Karel Brits 🔻It was predicted in 2014. And looking at the way people react to Luigi Mangione, I think people really have woken up. #UnitedHealthcare #LuigiMangione #BrianThompson #NickHanauer #pitchforks #plutocrats
TED
MEActNOWPresident Biden Takes on the current Media
President Joe Biden, in an interview with #NickHanauer, explains the gap between how people experience the economy and how they perceive it is "because the press isn't the way it used to."
"We pick what news we want to hear.
Strypey"... growth is generated by those in the broad middle of the income distribution, from the 10th to the 90th deciles.
They do the bulk of the working, saving, consuming and innovating in the economy, and if their finances are healthy, the economy will grow and be healthy too. Put another way, a robust economy of thriving middle-income families is not a consequence of economic growth, it is its *cause*."
#EricBeinhocker, #NickHanauer, 2022
"Jared Bernstein ... summarised the evidence against trickle-down economics in a presentation to the joint economic committee of Congress several years ago.
... if the trickle-down theory was correct, we would expect to see that, when tax rates go down, growth goes up and vice versa. But using data stretching from 1947 to 2015, Bernstein showed in no case was that true."
#EricBeinhocker, #NickHanauer, 2022
(2/?)
Listening to this 2022 back episode of Pitchfork Economics reminded me that for about 5 minutes in the UK, Liz Truss was a thing;
"Truss is a deep believer in trickle-down economics – the theory that if you cut taxes for corporations and rich people, it will spur economic growth, which will eventually trickle down into higher wages and rising living standards for the rest.
#EricBeinhocker, #NickHanauer, 2022
(1/?)
Cory DoctorowThere's six lies that corporations have told since time immemorial. #NickHanauer, #JoanWalsh and #DonaldCohen's new book *Corporate Bullsh*t: Exposing the Lies and Half-Truths That Protect Profit, Power, and Wealth in America* provides an essential taxonomy of this dirty six:
https://thenewpress.com/books/corporate-bullsht
--
If you'd like an essay-formatted version of this thread to read or share, here's a link to it on pluralistic.net, my surveillance-free, ad-free, tracker-free blog:
https://pluralistic.net/2023/10/27/six-sells/#youre-holding-it-wrong
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"For the last 20 years we've seen 75% of industries grow more concentrated. We've seen consumer options dwindle in certain areas. We've seen options for workers in many areas dwindle.
All of that means higher prices, and it means lower wages for workers as well. One study found that the combination... was costing the typical [US] family $5000 a year."
#BharatRamamurti, 2023
https://pitchforkeconomics.com/episode/bidenomics-with-bharat-ramamurti/
"The real magic of trickle-down economics, by the way, isn’t to convince people that if the rich get richer, that’s good for the economy and therefore good for you. The real power comes from convincing people that if the poor get richer, that will be bad for the economy and bad for you.
This is why economics is often less science and more scam."
#NickHanauer, 2015
https://www.pbs.org/newshour/economy/economic-theory-science-scam
Is trickle-down economics science or scam?
In this column, venture capitalist Nick Hanauer critizes the theory that a higher minimum wage will cause increased unemployment. Going further, he suggests that economic theories in general are not science, but merely social and moral constructs.
"There are no examples in the known universe in which force didn’t equal mass times acceleration. But the same cannot be said for the “theory” that if wages go up, employment will go down. It’s not always true. It’s not even that it’s almost always true—it isn’t even usually true."
#NickHanauer, 2015
https://www.pbs.org/newshour/economy/economic-theory-science-scam
Is trickle-down economics science or scam?
In this column, venture capitalist Nick Hanauer critizes the theory that a higher minimum wage will cause increased unemployment. Going further, he suggests that economic theories in general are not science, but merely social and moral constructs.
@BalooUriza
> Every NYT story lately [simping for the billionaire class needing to be richer]
I appreciated people like Nick Hanauer who break this pattern:
https://www.nytimes.com/2016/04/21/opinion/overtime-pay-a-lifeline-for-the-overworked-american.html
I wish I had more time to listen to the podcast where he interviews heterodox economists about why the wealthy need to pay more tax, minimum wages need to be higher, etc:
http://www.pitchforkeconomics.com
