Multimillionaire Nick Hanauer has an unpopular theory: The “job creators” are the problem with America because they don’t actually create jobs. According to Hanauer, middle class Americans are the true job creators through spending and encouraging businesses to hire. Because of this, the super-rich don’t deserve tax breaks to “help with job creation.”If it were true that lower tax rates and more wealth for the wealthy would lead to more job creation, then today we would be drowning in jobs,”he said in a 2012 TED talk, “And yet unemployment and under-employment is at record highs.”
In Robert Reich’s video, Inequality for All, Hanauer assists with providing an understanding of what all that money really does for someone like him. Here’s a hint: It doesn’t help create jobs.”When somebody calls themselves a job creator they’re not describing how the economy works, although that’s what it sounds like. What they’re really doing is making a claim on status, privileges, and power,” he says in the video.
Please take a moment to watch this clip of his TED Talk and, if you like it, check out what he has to say in the film. It’s eye-opening.