13:29 - the fact he pointed out the minimum is $7.25 back 10 years ago and it hasn’t changed in 10 years while prices of food, rent and utilities are doubled is crazy. Why are people not seeing this and voting against their own interests because gay bathrooms, Christian values and gender equality is more of the issue. Wake up people!!!
These people have been warned (by their peers) for over a decade to change their ways. It has gotten worse and the responsibility for personal safety is now put onto the plutocrat. You cannot blame the peasant for wanting to eat or figuring out who stole their family's food.
@@dwhitman3092those with money are able to utilize the internet to alter public discourse and cause the people to vote against their own best interests, remember Cambridge Analytica and the documentary/exposé The Great Hack
@@gappuma7883the SAME is a stretch bud. Both support the status quo of skimpy regulations and corrupted institutions, yes. But republicans block anything before is can even reach the floor seems to stifle everything. The party of loopholes, not logic. Both have their fair share of elite benefiting massively, but one seems to support growing inequality directly, while also calling for more law enforcement to keep in order, their f***** up system. My qualms with the left is that they turned a revolutionary party, into a reformist one, ultimately slowing progress. But the common denominator has seemed to be the right wing not even come to the table to discuss such things. Have a good day.
He spoke true of the feelings or attitudes, but he didn't believe it enough to do anything about it. He had the option to use himself as an example and give larger salaries, but he has chosen not to.
They still don't care though, even people like Nick Hanauer. They just worry about losing their wealth so they are willing to give a few more crumbs away to have even more bread in the future for themselves.
@@RichardChappell1 if he were to do so he would cost value in the immediate and be removed by the board. There is no solution to this problem unfortunately. We’ve learned this “lesson” all through its history and keep repeating the mistake because it’s human nature to operate that way.
@@fenreer01 It is more than just regulation vs deregulation. Regulations in the banking sector are generally there to prevent economic upheaval. But if you look at healthcare or the legal profession, you will find that the regulations that are instituted happen to be backed by large companies so as to restrict any and all other forms of competition. There are good and there are bad regulations, the distinction of which comes down to whoever is writing the regulation and whomever they are truly beholden.
I saw it as the warning I knew was coming since 97. I had a brief conversation with a mortgage broker and she was telling me how they are squeezing out the middle class. Actions have consequences.
Not yet but I’m afraid it’ll be soon. Afraid because the risk of a feeding frenzy blood bath as those that followed the French Revolution or the Russian Revolution of 1917 is probable or some derivation of the years of strife which ended Apartheid in South Africa. Worse yet, we are poised upon the brink of a police state in which on-violent civil protest will soon be criminalized. Taking back the values of our Republic will be a struggle in the extreme, but one we must engage in. I’m a Vietnam veteran. I have witnessed the horror of civil war. As an historian i am vividly aware of the horrific cost of our own civil war, the war between the states that cost more American lives than did our participation in WWI, WWII, Grenada, Panama, Desert Storm, Operation Iraqi Freedom, Afghanistan and all of our operations elsewhere combined. I fear the plutocracy and kleptocracy now unleashed. I fear narcissists whose only god is greed and lust for power like Musk who has largely bought his way into the dismantling of our government. The pitchforks are coming. I pray we may restoration of our justice system in a covenant to equal justice for all rather than what we have now: the best damned legal system money can buy. I pray that compassion will preserve our social security system, our veterans programs, the funding of and restoration of classic liberal education (not the tropes and lies about what a classical educational system is, the continued provision for a social safety net, and for livable wages and honoring the rights of labor to fight for and secure its fair share of the economic pie. As those rights and privileges are diminished and our civil liberties abridged as planned and touted by the incoming administration I fear an eventual bloodbath in response. I grew up in the 1950’s and early ‘60’s when extraordinary progress was made; where labor was paid comfortable wages and corporations took their responsibility to ensure the well being of employees and the communities in which they prospered. I’m a proponent of Keynesian economics in a mixed economy we then enjoyed where the laws and culture of the nation stopped corporatist excesses. Much of that has eroded and now the shards remaining are under assault. This plutocrat honestly laid bare both plutocratic excesses and power mongering. He was prescient in the extreme. I fear anarchy and pray, like we did in 1776, that we find a moral code, reason and hope in an experiment that honors the lofty words of our Declaration of Independence. All governments are flawed, some far more than others. It is my hope that we can right the injustices and erosion of our people’s economic franchise, civil rights, equity in franchise where money doesn’t buy our downfall and we once again enjoy what I did in my youth : to pursue a rewarding quality of life imbued with faith in our institutions and hope for the future. While my hope wains I will resist, I will fight back. Not at the point of a gun, but with a firm resolve of what’s possible in a civil discourse and struggle for those things. I’m pushing eighty, in poor health but will continue to live up to my pledge to myself to die all used up in pursuit of a vision of possibility. That’s worth the journey.
