Taxing the Rich And Helping the Middle Class

Nick Hanauer, a rich venture capitalist, gave a simple TED talk, which has become an Internet sensation. To be honest, he really didn’t say anything that was earthshaking. But the fact that somebody who’s rich stood up and stated that the rich do not create jobs – Wow! It is not often that we see someone who simply speaks the truth. Throughout the 1940s and 1950s, the United States made investments in the middle class and the lower class and we all benefited from an unprecedented economic boom. We had prolonged prosperity from the 1950s throughout the 1970s. Then, we decided that we had too much prosperity. We decided that we needed to stop investing in the middle class. We needed to stop programs which helped the poor. We needed to give tax cuts to the rich. That has been our mantra for the last 30 years. It is wrong. It is not only morally wrong but it has been a complete failure as an economic policy. It is one of the reasons why we had economic collapse of 2007/2008.