The Case Against Billionaires or Who Are The Job Creators?
Truth Out has the article The Case Against Billionaires. The article is good, but the simplest way to get the idea is to listen to the talk by Nick Hanauer, a venture capitalist from Seattle, that the article references.
The Truth Out article summarizes the argument as follows:
So if it were true that the world’s economies rely on their super-rich to do well, as today’s oligarch-inspired, right-wing economics argues, then why are world’s “austerity” economies doing so poorly?
It’s because billionaires are not job creators, they are somewhere between symbiotes and parasites. That’s not meant as a personal insult against billionaires, many of whom are decent people. But it’s meant as a statement of common sense. If vast fortunes are being hoarded in the hands of very few people who can’t possibly spend that much money in their lifetime or their kid’s lifetime or even their kid’s, kid’s, kid’s, kid’s, lifetime, then it’s essentially being wasted.
This is the point billionaire Nick Hanauer was making in his recent TED talk explaining why rich people aren’t job creators (He also said the same thing on The Big Picture with Thom Hartmann). As he said, “There can never be enough super-rich Americans to power a great economy. The annual earnings of people like me are hundreds, if not thousands, of times greater than those of the median American, but we don’t buy hundreds or thousands of times more stuff.”