Not yet but I’m afraid it’ll be soon. Afraid because the risk of a feeding frenzy blood bath as those that followed the French Revolution or the Russian Revolution of 1917 is probable or some derivation of the years of strife which ended Apartheid in South Africa. Worse yet, we are poised upon the brink of a police state in which on-violent civil protest will soon be criminalized. Taking back the values of our Republic will be a struggle in the extreme, but one we must engage in. I’m a Vietnam veteran. I have witnessed the horror of civil war. As an historian i am vividly aware of the horrific cost of our own civil war, the war between the states that cost more American lives than did our participation in WWI, WWII, Grenada, Panama, Desert Storm, Operation Iraqi Freedom, Afghanistan and all of our operations elsewhere combined. I fear the plutocracy and kleptocracy now unleashed. I fear narcissists whose only god is greed and lust for power like Musk who has largely bought his way into the dismantling of our government. The pitchforks are coming. I pray we may restoration of our justice system in a covenant to equal justice for all rather than what we have now: the best damned legal system money can buy. I pray that compassion will preserve our social security system, our veterans programs, the funding of and restoration of classic liberal education (not the tropes and lies about what a classical educational system is, the continued provision for a social safety net, and for livable wages and honoring the rights of labor to fight for and secure its fair share of the economic pie. As those rights and privileges are diminished and our civil liberties abridged as planned and touted by the incoming administration I fear an eventual bloodbath in response. I grew up in the 1950’s and early ‘60’s when extraordinary progress was made; where labor was paid comfortable wages and corporations took their responsibility to ensure the well being of employees and the communities in which they prospered. I’m a proponent of Keynesian economics in a mixed economy we then enjoyed where the laws and culture of the nation stopped corporatist excesses. Much of that has eroded and now the shards remaining are under assault. This plutocrat honestly laid bare both plutocratic excesses and power mongering. He was prescient in the extreme. I fear anarchy and pray, like we did in 1776, that we find a moral code, reason and hope in an experiment that honors the lofty words of our Declaration of Independence. All governments are flawed, some far more than others. It is my hope that we can right the injustices and erosion of our people’s economic franchise, civil rights, equity in franchise where money doesn’t buy our downfall and we once again enjoy what I did in my youth : to pursue a rewarding quality of life imbued with faith in our institutions and hope for the future. While my hope wains I will resist, I will fight back. Not at the point of a gun, but with a firm resolve of what’s possible in a civil discourse and struggle for those things. I’m pushing eighty, in poor health but will continue to live up to my pledge to myself to die all used up in pursuit of a vision of possibility. That’s worth the journey.
He makes so many great points, as in, which bares repeating: “For thousands of years those stories were called divine right. Today, we have trickle down economics. How obviously, transparent & self-serving all of this is. We plutocrats need to see that the United States of America made us, not the other way around; that a thriving middle class is the source of prosperity in capitalist economies not a consequence of it.”
I remember seeing this a few years ago. It made sense then but of course, his warning wasn’t heeded. I’m old enough to have been just starting out under Reagan’s trickle down economics. It was a stupid idea then too. A few years ago, the state of Kansas tried the trickle down economy under the guy who advised Reagan. It was a disaster. In just a couple of years, their credit rating was trashed, service and budget cuts were required and the standard of living in the state was seriously impacted. Businesses didn’t want to invest and people didn’t want to move there. It was an example of not learning from past mistakes and expecting different results. It is time we stop allowing people who are only concerned about their own future to run our country. These next 4 years are going to be horrific financially for the average person.
