is so simple and petty… Corporations and the psychopaths who run them saw COVID as a personal sleight, an attack on them personally. Period.
When things started to eventually “Open up” and financial numbers started to recover, it wasn’t enough to just rebound, they had to take revenge on society and get rolling, record profits through gouging, shrinkflation, etc.
Really and truly, this is what happened. Even if they didn’t know what was driving them necessarily, they are such broken narcissists that the motivation was/is, “You took from ME, and there are the severe and prolonged consequences for that”.
100%
Man they gon be so tasty when we finally get to eat them
You’re the only one stopping you.
Never been a worse time to be vegan
Vegans are allowed the exception on moral grounds.
Thinking about this. I am a vegan because of the killing and exploitation. What sauce do you reckon goes well with side of rich guy.
Since you’re sic on sin, I’d suggest going all the way and make a blood gravy. No self-respecting vegan would waste all that sauce. To ethically consume le-florissant one must consume the entire animal.
.
Finance is a dead god rotting and we will fight the maggots for every scrap of hydrocarbon rich waste
i still can’t believe we were meant to accept ‘we’re actively gambling on the buildings’ as a viable excuse for why people should return to the office
Well that’s the actual reason, the productivity bullshit is the excuse.
And the masses™ still buy this hook line and sinker as normal progression of a strong economy that serves everybody’s needs.
Someone is just going to literally eat them at this point out of spite
The Lockdowns ended up being poison to the middle class. Not to mention horrible for the mental health of millions and removed the development of children in specific demographics. :-(
Anybody got their home addresses?
This is the best summary I could come up with:
The world’s five wealthiest men have more than doubled their wealth since 2020, while five billion people have been made poorer, according to a new report by British charity Oxfam.
It estimated that 148 top corporations made $1.8 trillion in profits, 52 percent up on 3-year average, allowing hefty pay-outs to shareholders even as millions of workers faced a cost of living crisis as inflation led to wage cuts in real terms.
“This inequality is no accident; the billionaire class is ensuring corporations deliver more wealth to them at the expense of everyone else,” Oxfam International interim Executive Director, Amitabh Behar, said.
To address the imbalance, the charity urged governments to curb corporate power by breaking monopolies, instituting taxes on excess profit and wealth, and promoting alternatives to shareholder control like forms of employee ownership.
“Corporate power is used to drive inequality: by squeezing workers and enriching wealthy shareholders, dodging taxes, and privatizing the state,” Oxfam said.
“Around the world, members of the private sector have relentlessly pushed for lower rates, more loopholes, less transparency, and other measures aimed at enabling companies to contribute as little as possible to public coffers,” Oxfam said.
The original article contains 329 words, the summary contains 193 words. Saved 41%. I’m a bot and I’m open source!
The good news is that they all deserved it! /s
Can we switch to an alternative timeline yet?
