In other words, "well paid workers = good customers." And that makes everyone better off and the country work. Backed up with real-world empirical data. Well done Mr. Hanauer.
My personal view after listening to Mr Hanauer here and on other youtube sites is that he has a very fair and rounded view. He is in a very specific and lofty position from which to see what is in front of us all. Trickle down economics do not work. Middle out economics do. Certainly as explained by Mr Hanauer. The more we all have the more we buy and the more people need employing.
He and his ilk are disincentivising literacy. Why pursue higher education when you can simply "fight for 15" and keep flipping that burger. According to the U.S. Department of Education, 54% of U.S. adults 16-74 years old - about 130 million people - lack proficiency in literacy, reading below the equivalent of a sixth-grade level.Sep 9, 2020. Do you honestly believe we should reward them by paying them more to do less?
Yes, but only the ones that have the big businesses can change things, I don't see it happening. This is one of those thibg from thr movie, "don't look up"
If Americans ever figure out how their monetary system actually works the pitchforks will come for the rich a lot sooner than he thinks. The world of economics changed completely in '71 when Nixon removed us from the Bretton-Woods Agreement, and the gold standard. This effectively nullified any policies created to defend the now non-existant gold reserve and made the dollar completely self-funding as the founders intended. It is impossible to increase the money supply by "borrowing" currency that must be created prior to being loaned back to the monopoly issuer. Both taxation and borrowing were always ways to draw down reserve currency, not funding mechanisms. Only the limitation imposed by the gold standard allowed them to be viewed as "revenue" because they created "policy space" to spend within that limitation. Both "destroy" currency by balancing it to zero by the debt as a first order accounting function. It wouldn't make sense to apply either to the debt and still consider it revenue to spend and it certainly doesn't fit with any spreadsheet accounting system in the world. The government never "has" money. It has debt in the form of tax credits it "owes" to holders of the currency in the private sector and the private sector "has" money. When they get together in the same sector they balance to zero. Paying off the debt, even if that were possible, would mean destroying all net currency in circulation that acts as a store of value and is able to retire private bank debt. There are very real drains of currency from our economy beyond taxation and Treasury bonds. They are trade deficits and wealth accumulation/savings. If they aren't replaced by sufficient levels of deficit spending by Congress the currency that fuels our economy dwindles until we can no longer retire private debt in a timely manner and defaults throw us into recession. This has been the result of the last seven times we balanced our federal budget for more than 3 quarters. Only the injection of federal dollars via automatic stabilizers has mitigated this over the last century to shore up supply chains and prevent a domino cascade of unemployment. Making this the holy grail for political leaders is insanity when brighter minds would project sustainable deficit spending levels and use taxation as inflation control as it was intended. Forcing our household budget rules on the monopoly issuer of the currency, while feeding our ignorance because it "feels" right is only killing our economy. The federal government can "afford" anything that is for sale and priced in dollars, including the excess labor the private sector rejects. #LearnMMT
“The pitch 3 pronged fork is here #covid19 #BLM protects and #2020election.... when #trump2020 refuses to leave. #UnDaoDu - end of capitalism is upon us. Welcome to the Modern Dark Ages” #UnDaoDu
I'll add a few of my own observations: 1. Serbia 2019 witnesses months and months of long advertising campaign by McDonald's to attract workers (TV, Billboards, Radio) - but they would rather spend tens of thousands of euros per month, for those campaigns, but would not increase the salaries of their workers. If that is the rule of today, it will only get worse. We also have billboards calling on warehouse workers?!?! 2. A few people I know from Mensa (I think it requires IQ over 130 or 135), they mostly don't work. The job market does not appeal to them. They all tend to lean to programming and they all prefer living modestly then going into a corporate environment. Also, they would rather take a well paid project over the internet, and then stretch that money over a longer period of unemployment. Zero appeal to the people that can push us into the future. 3. Charlie Munger said in an interview just recently: "Inequality will fix itself", and here I hear "human economy is not self-correcting". 4. Joker, the movie, he is lying on the bed and next to him are the newspapers with a title "kill the rich" or "eat the rich" (not sure right now) Are we really gonna push it to the limits of complete social unrest and civil disobedience? The economy would collapse and 7 million people starved to death during the great depression in large cities of the US.
