Should you be making $45,000 more a year?May 25, 2012 @ 11:44 am (Updated: 12:52 pm - 5/26/12 )
There's a popular series of talks on the web called the TED talks -- Technology, Entertainment, and Design, where really smart, successful people get 18 minutes to explain their world-changing ideas; the audience votes, and the best ones are posted on the web:
BUT There was some controversy recently over a speech which DID NOT make the cut.
"If it was true that lower taxes for the rich and more wealth for the wealthy led to job creation, today we would be drowning in jobs," says TED member Nick Hanauer.
This is Seattle venture capitalist Nick Hanauer, who made his fortune as an early investor in Amazon. And what he said about job creation didn't sit well with the curator of the TED series. Hanauer said that the key to job creation is more money in the hands of consumers:
"In this sense, an ordinary consumer is more of a job creator than a capitalist like me. That's why, when business people take credit for creating jobs it's a bit like squirrels taking the credit for creating evolution," continues Hanauer.
The talk was originally supposed to be posted in April, but it wasn't. And when a reporter for National Journal asked why, he was told that sometimes speeches are considered mediocre, or too partisan to make the cut, but in any case -- it's been posted now:
"If the typical American family still retained the same share of income that they did in 1970 they'd earn like $45,000 more a year. Imagine what our economy would be like if that were the case," says Hanauer.
See more of the talk here.
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