The Pitchforks are ComingJuly 2, 2014 at 5:30 pm | Posted in Economoney, History, Media | 2 Comments
An essay from a .01%er, Nick Hanauer, on why the increasing disparity between the wealthy and the poor is bad for everyone. And why a living wage will restore the middle class and help support the wealthy to stay such.
As he correctly observes, no civilization has Ever lasted when this income disparity has continued. It either becomes a police state or a revolution. Always. The question is only when.
He gives a few real examples where his ideas have worked while observing how trickle-down is not working. “the highest rate of job growth by small businesses are San Francisco and Seattle. Guess which cities have the highest minimum wage? San Francisco and Seattle.”
“Dear 1%ers, many of our fellow citizens are starting to believe that capitalism itself is the problem. I disagree, and I’m sure you do too. Capitalism, when well managed, is the greatest social technology ever invented to create prosperity in human societies. But capitalism left unchecked tends toward concentration and collapse. It can be managed either to benefit the few in the near term or the many in the long term. The work of democracies is to bend it to the latter. That is why investments in the middle class work.”
I’m not an economist but I agree the imbalance needs correction – for so many reasons.