@@katmandudawn8417 “Brownbackistan”, right? It’s absurd how that wasn’t turned into a national rallying cry by Democrats. Or… not so absurd if you see if them as controlled opposition.
It all comes down to who people vote for and they keep voting for the GOP, even though it is against their own best economic interests. Ronald Reagan is the one who put all the economic strategies in place to make the rich get rich and the poor get poorer. He literally came up with the buzz words "Trickle Down Economics". Well, how's that been working for us?
The top 1% accounted for 30% of the nation's wealth at the end of the fourth quarter of 2023. So the 1% hit 30% in 8 years and 22 years before Nick Hanauer projected. The economy did get super charged, and that made the rich richer.
This popped up just now in my feed. 10 years ago. Just wow…… this needs to be sent to everyone in the business world, especially those in corporate America.
He said it was by 2030 that the 1% would have more than 30% of the wealth. Well it’s almost 2025 and they currently hold over 31% of the wealth. He was right about it getting worse, it just got worse faster.
And luck. He's not wrong about that. There's plenty of other people who work hard with a high tolerance for risk who are destitute because the dice didn't land their way. His class is textbook survivorship bias. I know business owners who took big calculated risks and it paid big. I know more of them where it didn't work and they lost everything. The failures follow behind the auctioneer watching their life's work be sold for pennies on the dollar. They don't host ted talks.
Investing and any kind of venture capitalism involves risk...especially when you got more to lose. But there's a perk to the wealthy, the losses are insured. One way or another the small guy is propping the rich guy.
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.
@@redhedkev1 Hopefully this was a sarcastic attack on Republicans, but you should know that most Democrats are scarcely better. There is only one party; it's GREEN, and not the environmentalist kind.
"...and on the shell casings, the words Deny, Defend, and Depose were inscribed." "Delay, Deny, Defend" by Jay M. Feinman This book critiques the practices of insurance companies, highlighting how they often delay claims, deny valid requests, and defend their actions through litigation. It provides insights into systemic issues in the insurance industry and advice for consumers on how to protect themselves from such practices"
@@johndoetobabylon7037 Nope... "Evidence collected from the scene of the shocking shooting include shell casings with the words "deny," "defend" and "depose" written on them, according to police sources." - ABC News
@@JedWhitten yes, thus UBI. But the methodology and transition period should be pretty brutal with lots of disagreement from all the major parties involved: 1. government officials 2. the rich 3. the educated electorate 4. the uneducated electorate And I'm not even suggesting each group above will quickly settle into some consensus agreement.
How about sharing with the ppl who got you there...i.e. employees and buyers. Profit sharing, bonuses...that are fair to create pride in ppl who work for your profit. Simple...not complex like you make it. Too bad there is greed & power involved in plutocracy. You may buy less...dang you only bought 1 yacht. Sorry, not sorry.
Any well-read observer would have seen this coming since the 80s. Plenty of the rich people who kicked off the neoliberal period were old and betting they’d be dead by the time the instability started
He wasn't wrong that this happens every time there is inequality. That's why most of us history lovers have been feeling really anxious cause things could get crazy and dark.
@@youtubeviewer8968 And they were right! It's been 40 years. You have to be 25 years to be a representative in the US. Senator depends on state, but most are 30 although some do allow 18 year olds but that is the exception. So those same people in the 80s are now at least 65 to 70 year old. If they haven't retired yet, they are about to be. Just toss the hot potato for future generations to deal with.
And yet, a woman now sits in jail, because she said Deny, Delay, Depose in a phonecall with Blue Cross. I think the police state is coming before the pitch forks. And we elected it with eyes wide open 😢
I didn’t elect it. I think people who are listening to what Trump calls the fake news. Like Fox five. They are the ones who are not telling the truth. It’s just so ridiculous. Look at what Trump done the first time around. What a mess he left the country in and Biden and Harris had to clean it up. People aren’t looking at the truth anymore. I don’t understand why anyone would want him to be the president again. But here we are again and I don’t know what to say.
