Please cut wasteful Pentagon spending now!
AN OPEN LETTER to THE PRESIDENT & U.S. CONGRESS
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I am a constituent who believes the failure to control wasteful Pentagon spending makes it harder to meet our country’s needs. The U.S. spends more on the military than any other country in the world, yet we repeatedly fail to spend the required amount of funds on food, housing, health care, and education that our communities need.
Recently, the DoD failed its audit for the sixth time in a row when it failed to account for $1.9 trillion―half its $3.8 trillion budget.
The Department of Defense is the only federal agency that has never passed a full audit and they didn’t even complete audits until 2018.
As your constituent, I am asking you to cut wasteful Defense spending in FY 2025 government funding bills.
Federal dollars that go to wasteful Department of Defense contracts are funds that do not go to meet human needs. One-third to one-half of the Pentagon budget goes to corporate military contractors that drastically price gouge the DoD by as much as 40%.
Trillions of dollars spent―and unaccounted for―undermine our security by preventing us from investing in the shared prosperity that comes from more housing, climate and public health protections, ending hunger, and more education.
Please cut wasteful Pentagon spending and invest that money in vulnerable communities.
▶ Created on April 22 by Jess Craven · 886 signers in the past 7 days
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Finance Girl Starter Pack
1. Books
You will read books but don’t be overwhelmed by them. Every finance book reiterates the same thing. Understand the difference between personal, corporate, public, and international finance. Hence there are certain I moody to vocabulary for each field. Once you become family with the basics, it will be easier to understand as you go on.
2. Finance media
Being on top of the financial news is a good way of knowing the finance. You’ll come across real life scenarios of some of your textbook definitions. Watch CNBC, Bloomberg. You can read Wall Street Journal, Barron’s, Kiplinger. You can also check online sources like Investopedia, Nerdwallet, and some interesting ones that include news on fintech.
3. Productivity & tools
My favorite is Notion. I use it to track assignments and projects, Google Calendar is your friend. Know how to use Google Docs. Play with various tools to figure out which you like best.
4. Skills
Knowing how to use Excel and PowerPoint is a pathway to opportunities. Use YouTube first, then try other classes available on Udemy, Coursera, or eDx. Build up skills in modeling and business analysis. Communication and other soft skills should also be worked on.
5. LinkedIn
LinkedIn is very important to network in finance. Start with a professional headshot. You can connect with industry leaders and corporations you’d like to work for. Create a profile that includes your skills, showcase your financial modeling, dashboards, infographics. Be consistent and engaging.
6. Good business wear
A wardrobe of staple work clothes will go a long way for interviews and busy work days. Two to three blazers ( including tweed), a classic work bag, comfortable shoes, formal dress, and pants. The goal is to be business- professional, business-casual, or business-chic.
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Ko-Fi prompt from KemiKitty:
id enjoy hearing about concerts and ticket money if you want
Referencing my “how does this make money/how does this lose money” in this post.
Whoo! I actually really enjoy talking about money flow like this. Digging into examples like this helps with understanding the interconnectedness of the economic systems we inhabit, and with why things cost What They Do.
Disclaimer: I have not worked in this industry. I just majored in business, watch a lot of documentaries/video essays, and like to break down business and economic topics. When I got to performances, I try to figure these things out as an observer (dinner theater from watching Lindsey Sterling before she got super famous, more Traditional concerts at Staller Performing Arts center, Broadway shows) and asking questions of tour guides when at places like the Vienna Opera House.
Our Example: A moderately popular performer, in an enclosed performance space with a stage, fixed seating, and food service.
Let us consider a performer of middling popularity. They go on tours, but only in the lower 48 states, not yet internationally. They do single nights at an independent venue, which has either dinner tables or rows of audience seating. Let's say... 350 seats, in a middle-sized city, with $30/ticket on average, with wiggle room depending on seating, VIP passes, and discounts (groupons, senior, military, annual passes, etc).
So, who is getting paid, and who is paying?
Money coming into the venue, tied directly to this one event:
Tickets
The people who came to this concert are paying for the tickets. 350 seats, at an average of $30/ticket, that's about $10,500. Most of this money does not go to the venue, but may pass through it, or leave a cut with it.
(Depends on the ticketing software; we're saying this is an independent venue, not part of the ticketmaster situation, so it's a maybe.)
Food and drink
The venue sells snacks, possibly full meals, if it's a dinner-and-show location. It may sell alcohol. It almost definitely sells drinks, maybe has vending machines if nothing else. If attendees cannot bring their own food and drink, and don't want to leave the building so they don't miss the show, then the venue can mark up the food they sell.
