Thursday, December 15, 2011

The Rich Don't Create Jobs, the Middle Class Does, says at least one "Rich Guy"

Interesting perspective from Nick Hanauer, though I only partially agree with his thesis. I do believe he is correct in saying that a healthy middle class (in terms of buying power) is a primary, perhaps THE primary, engine in driving engine in driving growth. But we need a vibrant risk-taker and investment class. Without them, innovation and creation dies, and with it, jobs, hope, opportunity and growth die with it.

The short answer is that government spending needs to be reduced all-around, taxes need to be flatter and equalized, which cuts both ways by the way. It is obscene in my view that a guy who makes over $10 million a year pays less of a percentage of his federal income taxes (in Hanauer's example, 11%) than many working people who earn a relatively meager $60,000 or $70,000 a year. That is just wrong.


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