Rich people don’t create jobs

In an interesting 5 minute banned TED talk, entrepreneur Nick Hanauer debunks the mystique that rich people create jobs. I don’t agree with his praising of middle class consumption as the way forward, but find it great that finally a capitalist shows with a common sense argument why we shouldn’t buy into the myth.

Another question to ask would be: even if we put aside the mystique that capitalists create jobs, what kind of jobs are they actually “creating” nowadays? Is precarious cheap labour something capitalists should feel proud about? Does it justify a government of the economy that favours capital at no matter what?

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