In 1960 the population of the US was 179,323,175. Today in 2022 the US population is 332,403,650. That is an increase of 153,080,475 people. Nearly double. It should not be a surprise then that corporate profits have rising so sharply. Their customer base has neatly doubled and modern inventions have substantially lowered the costs of doing business. That same increase in population helps to explain why wages - primarily unskilled labor - has remained so low. There are fewer lowskilled jobs thanks to automation and outsourcing to 3rd world countries, and the unskilled labor pool has nearly doubled. According to the U.S. Department of Education, 54% of U.S. adults 16-74 years old - about 130 million people - lack proficiency in literacy, reading below the equivalent of a sixth-grade level.Sep 9, 2020. Illiteracy is costing the US trillions of dollars and people like you want to reward the illiterate by removing any incentives they might have had to better themselves. Fry cook at McDonald's is a part time job for a highschool kid or a college student, not a career for someone with a family.
@@debbielockhart7762 They don't deserve to have the government force other people to provide for them that which they are either unwilling or unable to provide for themselves.
According to the U.S. Department of Education, 54% of U.S. adults 16-74 years old - about 130 million people - lack proficiency in literacy, reading below the equivalent of a sixth-grade level.Sep 9, 2020 So you think we should reward people for doing nothing?
Did this so-called "expert" just say that ecosystems are unstable and not self-correcting? Ecosystems are almost the perfect example of a functioning free market, because they're both all about natural equilibriums. When a natural equilibrium is disturbed too much by an outside force, that's what causes problems to ripple through the interconnected web of something like an ecosystem. Somehow the environmentalist types seem to understand this perfectly well when it comes to natural ecosystems, but when it comes to a free market economy they seem to think intervention from an outside force is the only possible good. The fact that he explicitly brought up the ecosystem example even though it's almost a perfect case in point against his entire 45-minute argument shows that this man does not really grasp what he's talking about, and his arguments should be viewed with a healthy dose of skepticism.
Can't believe someone "CAN'T" grasp the thoughts perfectly laid out in the speech. It's so clear and explained in the simplest term. Unbelievable! In my country's language, we'll call you.."bobo".
@@akosiwaray1837 Yeah? That's interesting, because in my language, we just call you misinformed lol. How about you do a little research on the other side of this argument before you naively assume that everything that they said in this video is correct. Maybe you should read some Thomas Sowell or something, then you might be able to really talk about economics, and actually make a real argument instead of just saying "I can't believe you don't understand it!" and calling me names. Just a word of advice from, what did you call it, a "Bobo?" Lol
Hahahaha, and now you're making yourself a clown. Nice try. Try playback maybe 100 times. Please, do yourself a favor and don't be an embarrassment okay?
@@akosiwaray1837 "Try playback maybe 100 times" I have no idea what that is supposed to mean, that's actually not even a proper sentence. Also, I can guarantee you I'm not embarrassing myself, and I can guarantee that if you had done as I suggested and looked up Thomas Sowell, you would find that you were the one that was actually embarrassed here.
In other words, "well paid workers = good customers."
And that makes everyone better off and the country work.
Backed up with real-world empirical data.
Well done Mr. Hanauer.
Duncan Bleak not at all.
Capitalism is built on the idea infinite growth
Overpaid workers reduces access to the economy because fewer people are hired.
Sorry but you are wrong.
My personal view after listening to Mr Hanauer here and on other youtube sites is that he has a very fair and rounded view. He is in a very specific and lofty position from which to see what is in front of us all. Trickle down economics do not work. Middle out economics do. Certainly as explained by Mr Hanauer. The more we all have the more we buy and the more people need employing.
He and his ilk are disincentivising literacy. Why pursue higher education when you can simply "fight for 15" and keep flipping that burger. According to the U.S. Department of Education, 54% of U.S. adults 16-74 years old - about 130 million people - lack proficiency in literacy, reading below the equivalent of a sixth-grade level.Sep 9, 2020.
