You know things have gotten bad when a self-proclaimed plutocrat sees the future and doesn't like what he sees.
Speaking to other plutocrats, Nick Hanauer tells some serious truth.
Starting off by saying he's a proud and unapologetic Capitalist, he provides some history of his business acumen and wealth accumulation. He and some friends even own a bank. He's been "rewarded obscenely for that with a life none of you can even imagine".
He says his success was a combination of birth, circumstances, the ability to take huge risks, and good intuition about the future.
What he sees in the future is troubling: angry mobs with pitchforks.
While he and his fellow plutocrats are living beyond the dreams of avarice, the other 99% are falling further behind.
In 1980, the top 1% shared about 8% of national wealth, while the bottom 50% shared about 18%.Today the top 1% shares over 20% of national wealth, while the bottom 50% share 12-13%.If the trend continues, in another 30 years the top 1% will share over 30% of national wealth, and the bottom 50% will share just 6%.
The problem, he says, isn't just income inequality. Some inequality is necessary for a high functioning capitalistic democracy. The problem today is that inequality is at record highs and is getting worse.
He tells his fellow plutocrats to wake up and realize that this cannot last in a free and open society. It's self-defeating and bad for business, too.
You show me a highly unequal society and I will show you a police state or an uprising. The pitchforks will come for us if we do not address this. It's not a matter of "if". It's a matter of "when".people can only be pushed around, forced to endure poverty while visibly others are the ones who keep them there by keeping the net wealth of the country in their banks off shore while you can't get a food stamp to feed your children and the final slap in the face they don't give a gnat's crap.
all major and minor revolts against the privileged few around the world were because those they step on are mad as hell and not going to take it anymore, if i might take a quote from Network. prime rib, caviar and champagne dreams seem to not be mutually inclusive one gets the good stuff the others get the gruel while the see those privileged on TV in the papers it gets old and resentful.
read the article he has suggestions that sound remarkably like what Pres. has been saying going on 6 years.