What’s so amazing is that the average worker has no time to even consider these kinds of issues. Their struggle is to sustain life, not live it, not manage it, not thrive because of its abundance. The rich own everything worth owning, and their buying up distress, so that eventually they can own it all! 10,000 planet owners, 8-billion slaves to their collective debt.
@@kyrrzielshe also said you guys are next. that’s a vague threat at best. and as someone who worked in customer service even blatant threats are just handled by hanging up on the person. at most they might be labeled an uruly customer lol this was absolutely making an example out of her on behalf of the wealthy
The pitchforks are here and Luigi is king. We've had enough of trying to afford $11 eggs on $7.25 an hour, while working Amazon flex on the side just trying to scrape by, delivering mountains of Christmas gifts to your mansions with fountains and mile long driveways. It's time for a reckoning that should not end until every American is clothed, fed, warm, sheltered and is sharing in that wealth.
And as a fellow decade plus raver, our beloved community is just pissing our money away into these massive festivals that we admittedly ADORE but in the end are just hazy money pits. It's a problem I see in my booming local scene here. Friends going broke for merch and festival tickets, I wish any of the fam would listen. And I hope your username rings true and you aren't in the same boat🦕
Henry Ford even lowered the price of his cars as his costs were reduced. The Dodge Brothers sue him, arguing that money was supposed to go to shareholders. They won. It is established in law that the purpose of a corporation is to return maximum profit to the shareholder. There is zero obligation to a public interest.
I just saw a video about this. Yes the Dodge brothers won and it set a precedent, but paying shareholders first is not codified into a law. It's just that no company wants to test the precedent.
I think it will be awhile before we see another murder or any significant riot/protest. But, things will start slow... then snowballs and rapidly spiral out of control if things don't change. It will only become a more frequent event and society becomes less stable. Which quite frankly is good for no one, but when people have nothing to lose, instability isn't such a big concern compared to having food, housing, healthcare, and utilities.
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.
@In Her Blues - Two good general introductions to the subject - though from different perspectives - are Eric Cline, 1177 B.C. - The Year Civilization Collapsed, and Jared Diamond, Collapse: How Societies Choose to Fail or Succeed. Bruce Trigger et al., Ancient Egypt: A Social History, provides a more scholarly treatment of the subject from an Egyptological viewpoint. Additionally, Edward Gibbons’ classic, The Rise and Fall of The Roman Empire (though published almost 250 years ago) is still remarkably relevant.
But your whole field is tainted by the mark of capitalism. So your expertise is pretty useless. Sorry. "How societies CHOOSE to fail or succeed" xD FFS bourgeois academics I swear...
I was taught almost everything Nick said in this video at Woodward Parkway Elementary School back in the late 1960s. Apparently America drank the Reagan Kool-Aid in the 1980s.
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.
Funny, I quit my job at Fed Ex as I got paid by the stop and my stops dropped by 50% along with my pay. Now I am farming to sell vegetables and fruit on the side of the road. True story.
Yeah, but it been over 100 degrees outside for the last four weeks and you bring home about $50 week. Home is a tent in the woods that you hope is hide good enough to be there at night. Healthcare and retirement plans are a far distant dream. So, the voices in your head drives to save enough to score enough Fentanyl to put an end to your miserable fucking life.
Brilliant, in Australia the minimum wage is $19.49 per hour for a 38 hour week plus 4 weeks annual leave, we have the world record for the longest period of economic growth, 27 years.
and a per capita GDP that has been reducing for decades ... if Australia didn't have mining it would be a 3rd world country ... immigration is destroying Australias standard of living
@@jpbhastings It fell year on year from 2013-2016 about, but is coming back up, however even by 2020 isn't projected to be as high was it was in 2014. So I think that's what he is referring to.
@@hzuiel Yep, the main point I was trying to make was that we have had a high minimum wage for many years and it doesn't seem to have affected the economy, I live near Melbourne it has stacks of restaurants, eateries and cafe's which seem to be thriving even with a high minimum wage. I think that if you guys had a higher minimum wage it would be a boost to the economy, lots of people with more money to spend. Just my opinion, I'm no economist.
@@pablorages1241 Unlike Americans,who nearly killed ALL of it's native inhabitans,Australians and New Zealanders know that land does not belong to them but the native populations.If immigration is destroying Australia,maybe the whites should leave first.
