Friday, December 2, 2011

Quote of the Day

We’ve had it backward for the last 30 years. Rich businesspeople like me don’t create jobs. Middle-class consumers do, and when they thrive, U.S. businesses grow and profit. That’s why taxing the rich to pay for investments that benefit all is a great deal for both the middle class and the rich. 

So let’s give a break to the true job creators. Let’s tax the rich like we once did and use that money to spur growth by putting purchasing power back in the hands of the middle class. And let’s remember that capitalists without customers are out of business.
Venture capitalist Nick Hanauer, who also said "An ordinary middle-class consumer is far more of a job creator than I ever have been or ever will be."

That's the same argument I tried to make a month and a half ago. Maybe it will have more weight coming from one of the 1%.


Tim Morrissey said...


Dan said...

Umm, ok, tell that to the Trumps, Wynns, Adelsons, Gates and the rich people of the world who employ hundreds of thousands of people.
Middle class people can help sustain a partial job at a business, the rich create the job opportunities so that us 99% can go shopping, be entertained etc.
Fool doesn't know what he talking about.

Ordinary Jill said...

Dan, Steve Wynn and Sheldon Adelson are looking more to China than to the US these days, because economic reality is all about consumer demand. Giving more tax breaks to rich people will not create more jobs in the US; it will create more jobs in China and India. Supply-side economics is bullshit. Demand-side economics is reality.