This Uber-Wealthy Venture Capitalist Gave A TED Talk Saying Rich People Don't Create Jobs ......

[applegrove]

This Uber-Wealthy Venture Capitalist Gave A TED Talk Saying Rich People Don't Create Jobs — And TED Is Refusing To Post It

by Grace Wyler at Business Insider

Read more: http://www.businessinsider.com/this-billionaire-venture-capitalist-gave-a-ted-talk-saying-rich-people-dont-create-jobs--and-ted-is-refusing-to-post-it-2012-5#ixzz1v514c0S0

"SNIP......................................................

We've emailed Hanauer to see what he thinks, but in the meantime, here's an excerpt for you to judge for yourself:

I can say with confidence that rich people don't create jobs, nor do businesses, large or small. What does lead to more employment is 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 middle-class consumer is far more of a job creator than a capitalist like me.

So when businesspeople take credit for creating jobs, it's a little like squirrels taking credit for creating evolution. In fact, it's the other way around.

Anyone who's ever run a business knows that hiring more people is a capitalists course of last resort, something we do only when increasing customer demand requires it. In this sense, calling ourselves job creators isn't just inaccurate, it's disingenuous.

That's why our current policies are so upside down. When you have a tax system in which most of the exemptions and the lowest rates benefit the richest, all in the name of job creation, all that happens is that the rich get richer.

................................................SNIP"


Read more: http://www.businessinsider.com/this-billionaire-venture-capitalist-gave-a-ted-talk-saying-rich-people-dont-create-jobs--and-ted-is-refusing-to-post-it-2012-5#ixzz1v50nWPFL

[Brickbat]

1. How sad when the truth is, according to TED, "too politically controversial."