Nick Hanauer Talks About Income Inequality, Taxes, And Job Creation
Nick Hanauer, a rich entrepreneur that resides in Seattle, gave a speech on TED Talks. The TED video wasn’t published because it was considered too “politically controversial”, according to a curator at TED.
The topic was about income inequality in America. As was published in a report by The Raw Story, websites put pressure on the Ted group, and the publicity became too much to handle.
Hanauer gave his “controversial” point of view:
That’s why I can say with confidence that rich people don’t create jobs, nor do businesses, large or small. What does lead to more employment is a “circle of life” like feedback loop between customers and businesses. And only consumers can set in motion this virtuous cycle of increasing demand and hiring. In this sense, an ordinary middle-class consumer is far more of a job creator than a capitalist like me.
If it were true that lower tax rates and more wealth for the wealthy would lead to more job creation, then today we would be drowning in jobs. And yet unemployment and under-employment is at record highs.
The full transcript of the speech can be read at the NationalJournal website.
