What does this plutocrat and Bernie Sanders have in common? They both see the disastrous effects of income inequality.
Nick Hanauer is a self-admitted plutocrat, a member of the rarified one-tenth of the 1 percent. He is a capitalist who has amassed huge wealth and embodies the entrepreneurial spirit that has drawn people to this country with the tempting promise of streets lined with gold. In his words: “People like us plutocrats are living beyond the wildest dreams of avarice.”
So what is his take on the current income inequality that is the topic of discussion in the 2016 presidential race? Simple. Plutocrats better watch out because the pitchforks are coming.
He likens the current state of affairs to pre-revolutionary France and warns that if the rampant inequality is not corrected, an uprising by the downtrodden will engulf those who have benefited from their labor without sharing the bounty that resulted.
You can be sure that those pitchforks will be replaced by more modern, more destructive weaponry.
It’s refreshing to hear a man who literally wallows in wealth say things like “We plutocrats need to get this trickle down economics thing behind us.” It’s heartening to hear a man of his level of wealth stand behind a $15 minimum wage. “I know that most people think that the $15 minimum wage is this insane, risky economic experiment. We disagree. We believe that the $15 minimum wage in Seattle is actually the continuation of a logical economic policy. It is allowing our city to kick your city’s ass.” And “… the fundamental law of capitalism is, when workers have more money, businesses have more customers and need more workers.”
This is not the first time Hanauer has spoken forcefully on the subject. His well thought out, well articulated comments are an indictment of the status quo and proof that capitalism and socialism can co-exist and provide a better standard of living for everyone while still offering the opportunity to make a financial killing.
This is 20 minutes well worth your time. You can read the full transcript HERE.