I think the author got confused, it's not despite off it's because of.
this post was submitted on 25 Oct 2024
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This is why every profession, blue or white collar, needs to unionize.
In case you missed it, in our broken model of civilization a CEO's only responsibility is to increase value for shareholders. Not to clients, not to employees, not to the biosphere.
Market cap increased, job's done successfully.
A) 1971, Economist Milton Friedman explicitly told the world the "only social responsibility" for businesses is to increase shareholder value. The Business Roundtable heartily endorsed this view, setting the stage for the next half century of villains to gleefully enrich themselves without compunction.
B) 2019, Business Roundtable reversed their 50 year position to include that businesses should be beholden to all Stakeholders, not just shareholders.
But of course the damage has been done, and continues onward. To compound this, the FED's open-purse monetary policy for 14 YEARS ushered in the worst inflation in 40 years, while wages have stagnated for 4 decades, kicking off around the time Baby Boomers were birthing the first Millennial children.
These are just some of the reasons Millennials lay the bulk of culpability at the feet of Baby Boomers, who of course respond with something like: "Well, I don't remember that."
Trickle down economics - when the 1% tinkle on the remainder.
Trickle down was a rebrand.
It used to be called "Horse and Sparrow economics."
Idea being: The horses eat buckets of whole grains. And the sparrows pick their meal from the horseshit.
Never heard that. Regardless, i love it.
When I entered the work force in 2005, it was with a company that had never had a layoff in its thirty-year history.
Then, in 2009, they had their first layoff, and I learned later our CEO had taken an 80% pay raise that year.
Taxes aren't theft. Literally firing people and taking their salaries is theft.
Also that CEO has an eminently punchable face.
tautological
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Because of layoffs, not despite them.
He made $12000 off each fired employee.
Per year. And lets not talk about his stock options and other benefits... Fucking disgusting.
That’s roughly 30k for every employee laid off
Sounds like an easy sell to the board, then. It it's that much of a net positive in economics.
So the CEO gets less than half their salary for the year?
Sounds like a great deal for the company. Until, you know, the whole thing collapses because they laid off the workers who kept the whole thing running
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Typical and most people in the US view CEO's as heroes. US income distribution is on the same level as fucking Russia.
As someone from fucking Russia, people with biggest income in your country are usually first businessmen, second - something else, while in Russia those would be cockroaches from MFA, PA and other thieves, plus a few oligarchs who at some point were among those cockroaches.
So it may not be as bad yet, but frankly yes, you are giving out vibes of going in the same direction.
US is the OG oligarchy, but we cosplay "Democracy" to cope
I agree, but yours are real oligarchs, while those I'm talking about are a relatively new thing for you.
Russian-style ones are just blokes from one and the same corporation who chose they want to be celebrities. A façade. They used oligarchy as a scapegoat in the 90s, to avoid lustration while it still could be done.
I see your point. In US our oligarchs run the show. In russia, they submit to the "President" to obtain the position.
He's doing what the Board wants, stock price is up. If there was a worker advocate on the board, maybe things would be different.
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The entire point of AI as it stands right now is to allow more of those layoffs. Anyone telling otherwise is a liar.
Also I hate how currently, AI is used to remove the fun parts of creating things at a computer. Take coding for example, I think I can speak for many people when I say that the fun part of their job, is not the planning or the meetings, it's the actual coding and stumbling upon a hard problem to solve. Now with AI you the human will only keep the boring parts of the job!
Don't overestimate LLMs, it can't code and never will be. It can create templates convincingly enough and do boilerplate parts that are nonsense only sometimes, but those aren't the fun parts of the coding process anyway. In my experience, LLM isn't helping at all and I spend more time fixing it's nonsense than I would do if I don't use it at all, so I don't
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They should be paying 90% tax over 1 million.
The board doesn’t care about the number of people employed. They care about the current profitability and future profitability.
Of course that’s their job; to look after shareholder interests. And the money would move to a better investment if they didn’t.
It’s the whole system you need to change, if you seek change, not moan about an individual CEO.
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CEOs gonna CEO.
CEO = SIC: Shareholder in Chief
Thank god, all these employees lost their jobs so Satya Nadella can pad out their already insanely high salary.
We don't want Satya to starve like the rest us of plebs!
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Pretty standard issue corporate psychopath.
Regulate monopolies. Eat the rich.
His salary increase must be inversely proportional to the quality increase in Windows 11.
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