It makes sense that politicians bastardized it. It works for them in two major ways; 1. Politicians can claim their excessive spending isn't causing inflation 2. Social security payouts is tied to cpi, so the lower cpi is, the less they pay out to people on fixed incomes. Meanwhile Congress give themselves a 20% pay raise and SNAP food benefits had a 25% increase because they know the 8% number is bullshit.
CBDCs are surveillance and population control tools. Point blank, period. The Chinese CBDC is the worst case scenario, but all CBDCs will look more like that and less like what we think of as stablecoins. In an ideal world, you could trust the government to have your best interests in mind and in that world, maybe a CBDC would be net good - it would enable the government to more easily administer and support safety net programs like SNAP. But the reality is (and has been illustrated by Snowden) that even liberal democratic governments run intricate surveillance programs on its people - and that's without a tool that directly enables it.
This is true. I know people who are trapped like that. They don't earn enough to live off of, but if they earn just a little more, they are disqualified from medicaid and food assistance (SNAP). It's not a sustainable system. It needs changing.
But of course it is, I mean even snap chat has its own tokens, SNAP tokens. And right now there’s a telco company that integrated blockchain, Eli mobile, $ELITE, this is a proper crypto token in the polygon chain, it’s going to be used on another social media platform called Elisium, the platform allows a new sort of interaction between celebrities and people through content created and even NFTs. Cryptocurrency isn’t going anywhere there’s always going to be new technology and problems to be solved.
> What makes it exploitation? The fact that Amazon/Jeff Bezos have gained hundreds of billions of dollars in value while thousands of Amazon workers rely on federal welfare programs like SNAP to feed their family because Amazon doesn't pay them enough to live. The reality is when companies don't pay their workers a living wage, the taxpayers supplement that persons income so they don't die. You may respond to this, "well nobody is forcing them to work for Amazon" - not at gunpoint maybe but the reality is if you don't work, you end up starving and homeless so there is no true alternative. I'd rather companies pay their workers a living wage instead of taxpayers having to provide welfare to keep Walmart/Amazon/McDonald's workers alive but that's just me
Ok, after checking into it again, we're both correct (though I was being too snarky, sorry), it just depends which benefit you qualify for. [https://firstquarterfinance.com/ebt-cash-back-rules/](https://firstquarterfinance.com/ebt-cash-back-rules/) I was thinking about SNAP benefits, which you can only spend on certain products and can't get cash back. TANF is the one you can get cash back from.
> “so you can’t buy booze or cigarettes or something” Na convenience stores have gotten around this for years with the SNAP debit cards and will continue to do so with CBDCs. They just ring the items up as something else instead of what it actually is, or as a miscellaneous item so it doesn’t throw any flags up on the social service side. 30 pack of beer = 4 gallons of milk. Cigarettes = 1 gallon of milk & carton of eggs. The 7-11 near my house does this for people on their SNAP and welfare cards all the time.
I don't own SNAP for a reason. It's overvalued with a narrow econimic moat. My point is that there are many U.S. equities that will continue to rise. PayPal was overvalued and so was Square. I now own both after the corrections. They may go down more, but they're closer to fair value than they were. The point on Chinese stocks is that they aren't due for a pump because China controls their growth. No one wants to buy stocks that can be held back arbitrarily and I don't think people will be ready to invest in China for a long time.
Like Amazon, AMD, and SNAP recently? U.S. equities are fine. Valuations and earnings are just starting to mean more. I don't see Chinese stocks moving upward anytime soon. Not when the CCP can kill earnings reports with arbitrary fines.
SNAP went up a crazy amount and Pinterest as well and META went down a massive amount. I've never seen such volatility in the stock market, hell it is rare to see that kind of movement in assets with such large market caps in a day in crypto with the large caps coins. I think there is a shitload of money on the sidelines waiting to rush in....or out and back to the sidelines apparently. All told very interesting, I am sure I don't know what the hell it all means but I am still waiting for my next buy zone and holding until then.
You're clearly misinformed as to what ""socialism" is or rather it's many variants. Conflating "Marxist" socialism with Democratic Socialism is a common mistake or sometimes intentional for the more Faux News nefarious types. Most of us... (I think anyway) when mentioning or calling for socialism are likely referring to Democratic socialism whereby the means of production remain with Capital in a mixed economy. The U.S. for instance is more of a Democratic Socialist country than many realize. Social Security, Medicaid, Medicare, Welfare/SNAP, HUD....these are just a few examples of "socialist" programs that are hallmarks of a Democratic Socialism safety net. [https://en.wikipedia.org/wiki/Types\_of\_socialism#Democratic\_socialism](https://en.wikipedia.org/wiki/Types_of_socialism#Democratic_socialism) ​ Now what the U.S. DOESN'T do...at least not very often, is privatize out of control and unstable Capitalist enterprises. We'll let companies go buck wild with pollution, unsafe products, poisoning consumers, catching entire states on fire with their electrical grid...you name it. However, the US Government will nationalize entire swaths of land for National Parks and Refuges, Oil Wells, Coastlines, Rare earth element mines, etc.
Not Crypto but stonks. I had 5 figures of each and sold for like 10% gains: AMD at $7 AMZN at $700 SNAP at $6 TSLA at $150 Again I know that was crypto, but it does provide a lesson in patience and conviction. The future will breed more opportunities, be focused and convicted and you will be rewarded. Good luck pal!
That makes sense. Given the post language was focused on the SEC etc… I was going off of US standards, which are indeed garbage. Even our social service programs are absolute trash. To paint a picture for you, my Gmom worked 50 years to end up collecting only social security in retirement, as she couldn’t afford retirement investing throughout her life. She get’s a yearly income of $10,000 from SSI. Given she lives in poverty with that amount she’s eligible for social services, and lives in low income subsidized housing. SSI pays her $833.33 a month to live, before taking anything out. Her medicare + part D is $110 a month. 833.33 - 110 leaves her with 723.33. Then the low income housing immediately takes 2/3 of that remaining amount leaving her with $241.11 monthly pay the rest of her bills, buy groceries etc... So she is also eligible for SNAP food assistance, so she applies and they gave her a whopping $25 a month benefit. Hope you can live on a gallon of milk, a loaf of bread and a couple dozen eggs for an entire month, because that’s all $25 will get you. Now consider this, she spent 50 years paying on average a Federal income tax rate of probably around 25%. Had there not been a 25% federal income tax and instead that money went into her pocket, well then she could’ve invested it into a 401k, or IRA etc… over 50 years of compounding interest she would’ve had at least enough saved to last her 20 years in retirement comfortably. Instead she lives day to day just hoping she can by. Heck even if the Federal income tax rate was only 10-15% she would’ve been in a far better position putting that remaining 10% away in retirement accounts.
I mean thanks for being the 'Acktually' guy in this conversation. Sure we can talk about whether or not Social Security is an actual entitlement. People are living longer and pulling more than they put in. But it's structurally different from the rest. I mean I pay Social Security knowing that I should get that money back when I retire. That money I put in is not an entitlement. It's something I earned and I made and I put in on the promise that it would be mine again in 40 years. When I overdraw then maybe yeah it's an entitlement. But let's not sit here and pretend like it's the same thing as WIC or SNAP because its not. And to treat them the same and talk about them in the same general blanket terms is asinine.