From an interview with the Markus Bucher, the CEO of Pilatus (in Switzerland)….
For the first time we produced and delivered over 140 aircraft to our customers in one year, taking us virtually to the limit of our current production capacity. The enormous demand for our General Aviation aircraft, the PC-12 and PC-24, exceeds all our expectations!
The interviewer, from an in-house magazine, asks “Were our ambitious corporate goals achieved in 2021?”
2021 was a mixed year… I’m not entirely happy! Demand is incredibly positive and our finances are very health. But we work inefficiently and we remain under a lot of pressure because of the need to bypass many standardized production processes due to faulty materials and insufficient quality from our suppliers.
Readers: let me know if you can find anything similarly candid from a U.S. CEO (other than Elon Musk)!
Who else will be at Sun ‘n Fun this weekend in Lakeland, Florida? For those who are unfamiliar with this glorious event, it is a gathering of aviation enthusiasts that is a little more manageable than Oshkosh (EAA AirVenture).
To prevent a January 6-style insurrection within the family, I splurged on the $25 Preferred Airshow Seating for Saturday so that would probably be the easiest way/place to meet.
The NYT, under a headline about “A Transformative Justice”:
Judge Ketanji Brown Jackson will help make the Supreme Court look like the nation but will have little power to halt its rightward trajectory.
Judge Ketanji Brown Jackson, the first Black woman confirmed to the Supreme Court, will in one sense transform it. Once she replaces Justice Stephen G. Breyer, one of the 108 white men who preceded her, the court will look a lot more like the nation it serves. … there will be two Black justices. And a Latina.
U.S. Census says that the percentage of Americans who identified as Black in 2020 was 12.4 percent. If a numerate person were setting up racial quotas for the Supreme Court, therefore, just 1 out of 9 justices (11.1 percent) would identify as Black. With 22.2 percent Black justices, for those who “see color”, the Supreme Court will actually look less like the nation it serves.
Maybe it isn’t about the skin color criterion established by President Biden, but about socioeconomics. Wikipedia says that Ketanji went to Harvard undergrad, then Harvard Law School, and is married to a surgeon from a “Boston Brahmin” (i.e., rich) family. So someone from a household containing two Harvard graduates and enjoying an income of at least $1 million per year will make the Supreme Court look like more of a cross-section of typical Americans?
Separately, let’s look at microaggressions from the world’s nerds. Microsoft Word recognizes “Ketanji” as a legitimate word/name yet here in a text area on Google Chrome it is flagged as a spelling error. (Who else on Planet Earth has a first name of “Ketanji”?)
The Senate confirmed President Joe Biden’s Supreme Court nominee Ketanji Brown Jackson on Thursday in a historic vote… Vice President Kamala Harris, the first Black woman to serve as vice president, presided over the chamber during the historic vote in her capacity as president of the Senate. … Senate Democrats and the White House have continually highlighted the historic nature of the nomination. … The Senate chamber was packed for the vote, with most senators seated at their desks for the historic occasion.
We have all just witnessed a historic event. What will change as a result of this rich Harvard graduate joining the Supreme Court?
Finally, if Ketanji Brown Jackson were to change her gender ID to “man”, thus disqualifying himself from the job under the race+gender ID criteria established by President Biden, would he be subject to impeachment? CNN seems to think that Ketanji Brown Jackson and 2SLGBTQQIA+ are related topics:
Notice the ad at right regarding a TV biography of Elizabeth Holmes, who certainly made history as the first teenage multi-billionaire founder of a chemistry company without any degree in chemistry.
