Wednesday, September 3, 2014
The myth of trickle down economics
According to Nick Hanauer, a member of the 1%. In this video he lays out that the 1% are not the job creators; it's us, the consumers. It's a feedback loop of our demand that requires businesses to hire more people to handle that demand. Giving more tax breaks to the wealthy doesn't create jobs; it just creates more wealth for the 1%. The wealthy's effective tax rate is already one of the lowest in the world due to such tax dodges, yet where are the jobs? At the end of the talk he shows a diagram of how the rich and their ideology are deified to rationalize their privilege. It's part of the feudal system that was still stuck in the mythological-religious and hierarchical Great Chain of Being. (Recall this diagram.) TED ended up banning this talk, I guess due to the kickbacks (I mean donations...) they receive from the 1%.