Last Saturday morning I explained to readers how extraordinarily rich pricks in America were now starting to become self-aware about the dangers they may face because of extreme income inequality gaps in U.S. society......
The rich in America have always dominated the lesser classes through their incestuous relationship with government. However, (Goldman CEO) Blankfield is intelligent enough to know that there have been times in our history when the lessers fought back against the greed addicts....and those times were violent, ugly and very bloody. That is what the Wall Street CEO had in mind when he used the word "destabilizing."
Social unrest, violence, the threat of anarchy will quickly hollow out any nation's economy.....and Blankfield understands that. How can he and his fellow god workers amass even more if an angry society "destabilizes" god's vineyard?
Proving yet again that The Reverend is just slightly ahead of the pack of other idiots who think they have the accurate pulse of what is what.....I offer up this week's Politico Magazine piece by a very, very rich guy by the name of Nick Hanauer.
I’m not the smartest guy you’ve ever met, or the hardest-working. I was a mediocre student. I’m not technical at all—I can’t write a word of code. What sets me apart, I think, is a tolerance for risk and an intuition about what will happen in the future. Seeing where things are headed is the essence of entrepreneurship. And what do I see in our future now?
I see pitchforks.
Do read the entire piece. Hanauer is, like, a zillionaire, or something, but he is an honest person who realizes that all the stupid talk about filthy rich guys being the "job creators" is just....well....stupid talk.....
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.
Hanauer supported Seattle's recent $15 per hour minimum wage and delivers a devastating blow to the trickle-down blowhards who whine about jobs being lost if the minimum is raised.....
Most of you probably think that the $15 minimum wage in Seattle is an insane departure from rational policy that puts our economy at great risk. But in Seattle, our current minimum wage of $9.32 is already nearly 30 percent higher than the federal minimum wage. And has it ruined our economy yet? Well, trickle-downers, look at the data here: The two cities in the nation with 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. The fastest-growing big city in America? Seattle. Fifteen dollars isn’t a risky untried policy for us. It’s doubling down on the strategy that’s already allowing our city to kick your city’s ass.
Throughout history, the wealthy have always calculated that their riches will shield them from any harm when, you know, the "pitchforks" come for them. Wealth has a habit of lulling its owners to sleep. Some of our country's richest have fooled themselves into believing that, should the mobs with pitchforks come after them, their privileged status will protect them. Hanauer explodes that notion.....
Revolutions, like bankruptcies, come gradually, and then suddenly. One day, somebody sets himself on fire, then thousands of people are in the streets, and before you know it, the country is burning. And then there’s no time for us to get to the airport and jump on our Gulfstream Vs and fly to New Zealand. That’s the way it always happens. If inequality keeps rising as it has been, eventually it will happen. We will not be able to predict when, and it will be terrible—for everybody. But especially for us.
That's exactly right. And that is why I have often been shocked by the comments made by wildly rich Americans often rubbing our faces with how they work so much harder than the millions of non-rich Americans. How the poor being poor is evidence that the poor lack a work ethic, they're lazy, or worse, they're just inferior human stock constantly making the wrong choices.
Now before you dismiss super-rich guy Nick Hanauer's take on why the minimum wage should be raised significantly as the ramblings of a socialist or commie.....before you come to the conclusion that Hanauer, you know, hates capitalism.....
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. And tax breaks for rich people like us don’t. Balancing the power of workers and billionaires by raising the minimum wage isn’t bad for capitalism. It’s an indispensable tool smart capitalists use to make capitalism stable and sustainable. And no one has a bigger stake in that than zillionaires like us.
I recommend bookmarking Hanauer's article for future reference. It is one of the best "plain English" explanations of economic reality I've seen in recent years. And, I think, it is the best piece I've ever seen in defense of significantly raising the minimum wage.
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