It actually aged like the finest of wines he and his oligarch buddies can afford. But none of them listened to him. Now those pitchforks are being sharpened as we speak.
LOL damn that is so true. Poor Nick, bless his heart I wish he were correct in his assumption that they would also think a police state should be avoided at all costs.
My point exactly. And I don't buy that if pitchfork people were to take his fortune he wouldn't send fascist police/CIA/militias at us, not for a second. Plutocracy is a pathology.
10 years later and things have only gotten worse, and the plutocrats have lost their first member, who was quite frankly, heading a death panel, and has been responsible for thousands of lives that could have been helped, and bankrupted even more people. So I'll give him the same level of compassion that he deserves. 0.
All they have to do is pick up a damn book. But they do not read and when they come into some of these forums they come across as clueless 8th graders.
Blessed?? Because some mega rich guy is aware of neo-liberal economics and continues to do nothing about it except to carry on taking advantage of others? You need a reality check my friend.
@@kennycube5126 people who think they're the most intelligent on the internet love to throw the word "neo" around as if the world just learned about the concept of new. The fact that a rich guy is so willing to tell the story shows that nobody actually wants this system, not even the people taking advantage of it. Are you going to do anything, or just comment on internet posts?
Rewatching because there was so much more hope when this came out. This guy is worshipping inequality and still seems like a leftist today. We're cooked.
@@carlosm9111Well that's factually untrue. SOME rich don't want it this way. Not the majority or the most powerful. This video doesn't prove what you say it does.
Hah, you really don't believe that the other ones do not understand it? I would contend that they understand it very well, better than most in fact. It is just that they do not care. And that is different than any lack of understanding.
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?
+Chris Tindall A few do Chris, and I'm glad I work for one of them. And our company is doing quite well. In fact, because I'm treated well, I've never worked harder or cared more about our product and helping then customer than any job I've ever had. It's very reciprocal, and a damned shame other companies can't figure it out, and the government doesn't structure tax perks to foster it like they do with equipment investment.
+Chris Tindall The equipment doesn't need to be repressed so thoroughly that it never gets a moment to breathe and look around and become dissatisfied with its lot. Truly. rather than being MORE satisfied, as soon as you start treating your employees well enough that they are not absolutely desperate, they become MORE dissatisfied.
People only become dissatisfied truly when they are unappreciated, or expected too much of. People don't become dissatisfied when they feel like they are doing well, and paid fairly.
A little short sighted Ideology. If everything were automated Right Now as they say could be done. What do you do with 7 billion Un Employed people? Population is going to peak at 11 billion. search TED TALK'S FOR THAT VIDEO. We Need more jobs not less.
Well, he was telling the truth when he said he has a knack for seeing the future! This was 10 years ago... Dude was spot on. Let's hope he was also right about the pitchforks, 'cause that's the only way it will change.
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.
*And there you have it!* The reason WHY we have so many RICH Billionaires who are LIBERAL DEMOCRATS! They give the wealth of the middle-class to the poor so that the "Pitch Forks" stay away from their gates. THIS IS WHY THE MIDDLE-CLASS IS SHRINKING. They are Bleeding the middle-class dry at TAX TIME. Here's an idea. EXEMPT the poor FROM ALL taxes, including GAS TAX which is 80% of the price of gas! No more sales tax, no more income tax. This is the BEST way to help people earning under $30,000 a year.
Like all addictions, it's about chasing higher releases of dopamine in our brains. Now, imagine not a heroine addict, but a _CEO_ or board of directors chasing that dragon, and they hold people's livelihoods in the palm of their hands... Actually, we don't even need to speculate, considering the games industry, arguably the most profitable entertainment industry to date, has lost over 30,000 jobs since last year. All because investors wanted higher profit margins, thus "necessitating" the "trimming of fat". Talented, hard-working, passionate game makers, all gone for the sake of greed, their beautiful work scattered to the wind.
"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.