Merchandise
Dependent on the type of merch and the venue, this may be a flat fee, where the performer puts down a few hundred dollars up front to set up a table for after the concert, or it might be taking a small cut of whatever is sold that night. They might not charge anything, but we'll include it as a likely avenue of income. I can see some kinder venues waiving the fee for newer, up-and-coming artists, but generally you can assume that the venue will take a cut.
Money flowing out of the venue, tied directly to this one event:
The Performer and their team
The ticket costs will go primarily to the performer, their backup dancers/singers/band, their manager, and whatever fund they have for things other than wages, like a tour bus rental fee, the label, the driver, the night's post-concert laundry costs, and so on.
The chances of all that money going to a single performer is very low; you can generally assume they have backup, management, additional costs, and someone pulling the strings. There are exceptions, like unaffiliated stand-up comedians or other, genuinely solo acts, but for the type of event I'm outlining, these are all contributing factors.
Performers may bring their own lighting/sound techs. The venue also might provide their own. For a larger venue, I'd assume both are involved; one who knows the concert's program, and one who knows the venue's setup.
Venue staff
The ushers, lighting/sound technicians, the bar staff, the cook, the janitor, security, and anyone else who is working night-of is getting paid. We can equate their pay to the money coming in from specifically the food and drink sales, along with tips for the waitstaff in particular.
By this, I mean that the correlation is such that, should sales fall, the corresponding cut in costs is employee labor (the bar staff and cooks), rather than the performers (whose costs are calculated in relation to the money they bring in relating to the ticket sales).
Food and Drink
Raw ingredients for the food, wholesale costs for the liquor, napkins, single-use straws, and so on.
Printed Programs
Someone has to print the little booklet that tells you who's performing tonight, who's performing for the next few months, and anything else you need to know. If it's a big-name cultural center, they may even include some interviews! But ink is expensive, and that's a lot of paper.
Money coming into the venue, not connected to the specific event:
Advertising
Does the venue have posters around for local businesses? For insurance companies? For upcoming events? Someone is paying them for that.
Does the venue intersperse the pre-show music over the speakers with the occasional ad spot? Someone is paying them for that.
Does the venue have ads in the program booklet? Someone is paying them for that.
For a really, really large venue, the kind with dozens or hundreds of employees and massive lighting/sound setups, they are liable to get most of their income from advertising.
Government Grants and Private Donations
Depending on the venue, they may donations or grants. This is more likely to apply to a university/community performing arts center than a for-profit dinner theater, but it's a possibility.
Merchandise
The venue may have merch that is unrelated to the performance of the night. A historic or novelty location is most likely to have success with this, selling beer glasses with their logo or a t-shirt with 'home of the [band from several decades ago]' printed across the front.
Money flowing out of the venue, not connected to the specific event:
Administrative/Overhead Employees
Management, bookkeeping, legal, marketing, and so on.
Utilities
Electricity, water, sewage, gas, telecomm, and so on.
Taxes, Licenses, Fees
Sales tax, property tax, liquor license, etc.
Mortgage or lease
The venue's business owner is not necessarily the one to own the property outright. They may pay rent to a property owner, or mortgage to the bank.
Maintenance - Building Codes
Any large building is going to need plumbers, glass techs, electricians, roofers, and so on coming by with regularity.
(This part, I actually do know; I used to do repairs dispatching, and you'd be amazed how frequently a big box store needs someone to come by about the toilets.)
Maintenance - Venue Codes
There are certain things that an entertainment venue needs to do that other businesses... don't. Namely, fire safety. It's a huge deal.
Staying up to code can be expensive, especially if you need to get your backstage/wing curtains chemically treated again, which can be anywhere from one to five years, or the next time someone spills water on it. (That's the main reason open containers of liquids aren't allowed backstage.)
Marketing
Just like people pay the venue to advertise, the venue pays for others to advertise it. This could be in the local newspaper or online, but if a given performer isn't someone semi-famous on tour that has a following, then something else needs to draw in a regular paying crowd.
Miscellaneous Overhead
There is a lot of overhead for any business of moderate size that has its costs spread out over the year. This includes hiring an accountant for tax season, purchasing uniforms for employees, replacing cutlery and plates and furniture as it wears out or gets lost, repainting the walls every few years, office supplies when the printer for the programs wears out, and so on.
Is this everything? Almost definitely not.
But, hopefully, I've untangled a few things that you may not have considered before.
Those tickets and drinks you bought cover a lot more than just the performer!
...unless it's through ticketmaster, in which case it's probably just the monopoly.
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If you enjoyed this post, please support me on ko-fi! You can also prompt me for a business/econ topic of your choice here.
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