"Capitalists = Job Creators" is Completely Wrong

[Jacob]

Self described super rich capitalist Nick Hanauer calls out the idea that "capitalists are job creators" is completely wrong. Jobs are created by middle class consumers.

http://www.upworthy.com/breaking-you-know-that-ted-talk-you-werent-supposed-to-see-here-it-is-2?c=bl1

[CountDeMoney]

That'll be enough of your ignorant claptrap, you socialist idiot.

[citizen k]

Who creates middle class consumers?

[Neil]

Especially since so much of the creation of wealth for the super rich has turned into financial tricks and stock fakery which isn't a huge employer, at least not compared to manufacutring, service or resource extraction.  And the creation of shareholder value is a destroyer of jobs, at least domestically.

[Jacob]

That'll be enough of your ignorant claptrap, you socialist idiot.

Not my words, the words of a billionaire entrepreneur and venture capitalist

[Jacob]

Who creates middle class consumers?

Less rich consumers at home, as well as consumers both richer and poorer abroad.

[CountDeMoney]

Especially since so much of the creation of wealth for the super rich has turned into financial tricks and stock fakery which isn't a huge employer, at least not compared to manufacutring, service or resource extraction.  And the creation of shareholder value is a destroyer of jobs, at least domestically.

But how else do you expect venture capitalism and private equity firms to succeed in profiteering if the don't have such mechanisms available to generate the funds necessary to buy up and liquidate companies in order to increase shareholder value and generate the funds necessary to buy up and liquidate companies in order to increase shareholder value and generate the funds necessary to buy up and liquidate companies in order to increase shareholder value and generate the funds necessary to buy up and liquidate companies in order to increase shareholder value and generate the funds necessary to buy up and liquidate companies in order to increase shareholder value and generate the funds necessary to buy up and liquidate companies in order to increase shareholder value?

[grumbler]

Terrible talk overall, though he did have some good points.

The idea that companies (and their owners) don't create jobs is silly, though.  If there are no companies, there are no products to buy.  The jobs come first, then the products, and then the consumers.  The consumers just decide which products/workers/owners are the winners, though.  hey don't "create" job one.

Hanauer's presentation that "the rich" only pay 15% taxes and the middle class pay 30+% was also downright disingenuous.  Those funds taxed at 15% are taxed at 15% on top of the 35% corporate profit rate.

He is correct that the growing wealth imbalance between the rich and the rest is a major concern for the US, because he is also correct that the rich don't contribute nearly their fair share of income back into consumption, which certainly drives the US economy (his best line was "my family has three cars, not three thousand!"  ).  The problem isn't tax rates, though, it is the tax code.

The other problem that he fails to mention, though, is the generally terrible job that government does with the money it has.  Education is probably the best example of this, and the most pernicious problem when it comes to creating those opportunities for the middle and lower classes.  I'd estimate that one-quarter of all education spending, top to bottom, is wasted.  But that's a different story, for a different thread. 

Bottom line line here is that Hanauer took a swing, and missed.  Great talker, though.

[Scipio]

Terrible talk overall, though he did have some good points.

The idea that companies (and their owners) don't create jobs is silly, though.  If there are no companies, there are no products to buy.  The jobs come first, then the products, and then the consumers.  The consumers just decide which products/workers/owners are the winners, though.  hey don't "create" job one.

Hanauer's presentation that "the rich" only pay 15% taxes and the middle class pay 30+% was also downright disingenuous.  Those funds taxed at 15% are taxed at 15% on top of the 35% corporate profit rate.

He is correct that the growing wealth imbalance between the rich and the rest is a major concern for the US, because he is also correct that the rich don't contribute nearly their fair share of income back into consumption, which certainly drives the US economy (his best line was "my family has three cars, not three thousand!"  ).  The problem isn't tax rates, though, it is the tax code.

The other problem that he fails to mention, though, is the generally terrible job that government does with the money it has.  Education is probably the best example of this, and the most pernicious problem when it comes to creating those opportunities for the middle and lower classes.  I'd estimate that one-quarter of all education spending, top to bottom, is wasted.  But that's a different story, for a different thread. 

Bottom line line here is that Hanauer took a swing, and missed.  Great talker, though.

Your facts have nothing to do with the validity of the narrative, which is about how the poors are supposed to feel.  Thinking is dangerous, and is only authorized for those of us on top.

[Razgovory]

Guess Grumbler's tribe got in the way.

[Jacob]

The idea that companies (and their owners) don't create jobs is silly, though.  If there are no companies, there are no products to buy.  The jobs come first, then the products, and then the consumers.  The consumers just decide which products/workers/owners are the winners, though.

I don't know, I think demand rather than production drives job creation. I'm no economist, though.

The other problem that he fails to mention, though, is the generally terrible job that government does with the money it has.  Education is probably the best example of this, and the most pernicious problem when it comes to creating those opportunities for the middle and lower classes.  I'd estimate that one-quarter of all education spending, top to bottom, is wasted.  But that's a different story, for a different thread. 

I don't agree that government does a terrible job with the money it has, compared to the alternatives.

[Neil]

I don't know, I think demand rather than production drives job creation. I'm no economist, though.

If you don't have both, you don't have an economy.

[Admiral Yi]

This is some goofy ass shit.

[Razgovory]

This is some goofy ass shit.

Explain.

[Ideologue]

I think what Yi meant to say was "This is 100% correct shit," but he committed a series of typographical errors.