Related:
“The Nation’s Latino Population Is Defined by Its Youth” (Pew): “Nearly half of U.S.-born Latinos are younger than 18” (i.e., a Supreme Court that looked more like the nation it serves should have a 20-year-old Latinx justice)
To celebrate World Health Day, let’s look at a state where long-term public health was optimized by closing schools for more than a year while keeping the marijuana stores open. Every retailer of healing cannabis in Maskachusetts requires a permit to operate from the government. These permits are limited and, generally, political connections are required to obtain one. Thus, the dope trade is so lucrative that these shops have outbid Verizon, Apple, McDonald’s, et al. for billboard space on the Massachusetts Turnpike. Our heroic reader/commenter Alex has done a drive-by photo project for us. The following photos are from the Pike, I-91, and some of the “poor mine” towns near Springfield, MA.
First, remember that consuming alcohol and psychotropic drugs 24/7 “is not a choice; it’s a disease.”
This one might be my favorite, the old religion of Christianity represented by a church right next to a billboard for the new religion of weed:
Dazed and Turning Leaf:
For every 200 billboards promoting the consumption of scientifically proven healing cannabis, there is 1 that is part of a disinformation campaign (in this case, disseminating misinformation that marijuana does not improve driving skills; Facebook Fact Checkers rate this claim “Missing Context”).
The Mercedes logo gets some added class by appearing right next to a weed shop billboard:
The implication is that Mercedes is better with cannabis. This concept is made explicit in the next billboard: “Springfield is better with cannabis”.
Who says that Republicans and marijuana don’t mix? A big portion of the Springfield Republican‘s building will now be devoted to cannabis retail.
“Welcoming Refugees” (Jewish Family Service of Springfield, MA): For us social justice is rooted in the Jewish commandment to remember the experience of slavery and the Exodus from Egypt. … JFS resettles refugees fleeing their homelands in partnership with HIAS (formerly the Hebrew Immigrant Aid Society) and the State Department. In the past five years JFS resettled over 500 refugees from around the world to Western Mass– their new home. Well before a family’s arrival, staff secure housing, furniture, and household items for new families. We then provide comprehensive support, including support for school-aged children, comprehensive employment services, and help navigating their new community. JFS continues to serve New Americans long after initial resettlement — for up to five years and beyond in many cases. [Remember that there is no archaeological evidence to support the Passover victimhood narrative. Despite the extensive body of written history from Ancient Egypt, there is nothing to suggest that Jews were ever enslaved in Egypt, that a large group of Jews lived in Egypt, or that a large group of Jews fled Egypt.]
“Poverty in Springfield, Massachusetts” (from Welfare Info): The poverty rate in Springfield is 28.7%. One out of every 3.5 residents of Springfield lives in poverty. … 21.1% of Black residents of Springfield, Massachusetts live below the poverty line. 26.7% of Asian residents of Springfield, Massachusetts live below the poverty line. 13.3% of White residents of Springfield, Massachusetts live below the poverty line. 43.5% of Hispanic residents of Springfield, Massachusetts live below the poverty line. Enrolled in Elementary School(Grades 1-4) in Springfield, Massachusetts have a Poverty Rate of 46.1%.
Adjusted for inflation, Zoom is cheaper today than in June 2019, when the only lockdowns were for convicted criminals and any non-felon could work, socialize, and study in person to his/her/zir/their heart’s content. The P/E ratio is only 25. Compare this to the sexual orientation and gender identity educators at Disney with a P/E ratio of 78, and the Microsoft behemoth at 32 (though Apple, Tesla, and Microsoft have all proved that having an enormous market cap actually helps with growth since investments can be financed for almost nothing).
I had a Microsoft Teams meeting the other day that was an echo-plagued disaster unless I kept my microphone on mute. Then, using the same PC with the same webcam and speakers, it worked fine today. Zoom definitely seems to work better and the revenue is still growing (up 21 percent in nominal dollars compared to a year ago so a boost of about 10 percent in real terms).
What’s the major risk for Zoom? That Apple will crush them by bumping the FaceTime group max from 32 to 3200? That Webex and Teams will somehow wipe them out? That Google Meet won’t be canceled like everything else (except for ads) that Google has ever offered? If these aren’t huge risks, why can’t Zoom gradually increase its margins and more than justify a current P/E ratio of 25?
