Controversial TEDtalk Says Rich People Don’t Create Jobs
Rich people don’t make jobs? An interesting point, but many people disagree. This video has generated over 5,000 comments. A lot of them think Hanauer is wrong.
Here’s the comment I left:
The point here is that economic flow is a system or “life-like feedback loop”. (Think eco-system or cardiovascular system.) All the parts of a system work together to make one whole entity. If part of a system is not allowed to thrive, or is blocked, or is starved, the entire system is doomed to failure. This is why trickle-down economics is unsustainable.
If the economy has a head (the ultra rich), and dollars are oxygen, you can see that trickle-down economics eventually suffocates the limbs and vital organs of the economic body. Finally, brain activity flickers out – as the head, itself, dies because the body can no longer sustain it.
It may be more true to say rich people don’t make jobs ALONE. Appropriately taxing the rich would rightfully pump necessary oxygen back into a dying economy – to keep the economy system flowing. Hanauer is saying this would be good for everyone, including the wealthy.
What do you think?