Excellent article in the Wall Street Journal on Britain's unsustainable welfare spending:
— 7 million people (over 10% of the UK population) now claim at least one or more sickness or disability benefit. This is up 60% in the past 6 years.
— The UK will spend over £100 billion pound this year on sickness and disability benefits. This is projected to increase to £130 billion a year by 2030.
— No other Western country has seen such a rise in disability claims. In the US, 10.6 million people claim some form of federal disability payment, despite the population being 5x larger.
— 1 in 7 new cars sold in the UK are under the Motability scheme; however, only 10% of cars are modified for a disability. In one dealership, 25 out of 26 cars they sold in August were all under the Motability scheme.
— Charities, consultants, YouTubers and TikTokers have all sprung up, telling people how to maximise benefit access. Some of these videos receive hundreds of thousands of views. Over 1,000 people a day are signing on for PIP.
— According to a Government survey from 2024, 25% of the UK's working age population could theoretically be classed as disabled under the current criteria and access these benefits.
— A minimum wage worker who works 40 hours per week would take home around £1,880 per month after tax; however, if you are classed as too sick to work and claim PIP, you can take home £2,000 tax free per month.
https://t.co/ftFzSax9VH
. @Vercel has closed its Series F at a $9.3B valuation.
Congrats to @rauchg@cramforce@tomocchino and team on an impressive milestone.
Excited to see what’s next. Keep cooking. 🖤
Thoughts on AI (warning: long thread).
I’ve been formulating these ideas for a long time…. not months, decades. But only recently has the acceleration made the immediacy of them relevant to almost everyone. They are also very incomplete. But here goes.
Just figured out where these fake tariff rates come from. They didn't actually calculate tariff rates + non-tariff barriers, as they say they did. Instead, for every country, they just took our trade deficit with that country and divided it by the country's exports to us.
So we have a $17.9 billion trade deficit with Indonesia. Its exports to us are $28 billion. $17.9/$28 = 64%, which Trump claims is the tariff rate Indonesia charges us. What extraordinary nonsense this is.
Holy FUCK. Rothwell skins a man and whips the ball for the far post and Struijk got his head on it. Who cares? Subs are on the pitch. Farke is on the pitch. He gets wiped out by someone in the celebrations. Elland Road just exploded.
Leeds United 2-1 Sunderland