This guy is just another leftist tard. He has no idea what he is talking about. Anyone who uses the terms “trickle down economics” is a complete moron. There is no such thing as “trickle down economics”. It doesn’t exist as an economic theory. This guy is a complete fraud. Raising the minimum wage IS a tax on the middle class. He is a charlatan who is rich and trying to pull the ladder out for others. He is a moron. There is NOTHIG with with a wealth gap. You will never have equal outcomes. It’s impossible and evil to push for it (equity). Raising the minimum wage will hurt all small businesses. He is a fool.
It gets worse by the day www.google.com/amp/s/www.commondreams.org/news/2019/08/05/if-inequality-continues-grow-current-rate-richest-americans-will-own-100-us-wealth%3famp
this is why they want guns people.. "be a police state or the mobs are coming"..... want to fix this mental health problem, go after big pharma.... unconstitutional red flag laws and imprisonment is not a way to solve this... maybe we should be looking in to why a shooting always happens at the best times for anti gunners? who could love this country when we the people keep losing the rights that made this country great? we get treated like children, its sad... who really benefits from an unarmed america? china, russia, iran, and any other enemy of this country.. in ww2 the Japaneses didnt invade because we are an armed people and they where not talking the army but the people ie civilians... The referenced "letter" is claimed to be in the extensive personal files of Gordon W. Prange, the personal historian for Gen. Douglas MacArthur. The Yamamoto quote in this letter is said to be, "to invade the United States would prove most difficult because behind every blade of grass is an American with a rifle
Oh it has changed - the stress is higher and violence growing. Pressure and time makes gold or oil in the ground, but it makes mass graves on the surface
of course not. It's in the title, "...the pitchforks are coming...". Change will not come until the people on top are changed, specifically when their heads are separated from their shoulders. History shows repeatedly that economic inequality is punctuated at the end with a major war. The rich and powerful ignore their people, tighten their grip to hold on to their privilege. They'll stamp out free expression of legitimate greivances. They make peaceful change impossible thereby making violent revolution inevitable. China is currently showing the way of heavily regulated capitalism. In 40 years they've lifted 700 million of their own out of abject poverty. In 40 years the average Chinese has seen a 6 times increase of real income growth, in the same 40 years that Western wages have stagnated. In just over 10 years China has built ~29,000 km of high-speed rail, twice as much as the rest of the world combined. China has built up a space program on first principles since they've been explicitly excluded from Western space programs. They are the first to land anything on the far-side of the Moon. Since they look after the needs of their citizens there is little fear from the introduction of AI and general automation. The tune is diametrically opposite in the West with warnings of job loss. AI and automation alone will give China an irresistible advantage at least comparable to one country adopting roads and cars while another eschews them.
Here in Kansas City (and St Louis plus maybe a few other cities) we voted to raise the minimum wage like they did in Seattle and what happens? The Legislature in Jefferson City passed a law saying cities cannot raise their minimum wage above the State Minimum Wage. People protested and thus we got to vote on (and pass) Proposition B. Result? As a result, beginning January 1, 2019, the hourly minimum wage in Missouri will increase from $7.85 to $8.60, and will gradually increase by 85 cents per year until it reaches $12.00 per hour in 2023: 2020 - $9.45/hour. 2021 - $10.30/hour. 2022 - $11.15/hour. 2023 - $12.00/hour. There is a caveat though: Employers engaged in retail or service businesses whose annual gross income is less than $500,000 are not required to pay the state minimum wage rate. Employers not subject to the minimum wage law can pay employees wages of their choosing. (labor.mo.gov/DLS/MinimumWage). Tipped employees in 2020 will get $4.725 an hour. Agriculture seems to be an exception to the minimum wage (Section 290.507) and there are other exceptions (Section 290.500(3) of MO Labor Law)
That's because he is basically a joke. His message means nothing because it isn't about a class of people ("plutocrats") but about economic systems (neoliberalism and capitalism).
Harshit Madan tell that to all the colonial holdings of Britain, France, Purtugal, Spain Tell that to the thousands murdered because there was an incentive to do so Capitalism doesn't forbid murder Each ideology justifies who can be murdered In Socialism's, it's the wealthy In Capitalism's it's the bottom of society
wow. Am I ever late to the party.?! Time for this to be seen again - its message is even more timely now. Perhaps also time to start that pitch fork sharpening business. With fruit.