Warning: All of my previous investment ideas have been disastrous!
To protect the United States, which currently has 30,000 COVID “cases” per day and 600 COVID-tagged deaths per day., from COVID, our Science-following CDC requires that someone arriving with a passport from zero-COVID China undergo medical testing for COVID prior to travel. If he/she/ze/they is not a U.S. citizen, he/she/ze/they is required to also require proof of the Sacrament of Fauci (vaccination). (See CDC order of November 8, 2021.)
The Scientists at the Science-oriented CDC, on the other hand, have Scientifically determined that a migrant who says “I am under 18” can cross the border and stay permanently in the U.S. without either a COVID test or a COVID vaccine. The Science changed after a federal judge said that the Biden administration could not exempt people who said that they were minors from the Science. See “Biden administration says it will not expel migrant children following court order” (CBS):
The Centers of Disease Control and Prevention (CDC), which first authorized the migrant expulsions in March 2020, terminated the government’s ability to expel children who enter U.S. border custody without their parents. U.S. border officials can still use the policy, known as Title 42, to expel single adult migrants and families traveling with children to Mexico or their home countries.
Last week, U.S. District Court Judge Mark Pittman said the administration could no longer exempt unaccompanied minors from Title 42, arguing that Texas, which challenged the exemption, was financially harmed by the placement of migrant children in the state due to medical and schooling costs.
In a notice Friday, CDC officials said they recognized the “unique vulnerabilities” of unaccompanied minors.
“In the current termination, CDC addresses the court’s concerns and has determined, after considering current public health conditions and recent developments, that expulsion of unaccompanied noncitizen children is not warranted to protect the public health,” the agency said.
In a separate 21-page order justifying the decision to end Title 42 for unaccompanied children, CDC Director Rochelle Walensky cited the recent nationwide decrease in COVID-19 cases, as well as increased vaccination rates in the U.S. and in the home countries of migrants who journey to the southern border.
Science dictates that the border will be completely open to all unvaccinated and untested migrants as of May (Politico), even those who don’t say “I am under 18,” thus adding approximately 1 million additional residents to the U.S. annually (2 million were expelled during the last two years, according to Politico). So don’t say “no” if you’re offered the opportunity to invest in a crony capitalist “affordable housing” scheme!
… affordable housing targets the masses and serves the primary rental cohort in the United States, with about 72 percent of renters falling in the affordable-housing category. … Compared with market-rate apartments, affordable and workforce housing are, in a sense, recession-proof and provide downside protection to investors. … Because of this rising demand and diminishing supply, affordable-housing units experience little to no turnover and are almost always fully-occupied, consistently maintaining occupancy rates of about 98 percent. This differs significantly from market-rate apartments, which average about a 50 percent turnover rate.
Overall, “affordable” does not necessarily mean smaller returns. Investor portfolios in the affordable-housing sector tend to have stronger returns on investment, increased and stabilized cash flows, and provide investors with downside protection.
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Circling back to the immigration policy that Science (via the CDC) has given the United States, how is it consistent with the documented traveler testing requirement policy that Science (via the CDC) has given the United States? How is a U.S. citizen returning from a zero-COVID country a higher COVID risk, thus requiring pre-departure testing, than an undocumented migrant who has traveled overland through multiple COVID-plagued countries?
Only loosely related, a hotel in China, November 2019, that already had the tables separated for COVID prevention…
(The double boiled pig’s lung soup was about $200 at the exchange rate of late 2019.)
Related:
“Holy Cross is renaming its science complex for Fauci” (NYT, 4/4/2022), which could be good for discouraging young people from wasting time getting PhDs (see “Women in Science”) since Dr. Fauci, M.D. has become synonymous with Science without having had to endure a tedious decade of graduate school plus post-doc
We’ve had runaway government borrowing and spending, plus money-printing by the Fed, for the past two years. Now we have runaway inflation, which has led to some eye-popping asset prices and a government eager to collect a share of these assets even before they’re sold (“unrealized gains”). See “Biden to Include Minimum Tax on Billionaires in Budget Proposal” (NYT, 3/26/2022):
The tax would require that American households worth more than $100 million pay a rate of at least 20 percent on their income as well as unrealized gains in the value of their liquid assets, such as stocks and bonds, which can accumulate value for years but are taxed only when they are sold.
