Everyone saying “Awh look at Norwegian fans rowing and having fun” but when we have fun and lob a couple of plastic chairs around it’s frowned upon. Double standards I say
Last week Gary Lineker was showing off about how he was on the phone to Leicester City telling them to employ big farting machine Emma Hayes and today he is giving it Las Malvinas. On the right side of any available bit of history
Champion beggar and massively up his own arse
On X we feel like we’ve thoroughly debunked wealth taxes. We’ve seen the experts rally together and explain clearly why it would be a total disaster for the UK.
Out in the real world, @garyseconomics is winning. About 75% of Brits are taken by the idea that we are just one more tax away from fixing the UK.
I say this with a heavy heart but I think we are genuinely toast. At this point the inevitable will have to happen - socialists take over, implement a wealth taxes, destroy what’s left of the economy and impoverish a generation.
The UK will be the next example of a nation that is crushed by socialist ideology. It will take 25+ years to recover from the damage. Gary will go down in history like Marx or Lenin but first he will be a national hero for a few years.
As much as we think we are winning the argument inside this bubble, I assure you we are not. The country is months away from wealth taxes and a subsequent economic collapse.
Socialism is the economic hot stove that countries seem to have to touch for themselves.
Socialists imagine a class struggle. In their made-up fantasy the CEO is in competition with low level workers, the wealthy entrepreneur is stealing from the underpaid nurse.
In reality, workers do not compete vertically they compete horizontally.
Entrepreneurs compete with entrepreneurs. Investors outbid each other. CEOs are benchmarked against other CEOs. Nurses are hired from a pool of nurses. Etc.
The CEOs pay has no correlation to the entry level workers. The Football star on £300K a week isn’t linked to the person selling drinks in the stadium. A biotech entrepreneur raising VC capital isn’t paid relative to a cleaner.
What is linked is the demand and supply dynamic of each role.
If a company places an ad for a qualified truck driver and 150 people apply for the role, then the company knows it does not need to increase wages for that role. If the company has an open role for months, it is forced to look at the compensation package.
Same for a CEO. A board representing shareholders would like to hire a CEO for a lot less if they could. Their dream scenario would be to hire a CEO who brings in institutional investors, attracts top executives, drives innovation and growth, keeps margins steady and is a good public face for the business even under pressure. It turns out there aren’t a lot of these people looking for work and if you want one you have to pay more than other companies are offering.
The class struggle isn’t vertical it’s horizontal. CEOs are in competition with CEOs. Retail workers are in competition with retail workers. Demand and supply dynamics set the price.
Sure you can say that a CEO want’s profitability and would like wages to be lower BUT it’s not up to the CEO - demand and supply tension sets the price of workers. An Airline like RyanAir would like free pilots if they could get them but they can’t… so they pay the market rate.
The reason incomes are rising at the top and falling at the bottom is not class warfare. It’s technology and globalisation.
Technology makes basic jobs simple, remote or fully automated. At the same time tech makes executive roles more leveraged, more important and more valuable.
A CEO used to run a smaller organisation. Today a CEO who’s 2% better on a $5B company is generating $100M more. Seems sensible to try and pay a few million to get $100M.
Globalisation has put workers from all over the world in completion with each other - downward pressure on wages. Globalisation has given CEOs more market opportunities to explore - upside opportunity to unlock.
The rich are not very interested in buying houses that poor people own. The poor are not buying up the homes the rich want. They are separate groups living separate lives. Try finding the genuinely rich people whose strategy is to hoard normal residential homes - it barely exists as a thing. About 85% of landlords are people who own 1-4 properties. Super-landlords (100+ properties) are 0.2% of landlords and own a tiny fraction of the 30M homes in the UK… and they’re heavily taxed.
Class warfare isn’t real. It’s an imagined war in the minds of socialists.
Demand and supply dynamics are real. To the degree it is measured in class, it’s a horizontal competition not a vertical one.
Tax’s final boss @DanNeidle nails @garyseconomics here.
Dan is probably the last man in Britain you’d want to have an argument about tax with, what he doesn’t know fits on the back of a grain of rice 🤣