Pitchforks and Plutocrats

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Vilepagan
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Pitchforks and Plutocrats

Postby Vilepagan » Thu Jul 03, 2014 2:49 am

I came across an article by Nick Hanauer, a Seattle billionaire who speaks out about "trickle-down" economics and how it's destroying our economy, and how the 1% doesn't "create jobs". Good read, and it makes a lot of sense.

Which is why the fundamental law of capitalism must be: If workers have more money, businesses have more customers. Which makes middle-class consumers, not rich businesspeople like us, the true job creators. Which means a thriving middle class is the source of American prosperity, not a consequence of it. The middle class creates us rich people, not the other way around.

http://www.politico.com/magazine/story/ ... 7U5P7FIvCY


There is no fire like passion, there is no shark like hatred, there is no snare like folly, there is no torrent like greed. - The Dhammapada

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Wabash
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Re: Pitchforks and Plutocrats

Postby Wabash » Thu Jul 03, 2014 4:54 am

Henry Ford was kind of a kook in a lot of ways. But he realized he had to pay his workers enough to afford the product they were building.
They told me if I voted for Hillary Clinton the president would be emotional, impulsive, and unpredictable. They were right. I voted for Hillary Clinton and got a president that is emotional, impulsive, and unpredictable.

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Parrotpaul
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Re: Pitchforks and Plutocrats

Postby Parrotpaul » Thu Jul 03, 2014 5:03 am

Fred...feel free to create threads you would like others to read and to which you would like them to respond. I haven't seen one of your threads for a while. If you don't like threads such as this, you are free to ignore them. :shrug:
"I think I may say that of all the men we meet with, nine parts of ten are what they are, good or evil, useful or not, by their education." John Locke

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Fordama
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Re: Pitchforks and Plutocrats

Postby Fordama » Thu Jul 03, 2014 5:10 am

The truth about the dangers if excessive imbalance is very uncomfortable to many. It's easier to pretend that it isn't a problem.

Fordama
This country of the United States was not built by those who waited and rested and wished to look behind them.---JFK

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Wabash
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Re: Pitchforks and Plutocrats

Postby Wabash » Thu Jul 03, 2014 5:35 am

His line that revolutions come gradually and then happen suddenly is right on the mark.

I sympathized with the Occupy Movement for many reasons. But I could understand why those that were responsible for the economic collapse in 2008 were rewarded for their failure. And continue to be rewarded now.

Maybe Steinbeck is right:

Socialism never took root in America because the poor see themselves not as an exploited proletariat but as temporarily embarrassed millionaires.
They told me if I voted for Hillary Clinton the president would be emotional, impulsive, and unpredictable. They were right. I voted for Hillary Clinton and got a president that is emotional, impulsive, and unpredictable.

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Wabash
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Re: Pitchforks and Plutocrats

Postby Wabash » Thu Jul 03, 2014 6:08 am

Sort of adding on to the author's point of increasing wages as a negative.

The legendary economist, Adam Smith, wrote in his seminal treatise, The Wealth of Nations:

Our merchants and master-manufacturers complain much of the bad effects of high wages in raising the price, and thereby lessening the sale of their goods both at home and abroad. They say nothing concerning the bad effects of high profits. They are silent with regard to the pernicious effects of their own gains. They complain only of those of other people.
They told me if I voted for Hillary Clinton the president would be emotional, impulsive, and unpredictable. They were right. I voted for Hillary Clinton and got a president that is emotional, impulsive, and unpredictable.

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Wabash
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Re: Pitchforks and Plutocrats

Postby Wabash » Fri Jul 04, 2014 7:08 am

2014 Job Creation Faster in States that Raised the Minimum Wage

As CEPR noted in March and April posts, economists at Goldman Sachs conducted a simple evaluation of the impact of these state minimum-wage increases. GS compared the employment change between December and January in the 13 states where the minimum wage increased with the changes in the remainder of the states. The GS analysis found that the states where the minimum wage went up had faster employment growth than the states where the minimum wage remained at its 2013 level.


So much for the myth that raising the minimum wage is a job killer.
They told me if I voted for Hillary Clinton the president would be emotional, impulsive, and unpredictable. They were right. I voted for Hillary Clinton and got a president that is emotional, impulsive, and unpredictable.

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