Do you honestly believe we should reward them by paying them more to do less?
@@psychicspy You have completely missed the point. Congrats on that.
This year Nobel price in economics is finally moving this way. However politicians are still unfortunately stuck in trickle down thinking.
Because they sing the words of the reach they donate to their campaigns
Good message, I'm glad he keeps getting it out there!
Yes, but only the ones that have the big businesses can change things, I don't see it happening. This is one of those thibg from thr movie, "don't look up"
If Americans ever figure out how their monetary system actually works the pitchforks will come for the rich a lot sooner than he thinks. The world of economics changed completely in '71 when Nixon removed us from the Bretton-Woods Agreement, and the gold standard. This effectively nullified any policies created to defend the now non-existant gold reserve and made the dollar completely self-funding as the founders intended. It is impossible to increase the money supply by "borrowing" currency that must be created prior to being loaned back to the monopoly issuer.
Both taxation and borrowing were always ways to draw down reserve currency, not funding mechanisms. Only the limitation imposed by the gold standard allowed them to be viewed as "revenue" because they created "policy space" to spend within that limitation. Both "destroy" currency by balancing it to zero by the debt as a first order accounting function. It wouldn't make sense to apply either to the debt and still consider it revenue to spend and it certainly doesn't fit with any spreadsheet accounting system in the world. The government never "has" money. It has debt in the form of tax credits it "owes" to holders of the currency in the private sector and the private sector "has" money. When they get together in the same sector they balance to zero. Paying off the debt, even if that were possible, would mean destroying all net currency in circulation that acts as a store of value and is able to retire private bank debt.
There are very real drains of currency from our economy beyond taxation and Treasury bonds. They are trade deficits and wealth accumulation/savings. If they aren't replaced by sufficient levels of deficit spending by Congress the currency that fuels our economy dwindles until we can no longer retire private debt in a timely manner and defaults throw us into recession. This has been the result of the last seven times we balanced our federal budget for more than 3 quarters. Only the injection of federal dollars via automatic stabilizers has mitigated this over the last century to shore up supply chains and prevent a domino cascade of unemployment. Making this the holy grail for political leaders is insanity when brighter minds would project sustainable deficit spending levels and use taxation as inflation control as it was intended. Forcing our household budget rules on the monopoly issuer of the currency, while feeding our ignorance because it "feels" right is only killing our economy. The federal government can "afford" anything that is for sale and priced in dollars, including the excess labor the private sector rejects. #LearnMMT
No, it changed when citizens united was passed. It enabled the powerful to push their narrative and drive the economy to benefit them.
Democracy Dollars will drown out lobbyists.
“The pitch 3 pronged fork is here #covid19 #BLM protects and #2020election.... when #trump2020 refuses to leave. #UnDaoDu - end of capitalism is upon us. Welcome to the Modern Dark Ages” #UnDaoDu
Someone will figure out how to fill these jobs AND pay a dignified wage, because society demands the service. Well put.
I'll add a few of my own observations:
1. Serbia 2019 witnesses months and months of long advertising campaign by McDonald's to attract workers (TV, Billboards, Radio) - but they would rather spend tens of thousands of euros per month, for those campaigns, but would not increase the salaries of their workers. If that is the rule of today, it will only get worse. We also have billboards calling on warehouse workers?!?!
2. A few people I know from Mensa (I think it requires IQ over 130 or 135), they mostly don't work. The job market does not appeal to them. They all tend to lean to programming and they all prefer living modestly then going into a corporate environment. Also, they would rather take a well paid project over the internet, and then stretch that money over a longer period of unemployment. Zero appeal to the people that can push us into the future.
3. Charlie Munger said in an interview just recently: "Inequality will fix itself", and here I hear "human economy is not self-correcting".
4. Joker, the movie, he is lying on the bed and next to him are the newspapers with a title "kill the rich" or "eat the rich" (not sure right now)
Are we really gonna push it to the limits of complete social unrest and civil disobedience?