Legal questions about such a tax also abound, particularly whether a tax on wealth — rather than income — is constitutional. If Congress approves a wealth tax, there has been speculation that wealthy Americans could mount a legal challenge to the effort.
Due to the threshold of $100 million in assets, I’m a huge supporter of this bill! (though I’m concerned that it won’t be long before either the threshold is reduced or $100 million is the price of a Diet Coke). But it makes me wonder about whether the whole framework of capital gains is Constitutional.
Let’s ignore the mechanics of taxing someone on gains that exist only on paper and just focus on traditional capital gains taxes on realized gains (i.e., money received after an asset sale). The government is mostly in charge of what happens to the value of money because the government can decide interest rates, money printing rates, and how much the government will borrow and spend. The Sixteenth Amendment gives the government the power to tax incomes:
The Congress shall have power to lay and collect taxes on incomes, from whatever source derived, without apportionment among the several States, and without regard to any census or enumeration.
But it isn’t income when an asset goes up hugely in nominal dollars because dollars have been devalued by the government’s actions. This has been mostly ignored in U.S. history because mostly inflation hasn’t been too extreme (though, of course, for long-held assets, the cumulative effect could still be dramatic). Consider a person who hits 70 and sells some stocks purchased in 1972 to fund retirement. Let’s suppose that these shares were purchased for $10,000 in 1972 and sold for $65,000 today. According to the government’s own CPI calculator, the investor suffered a loss, not a gain, on these shares (no income). Yet, if he/she/ze/they lives in California, more than $20,000 in tax could be owed (20 percent federal long-term capital gains, 3.8 percent Obamacare federal tax, 13.3 percent state tax).
How has the current system persisted for so long without a serious Constitutional challenge?
“Getting “Real” by Indexing Capital Gains for Inflation” (Tax Foundation, 3/6/2018): Inflation is low today, but that may not always be the case. Indexing provides important protection for all citizens, even those who have no capital gains, by reducing government’s ability and incentive to raise effective tax rates by inflating the currency.
[Daniela Jampel, who served as an assistant corporation counsel for the City] had publicly challenged the mayor at an unrelated event on LGBTQ issues — as [Mayor Eric] Adams stood in front of a podium banner that read, “Come to the city where you can say whatever you want.’’
“Three weeks ago, you told parents to trust you that you would unmask our toddlers,” Jampel told the mayor.
“You stood right here, and you said that the masks would come off April 4. That has not happened.”
In other words, she said whatever she wanted opposite a banner that said she could say whatever she wanted. Example signs from NBC:
What happened next?
Sources close to the matter said Jampel – a leading local critic of the toddler mask mandate and pandemic school closures – was informed by e-mail shortly after the presser that she was fired.
(Note that Jampel need only move to Florida to live in a society that conforms to her preferences. It is against state law for a public school system to shut down schools, order children to wear masks, etc. She could leave New York City to the folks who like it the way that it is is and come to a place where most people would agree with her regarding the best ways to protect 4-year-olds from a disease that kills 84-year-olds. (see Relocation to Florida for a family with school-age children for how Americans could be a lot happier if people were more mobile))
“The Wage Gap Among LGBTQ+ Workers in the United States” (Human Rights Campaign): In an HRC Foundation analysis of nearly 7,000 full-time LGBTQ+ workers, median earnings were about $900 weekly, about 90% of the $1,001 median weekly wage a typical worker earns in the United States, as reported recently by the Bureau of Labor Statistics. Put another way, LGBTQ+ workers earn about 90 cents for every dollar that the typical worker earns. LGBTQ+ people of color, transgender women and men and non-binary individuals earn even less when compared to the typical worker.
