Democratic presidential hopeful Andrew Yang obtained an sudden, although terse, endorsement on Saturday, scoring the help of none apart from Tesla CEO Elon Musk.
I help Yang
— Elon Musk (@elonmusk) August 10, 2019
That’s proper, the con-man extraordinaire himself tweeted out his help for the enterprise capitalist’s presidential run.
Andrew Yang’s 2020 Democratic Presidential Major Odds Pop
The endorsement despatched Andrew Yang’s betting odds on the actual cash New Zealand-based prediction trade, PredictIt, from $zero.08 to as excessive as $zero.11 – an almost 50 % improve.
Yang continues to be a distant fifth, trailing Joe Biden, Elizabeth Warren, Kamala Harris, and Bernie Sanders.
However…Why Be part of the ‘Yang Gang?’
Why would Elon Musk help Andrew Yang, when Republicans are typically thought-about to be extra business-friendly than Democrats?
That will depend on who we ask. Elon Musk will inform us one factor, however he won’t ever inform us the actual reality.
When requested about Andrew Yang’s proposal for a $1,00zero month-to-month common primary earnings, Elon Musk replied:
— Harry Stoltz (@HarryStoltz1) August 11, 2019
That clearly wins factors with Democrats. True to Elon Musk, nonetheless, such a coverage can also be unimaginable to implement. A $12,00zero annual common primary earnings for 300 million Individuals would see the federal government actually giving freely $three.6 trillion per yr.
Contemplating the annual US price range is $four.eight trillion, the price is prohibitive and will by no means be coated by Andrew Yang’s plan to pay for it with a tax of companies that depend on innovation. For that matter, what fool would tax innovation? Taxing something stifles progress.
The Actual Purpose Why Elon Musk Loves Andrew Yang
But the actual purpose Elon Musk is endorsing Andrew Yang, and why he would doubtless endorse virtually any Democrat over just about any Republican, is as a result of he is a authorities rent-seeker.
That’s, Elon Musk sucks as a lot cash as he can from the federal government to fund all his loopy ventures. The checklist borders on the ridiculous.
Tesla picked up a $three billion subsidy from California for a Tesla manufacturing unit and $1.three billion to construct a battery manufacturing unit in Nevada. There’s the $750 million from New York to create a photo voltaic panel think about Buffalo, which got here together with a 10-year exemption from property taxes value $250 million.
He additionally grabbed $500 million in solar energy grants from the Treasury Division, together with $517 million in California’s emissions tax credit.
Elon Musk additional scored a $45 million mortgage from the Division of Vitality at discounted charges, $285 million in federal earnings tax credit to present to Mannequin S purchasers, together with about $256 million in different incentives.
Lastly, as a fellow enterprise capitalist, Andrew Yang shall be very sympathetic to the Tesla boss pushing for brand new methods to waste taxpayer cash.
Disclaimer: The views expressed within the article are solely these of the creator and don’t signify these of, nor ought to they be attributed to, CCN.