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Monday, May 21st 2012, 11:20pm

TED Nick Hanauer

we think this video is worth translating, it's short, it gives a good presentation of the socio-economic disparity, ... and because it has been banned from TED platform ^^

Here is the transcription:
It is astounding how significantly one idea can shape the society and its policies. Consider this one: If taxes on the rich go up, job creation will go down. This idea is an article of faith for republicans and seldom challenged by democrats and has indeed shaped much of the economic landscape.
But sometimes the ideas that we are certain are true, are dead wrong!
Considered that for thousand of years humans believed that the earth was the centre of the universe. It's not! And an astronomer who still believed that it was would do some pretty terrible astronomy. Likewise, a policymaker who believes that the rich are job creators and therefore should not be taxed, would do equally terrible policy.
I have started to help start dozens of companies and initially hired lots of people; but if there was no one around who can afford to buy what we had to sell, all those companies and all those jobs would have evaporated. That's why I can say with confidence that rich people don't create jobs, nor do businesses large or small. Jobs are a consequence of a circle of life like feedback loop between customers and businesses. And only consumers can set in motion this virtuous cycle of increasing demand and hiring. In this sense an ordinary consumer is more of a job creator than a capitalist... like me! That's why when business people take credits for creating jobs, it's a little bit like squirrels taking credit for creating evolution. It's actually the other way around. Anyone who's ever run a business knows that hiring more people is a course of last resort for capitalists. That's what we do if, and only if, rise in consumer demand requires it. And in this sense, calling ourselves jobs creators isn't just inaccurate: it's disingenuous. That's why our existing policies are so upside-down. When the biggest tax exemptions and the lowest tax rates benefit the richest fall in the name of job creation, all that happens is that the rich get richer!
Since nineteen eighty the share of income for the top one percent of Americans has more than tripled while our effective tax rates have gone down by fifty percent... if it was true, then lower taxes for the rich and more wealth for the wealthy, lead to job creation, today we would be drowning in jobs... [Applause] And yet unemployment and underemployment is at record highs.
Another reason that this idea is so wrong-headed is that there can never be enough super rich people to power a great economy. Somebody like me makes hundreds or thousands of times as much as the median American, but I don't buy hundreds or thousands of times as much stuff. My family owns three cars not three thousand. I buy a few pairs of pants and shirts a year like most American men. Occasionally we go out to eat with friends. I can't buy enough of anything to make up for the fact that millions of unemployed and underemployed Americans can't buy any new cars, any clothes or enjoy any meals out. Nor can I make up for the falling consumption of the vast majority of middle-class families that are barely squeaking by, buried by spiraling costs, entrapped by stagnant or declining wages.
Here's an incredible fact: that if the typical American family still retain the same share of income that they did in nineteen seventy, they'd earn like forty five thousand dollars more a year. Imagine what our economy would be like if that were the case. Significant privileges have come to people like me, 'capitalists' for being perceived as job creators at the centre of the economic universe and the language and metaphors we use to defend what the current and social arrangements is telling. It's a small jump from job creator to vote creator. This language wasn't obviously chosen by accident, and it's only honest to admit that when somebody like me calls themselves a job creator, we're not describing how the economy works, but more particularly, we're making a claim, one status in privileges that we deserve.
Speaking of special privileges, the extraordinary differential between fifteen percent tax rate that capitalists pay on carried interest, dividends and capital gains, and the thirty five percent top marginal rate on work that ordinary Americans pay, it's kind of hard to justify without a touch of deification. We've had it backwards for the last thirty years. Rich people like me don't create jobs. Jobs are a consequence of an ecosystemic mixed feedback loop between customers and businesses. And when the middle class thrives, businesses grow and hire at owners profit. That's why taxing the rich to pay for investments that benefit all is such a fantastic deal for the middle class and the rich. So ladies and gentlemen, here's an idea worth spreading. In a capitalist economy the true job creators are middle class consumers; and taxing the rich to make investments to make the middle class grow and thrive is the single shrewdest thing we can do for the middle class, for the poor and for the rich. Thank you!

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Tuesday, May 22nd 2012, 12:11pm

Hehe! too bad he is stuck to the actual tax paradigm, or else I would vote on this one :D
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