Thursday, February 9, 2012

Would $7,500 extra for 100 million workers have any effect?

Why isn't this guy on Obama's advisory council for job creation? Progressive billionaire tells Yahoo Finance: "If it was true that the rich and business were the job creators, we'd be drowning in jobs today.... if you took corporate profits from the high that they are now and dropped them to a "normal" rate, you would cut loose about $750 billion. If you spread that $750 billion among 100,000,000 middle-income workers, that's $7,500 a worker. Imagine how robust our economy would be."
Nick Hanauer is a very rich, wildly successful business man. His company, aQuantive, was purchased by Microsoft in 2007 for $6.4 billion. He founded, which merged with, and he was one of the first investors in in the 1990s. Hanauer knows opportunity.

Hanauer also, it seems, both understands and is willing to articulate what most of our country's wealthiest citizens refuse to acknowledge: that it is the middle class which creates jobs through demand, and that our country's richest members of society need to be paying more in taxes so as not to undercut and destroy those Americans who ultimately determine our nation's economic health.

Hanauer was interviewed recently by Henry Blodget of Yahoo! Finance, and it is an interview I highly recommend be viewed in its entirety. (I've embedded it below.)
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