Billionaires at Trump's Swearing-In Have Since Lost $209 Billion
Billionaires at Trump's Swearing-In Have Since Lost $209 Billion
As Donald Trump took the oath of office on Jan. 20, he was flanked by some of the world’s wealthiest people. The billionaires present that day — including Elon Musk, Jeff Bezos and Mark Zuckerberg — had never been richer, flush with big gains from frothy stock markets.
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Everyone ITT is cheering but my retirement account has taken a fucking beating for the same reason. The billionaires aren't hurt by the stock market falling through the floor, it's their slaves that are. A year ago I had a chance at retiring a little early. I don't see that ever happening now.
Welcome to the club. Us millennials never had the plan to retire.
Millennial checking in: you guys have the chance to retire?
I'm an elder millennial. Yeah, hopefully eventually... We'll see.
I'm an elder millennial
Your username gave that away. ( ͡° ͜ʖ ͡°)
Many good people in Ukraine don't have that problem anymore, because they're already dead as a result of Trump's decisions :/
And yes this isn't the most monstrous thing trump has done. Hanging Ukraine out to dry is unconscionable, but this post was about economics. The thing trump promised to be good about and he was believed. He's nuking our economy from orbit and no one can help us. It's as though he wants to hurt everyone "beneath" him.
He does. The 2020 election loss was a huge narcissistic injury and, as anyone with a narcissist in their circle knows, he’ll never get over that rejection. Everyone must pay.
Yeah, I know. I'm not saying my problem is the biggest. I am saying that billionaires aren't hurt by losing even large fractions of their wealth, but us normal people are, in tangible ways
Stock market ain’t nearly the same gamble when you have enough money to sway it.
Unless you are retiring soon, this isn't particularly important. For anyone still in the grind, this just means buying the dip.
But it sounds like you are retiring soon, and need more stable investments. I wish you luck on that.
It won't be soon, anymore.
Who were the people pushing for 401ks instead of pensions again?
I've no idea? I have no choice in the matter either way. I'm just watching Trump destroy my future and seeing it cheered because it supposedly also hurts billionaires (it doesn't)
It's the billionaire business owners. They want you to have a false class solidarity with them given your pittance fraction of the market, while giving their own assets higher valuations.
You're getting screwed, don't get me wrong, but there's a reason why.
This is also a response from a place of powerlessness. You can't blame people for enjoying the tiniest fraction of schadenfreude when they're getting constantly fucked by this system.
Yeah I understand that today's retirement accounts save these assholes money. I happen to work non profit but they influenced society such that 403b is basically the same.
I would agree with you about the schadenfreude, but it's not real. I have health and mental issues that could be greatly relieved by working 5 less years of my life. To these fucks, losing 20 billion dollars is nothing but a dick size thing. They don't have to worry at all and they don't have to work at all to begin with
It's not just about saving them money. It's about breaking working class solidarity by forcing our interests to align with theirs.
I moved my 401k from 100% stocks to 100% cash equivalents 3 weeks ago... the writing on the wall was right there
Now you are invested in dollars instead of stocks, but the writing is on the wall for the dollar as well. Just wait until all our former allies start dumping their dollar reserves.
Trump’s plan to help eliminate the federal debt was to print money
“We should just go borrow a lot of money, hold it, and then sell it to make money,” Trump reportedly said in response.
Cohn was “astounded” by the president’s response, which he reportedly said illustrated a “lack of basic understanding” about how federal debt works.
Trump, who was the president-elect at the time and had promised to wipe out U.S. debt in eight years, reportedly offered a solution: “Just run the presses — print money.”
Someone remind me how the Zimbabwe dollar collapsed again?
Yeah i hear you. I expect stocks to dip well before the dollar loses its status. I'll switch again at a (hopefully) good time.
You're cashing out your plan? I admittedly don't understand how these things work but in any case won't you lose money? The market will recover eventually
"Moving money to cash equivalents [within the plan]" is not the same as "cashing out [the] plan." The money is still in the account, just in the cash sweep fund instead of a stock or bond fund.
A lot of money, not to mention the tax implications.
Great welcome to the club most of us were born into and had zero chance of leaving.
Okay cool, I guess the class division strategy worked
sorry, but i don't give a flying fuck about your retirement account. your country is literally falling into fascism and you're worrying about how that's going to affect your retirement plan?
people are being rounded up and put into camps.
your retirement plan should be to die fighting to stop it.
Way to show that you don't care about the common person. If you think it would make a billionaire frown, you'd accept your neighbor working their ass off for another decade.
And no, you're not fucking sorry, you lying excuse for an empath. Fake fucking leftists everywhere...
i care deeply for the common person. if we overthrow the ruling class you can retire whenever you want. until then, no, i don't care about your retirement fund. you're extremely lucky to be in this unfortunate position. I am not sorry for telling you this, because you need to read it, but I am truly sorry for causing you to suffer by reading it. sometimes, though, people do need to hear unpleasant truths.
if you really want to fight for your retirement, then join a union and get involved with activism.
You're fucking ridiculous. All I have to do is successfully revolt but until then I have no right to complain. Fucking pathetic nonstarter
complain all you want, you have every right to do that, and while I could have worded it better, and i'm genuinely sorry that I didn't, but if the worst thing that happens to you is that you have to work for as long as everyone else, then you're very privileged, and complaining about it just comes across as selfish and entitled.
imagine if your family and hundreds of thousands of other people got rounded up and were being sent by train into concentration camps, but someone sabotaged the railway lines to disrupt that plan. then imagine someone on a thread about that story was complaining that the railway sabotage made them late to the cinema.
maybe you wouldn't write the most compassionate reply to that comment either. maybe you're a better person than me. i have no idea. but i still don't give a shit about your retirement fund, i never will, and i won't apologise for that. if that makes me a bad person, so be it.
I don't give a shit about anything you say. You lost me a while ago. Slaving under capitalism for years of one's life is torture. Everything you're saying is hyperbole just designed to judge and shit on me ✌️
if you didn't give a shit about what i say you wouldn't have gotten angry at what i wrote.
i know i was wrong to be so aggressive and hostile in my original message, and i apologise for that.
i don't think you're a bad person, in fact, i'm sure you are kind and loving. i don't want to shit on you.
but i do stand by what i wrote since. you're so determined to be angry that you won't listen to sense.
This line "you care because you responded" is so tired and obtuse. Shitty arguers on the Internet need a new one. My original comment got over 50 upvotes. Because people understand how fucked up it is that the common person is suffering. Because yes, working is suffering. Then along your dumb ass comes acting like suffering isn't real unless it is worse than [whatever you define]. Can't say the same for you about being a decent person because either you want to treat others shitty or you've got something mentally going on that prevents you from seeing things clearly.
the common person is suffering and of course that's fucked up. i didn't say your suffering wasn't real, i totally agree that working longer is suffering.
you're totally right that i wasn't seeing things clearly, i was emotional because of all the horrible shit going on, and seeing someone complain about not getting to retire early was just... very painful to read.
as i mentioned before, i regret my original message, and i've apologised for it. i should have been more compassionate and sympathetic.
i hope you do get to retire early.
solidarity
What do you invest in? Aren't you just adding fuel to the slave-driven global suicide machine?
Surviving is adding fuel to the slave driven global suicide machine. You don't have to leave society to try and change it without being a hypocrite.
They're called retirement accounts and we don't get much choice in the matter. Google it