Beware, fellow plutocrats, the pitchforks are coming | Nick Hanauer

Nick Hanauer is a rich guy, an unrepentant capitalist — and he has something to say to his fellow plutocrats: Wake up! Growing inequality is about to push our societies into conditions resembling pre-revolutionary France. Hear his argument about why a dramatic increase in minimum wage could grow the middle class, deliver economic prosperity ... and prevent a revolution.

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[darkskyinwinter]

Anybody notice the statistic "in 30 years, the top 1% will own over 30% of national wealth...". We're only 10 years after this talk, and it's at 38% now.

[vasaricorridor]

"The illiterate of the 21st century
will not be those who cannot read and write,
but those who cannot learn, unlearn, and relearn. ”

[ghostratsarah]

Hey look, a capitalist who actually understands capitalism

[dorianphilotheates]

I’m an archaeologist. I study systems collapse. I’m interested in how complex societies rise and fall. This man is brilliant; and he’s right. History bears out what he says completely. Listen to him.

[JackCade]

Everything he is saying is utterly obvious. But it is invisible to those blinded by ideology.

[c.t.]

I am not sure why these employers don't get it.
You invest in equipment.
You invest in the stock market.
you invest in real estate.
Why won't you invest in people?
It's pretty sad.
And just like this guy is saying I have been saying for years.
After you have it all who is going to buy your products?

[wallycunningham]

"Many economists would have you believe their field is an objective science, I disagree, i think that it is equally a tool humans use to enforce and encode our social and moral preferences, and prejudices about status and power." Wow just wow, this video needs to be seen by everyone, especially now.

[charlesronk]

Seems his message isn't getting through. 5 years ago and I still make less than I did in 1998.

[CountBifford]

You know things are bad when even the rich agree they have it too good.

[theriffwriter]

As much as I've always loathed spending my short life making others wealthy: "barefoot, by the roadside, selling fruit" sounds better to me then 90% of the jobs I've had.

[Snakedriver]

This is actually happening right now in my country, Chile.

[xvx]

8 years later and not a damn thing has changed. Things have gotten significantly worse. Guess he's right about the pitchforks.

[TheMdog]

Nice to see TED actually put this not that it will make a blind bit of difference, of course.

[pkunkbwok]

Good points, but I think you underestimate your colleagues' willingness to establish a police state...

[jimarger]

Nobody earning $15 an hour is even close to the middle class.

[davidfunke]

We're tired of being pissed on. This guy's correct.

[phasedreality]

I tend to agree with most of this talk.  Our society suffers from too much short-term thinking.  The system we have now is serving the very wealth extremely well in the short run, but I agree with Nick Hanauer that in the long-term it will be bad for all of society, including the wealthy.  Unfortunately, I think among his peers Mr. Hanauer is by far the exception.  That is why our government is tending towards a police state, which will seek to protect the monied interests if the pitchforks ever emerge.  Investing in the middle class is a much better solution in the long run... I wish more plutocrats would take up the cause.

[Tunainthebrine]

The pitch forks will come regardless.  It always happens.  Greed never stops to think about what it's doing to others.  It just get hungrier. 

[zynnfindo]

Over 5 years since this video was posted and the same issues are still accelerating...

[DPPZ]

"in 30 years, the top 1 percent will own 30 percent of the wealth" lol, it took 6 years for it to become 40 percent haha T_T