The economy would collapse and 7 million people starved to death during the great depression in large cities of the US.
Inequality will fix itself with a revolution. That is why he brought up the pitch folks.
Look at the mass shootings, folks are angry. If folks can't eat and don't have a good quality of life they will bring out the pitch forks.
this is why capitalism will never work, and never has worked, the rich monopolize power, BRING ON THE PITCHFORKS!
In 1960 the population of the US was 179,323,175. Today in 2022 the US population is 332,403,650. That is an increase of 153,080,475 people. Nearly double. It should not be a surprise then that corporate profits have rising so sharply. Their customer base has neatly doubled and modern inventions have substantially lowered the costs of doing business.
That same increase in population helps to explain why wages - primarily unskilled labor - has remained so low. There are fewer lowskilled jobs thanks to automation and outsourcing to 3rd world countries, and the unskilled labor pool has nearly doubled.
According to the U.S. Department of Education, 54% of U.S. adults 16-74 years old - about 130 million people - lack proficiency in literacy, reading below the equivalent of a sixth-grade level.Sep 9, 2020.
Illiteracy is costing the US trillions of dollars and people like you want to reward the illiterate by removing any incentives they might have had to better themselves.
Fry cook at McDonald's is a part time job for a highschool kid or a college student, not a career for someone with a family.
We are fucked. Writing after the 2024 election.
Wages have gone up for those people willing to skill up.
That is total bullshit, and also not everyone is able to. Do they not deserve to live I dignity also? I can guess your answer, Scrooge.
@@debbielockhart7762
They don't deserve to have the government force other people to provide for them that which they are either unwilling or unable to provide for themselves.
$1,000 a month gets the boot off the average person's throat.
don't say trickle down economics doesn't work. it works well for the people on top.
At least he doesn't make the usual, pathetic, boilerplate claims about being self made.
Truckers live at their jobs.the Christopher fund is designed to help poor truckers.something is very wrong.fix it
According to the U.S. Department of Education, 54% of U.S. adults 16-74 years old - about 130 million people - lack proficiency in literacy, reading below the equivalent of a sixth-grade level.Sep 9, 2020
So you think we should reward people for doing nothing?
You are hell bent on pushing your bullshit agenda.
Did this so-called "expert" just say that ecosystems are unstable and not self-correcting? Ecosystems are almost the perfect example of a functioning free market, because they're both all about natural equilibriums. When a natural equilibrium is disturbed too much by an outside force, that's what causes problems to ripple through the interconnected web of something like an ecosystem. Somehow the environmentalist types seem to understand this perfectly well when it comes to natural ecosystems, but when it comes to a free market economy they seem to think intervention from an outside force is the only possible good. The fact that he explicitly brought up the ecosystem example even though it's almost a perfect case in point against his entire 45-minute argument shows that this man does not really grasp what he's talking about, and his arguments should be viewed with a healthy dose of skepticism.
Can't believe someone "CAN'T" grasp the thoughts perfectly laid out in the speech. It's so clear and explained in the simplest term. Unbelievable! In my country's language, we'll call you.."bobo".
@@akosiwaray1837 Yeah? That's interesting, because in my language, we just call you misinformed lol. How about you do a little research on the other side of this argument before you naively assume that everything that they said in this video is correct. Maybe you should read some Thomas Sowell or something, then you might be able to really talk about economics, and actually make a real argument instead of just saying "I can't believe you don't understand it!" and calling me names. Just a word of advice from, what did you call it, a "Bobo?" Lol
Hahahaha, and now you're making yourself a clown. Nice try. Try playback maybe 100 times. Please, do yourself a favor and don't be an embarrassment okay?
@@akosiwaray1837 "Try playback maybe 100 times"
I have no idea what that is supposed to mean, that's actually not even a proper sentence.
Also, I can guarantee you I'm not embarrassing myself, and I can guarantee that if you had done as I suggested and looked up Thomas Sowell, you would find that you were the one that was actually embarrassed here.
@@zse4cft6bhu8mko0hahahahaha.ok.