Note that if we combine the last two points we find that New York City is spending its taxpayers’ money to recruit additional lower-than-average income residents who will thus be eligible for a full range of means-tested welfare programs after arrival in NYC. And, if a transition is just beginning, for every valuable 2SLBGTQQIA+ community member who is persuaded to move, NY taxpayers will be forking out $100,000 to gender reassignment surgeons and therapists, via Medicaid, that would otherwise have been shouldered by working taxpayers in Florida. Nonetheless, NYC may find itself outbid by Palm Springs, California, which is offering guaranteed cash to members of the 2SLGBTQQIA+ community. See Guaranteed Income Pilot – DAP Health and California city to give universal income to transgender, nonbinary residents regardless of earnings | Fox News:
Transgender residents in Palm Springs, California are eligible to receive a UBI of up to $900 per month solely for identifying as transgender or nonbinary — no strings attached.
The new pilot program will have $200,000 set aside for allocation after a unanimous vote by the Palm Springs City Council last week.
Twenty transgender and nonbinary Palm Springs residents will receive the free money funded by the taxpayers for 18 months, with advocacy-based health center DAP Health and LGBT advocacy group Queer Works managing the program.
Not everyone in the 2SLGBTQQIA+ community is aligned on this one:
Palm Springs Mayor Lisa Middleton, who is transgender, pointed to the transcript from the city council’s March 24 meeting where she “expressed strong reservations in general to guaranteed income programs.”
Former San Diego City Councilman Carl DeMaio, a Republican who served as the first openly gay member of the city council, called the program “outrageous and discriminatory.”
“We’re completely opposed to guaranteed or universal basic income programs, because they ultimately cause inflation and raise the cost of living on everyone — they don’t work,” DeMaio said in a statement.
“But at least some of them have minimum income requirements to qualify, whereas this one is no-strings-attached ‘woke’ virtue signaling to the LGBT community in a way that is not only offensive but discriminatory,” he continued.
I personally disagree with Mx. DeMaio. If there is an income threshold necessary to qualify for free taxpayer cash then you’re pretty much guaranteeing that the recipient will limit his/her/zir/their working efforts so as to stay under this threshold. (See Fast-food economics in Massachusetts: Higher minimum wage leads to a shorter work week, not fewer people on welfare for how low-wage workers are smart enough to avoid working themselves out of means-tested entitlements.) If people are going to be paid for identifying as transgender or non-binary the money shouldn’t be conditional on them also refraining from serious work efforts.
Continuing the theme of celebrating the achievements of strong women, here’s one for the Apollo 11 astronauts:
To celebrate weekend warriors who like to put on uniforms, give themselves officer rank and uniforms, and buzz around in mighty Cessna 172s, one for the Civil Air Patrol:
To remember that Big Government is not always competent, one regarding the USS Indianapolis (Navy failed to notice that the ship hadn’t arrived and failed to take any action, not even a search plane launch, in response to a distress call received from the vessel before she sank):
The Mint celebrates John Muir, who advocated eliminating low-skill immigration to the U.S. in order to preserve the environment:
We have some stuff in storage (see PODS versus PACK-RAT for moving and storage). The monthly storage rate was bumped last month by 8 percent (over a price quoted in June 2021).
A local (Palm Beach County) dentist said that he’d raised hygienist wages by 20 percent to partially compensate them for the increase cost of rent (our building has boosted prices for new tenants by 70 percent compared to a year ago).
Our Netflix subscription will be boosted by 11 percent compared to a price set at the end of 2020. (I think we will cancel this $186/year service because they don’t show too many high quality movies and I don’t have the patience for long series.)
The local car wash is up to $29 from $25, a 16-percent increase compared to fall 2021 ($37 with tax and tip to remove the Happy Meal residue):
