Beware, fellow plutocrats, the pitchforks are coming

Beware, fellow plutocrats, the pitchforks are coming

Interesting Ted talk by Nick Hanauer, capitalist, entrepreneur and plutocrat. Nick adresses the problem of rising economic and social inequality:

“In 1980, the top one percent of Americans shared about eight percent of national [income], while the bottom 50 percent of Americans shared 18 percent. Thirty years later, today, the top one percent shares over 20 percent of national [income], while the bottom 50 percent of Americans share 12 or 13. If the trend continues, the top one percent will share over 30 percent of national [income] in another 30 years, while the bottom 50 percent of Americans will share just six.”

What can be done?

Nick suggests that minnimum wages should be raised.

“Raising wages increases demand, which increases hiring, which in turn increases wages and demand and profits,and that virtuous cycle of increasing prosperity is precisely what is missing from today’s economic recovery.”

Here is the talk:

 

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