Re:The Decline of the U.S. Machine-Tool Industry and Prospec...
by WalterBright on Wednesday April 09, 2025 @11:15PM
(#43640272)
> the state has $40b of wealth under its control to invest.
Defense spending is not an investment in the economy, neither are entitlements.
The returns on government investments that are legitimate investments, however, are quite a bit less than the returns on the investments of rich people. The reason is simple - people who get rich off of investments are very, very good at it. Government bureaucrats are not.
Government investments are socialism, which have an inglorious history of poor returns.
> The belief in the business genius really is overblown
4 out of 5 business ventures fail. The survivors tend to be pretty good at it. You'd be very hard pressed to find a dummy who grew a business to a billion dollars. The ones who have done it more than once are very, very rare. (Like Steve Jobs, who did it 3 times.) If you want to argue that Jobs, Gates, Musk, Bezos, etc., just fell into it, go right ahead!
Defense spending is not an investment in the economy, neither are entitlements.
The returns on government investments that are legitimate investments, however, are quite a bit less than the returns on the investments of rich people. The reason is simple - people who get rich off of investments are very, very good at it. Government bureaucrats are not.
Government investments are socialism, which have an inglorious history of poor returns.
> The belief in the business genius really is overblown
4 out of 5 business ventures fail. The survivors tend to be pretty good at it. You'd be very hard pressed to find a dummy who grew a business to a billion dollars. The ones who have done it more than once are very, very rare. (Like Steve Jobs, who did it 3 times.) If you want to argue that Jobs, Gates, Musk, Bezos, etc., just fell into it, go right ahead!