The fallacy of trickledown

Further to arguments for Guaranteed Minimum Income, the threat to employment from new technology and the multiple fallacies in the current neoliberal economic model is this well publicised TED talk and Bloomberg op-ed piece by billionaire investor Nick Hanauer. He claims capital, investors, don’t create employment unless they absolutely have to. It is middle class customer demand which creates the need for workers, and the trickle down mantra, that the wealthy shouldn’t be taxed much or at all because they are the job and wealth creators is just self serving. He even insinuates the use of the word creators is deliberately loaded with religious connotations. This has made him very unpopular with his fellow 0.01% and had the talk pulled by TED’s owner for a while until the outcry had it reinstated.

Tags: Nick Hanauer, TED, Trickle Down