China is having it's own problems now. Their grow is slowing down and the system is corrupt and full of decay. Not to mention they will have their own problem when automation kicks in and millions are laid off
@Oh Kinawa I think the idea is about growth. The mindset adopted by people is that they need to keep getting more, but what happens when you hit the hard ceiling? It's just not a goal that makes sense.
@J K I don't trust the numbers from the Chinese government, but I could believe domestic sales are rising. I don't attribute American companies staying in China to them seeing a demand for their products, I think it's very clearly because it's the cheapest place they can get quality labor. GM, Apple, etc, all of those places are in China because it's cheap. China is definitely an "emerging market" whose consumer power is growing, however the only reason for this is the sheer amount of people there, not because it's in a particularly great economic situation.
They don't give a f--- bout pitchforks, they have mercs with snipers & AR15s. And the guys at the very top have drones & guided missles guarding their compounds :P
@@debbiemoses3565 Yang wants to absolve all student debt, force the greedy bastards at the top of huge companies to start paying living wages instead of just automating and laying off workers, and incentivize every company to stop causing health problems for profit (like investing in tobacco, or putting candy in schools, or other BS that profits at the expense of people's health) by forcing them to pay for medicare-for-all? If he does, he might just steal my vote away from Bernie.. cus Bernie has all those policies x.x
You cannot abolish greed more than you can abolish fear. Fear has been around for millions of years even before humans were around. Same for greed. It is an evolutionary trait.
As a substitute teacher, I showed this as part of a hasty lesson for a senior economics class. After I finished the video, a student said "This guy is an idiot!" I replied "How?" The student said "This is guy is stupid. He is an investor, not a business owner..." which went on to stimulate a discussion. The ultimate insight came when I asked the class "Who here works?" Many of the students raised their hand. "Do you think you get paid enough?" All of them unanimously said "NO!" I replied to them "Then why would you support a candidate that doesn't support a minimum wage increase?" The class went silent. There are not many moments like this in Education, but I am glad I was able to get away with this.
That's a weak argument. It's called the Fallacy of Relative Privation. Look it up. According to your logic then you would be completely fine with child labor and paying them, as many children around the world do, so your children shouldn't complain when they don't want to homework. Somewhere we drew the line as we didn't think it was moral to use child labor and pay them little. Same thing with the minimum wage. Everyone deserves enough to live, even if they are hamburger flippers.
Great example of a straw-man argument! I never said that ! Yet in reality, by exporting these jobs to countries that have lesser regulations, including wage and child labor regulation, we have done exactly that and side stepped all our labor laws! Sir you have inadvertently stepped into a moral trap with your straw-man argument. You have proved my point! Thank you!
Your initial comment was that you think US workers should be content with their wage if there are persons in other countries getting paid less. There are already built-in assumptions into the argument, being that you think US workers are paid enough and a comparison to other countries labor laws. You just said it's fair game to send our labor overseas since its cheaper to do so [sic] "Yet in reality.." What moral trap? What you're advocating is a race to the bottom.
I was paying students 15.00 an hour in the 1980's. They could work all summer and pay for a car or have enough for college costs. Now the students have life long debts that can never get paid.
Truth and honesty,....If only those words had true power to change this world of greed, lies and deception, this man is right, he is calling it out for what it is, But you cannot shame evil, it knows no shame! at least this mans soul is in tact,...more power to you Sir!
Sept. 2019: You're damn right the pitchforks are coming for you. Since you gave this talk large corporations had had their taxes cut in half. Trickle down economics is now on steroids. Income inequality is getting worse under Trump. There are more and more homeless living on our streets. A reckoning is coming, and I fear it is going to be horrible.
as it should be, these ppl busked from the labors of the hardworking. Ppl have more power than they think. All this time the rich influenced the gov and made the laws to benefit them.
Yep. I plan on starting up a pitchfork rental company for circumstances precisely like this. I’m kidding, of course, but given the current situation, I wouldn’t be surprised if something like that ended up being somewhat profitable.
Some of the worse victims of the plutocracy are Trump's staunchist supporters. Their pitchforks are out to use against people advocating economic fairness. I think America has reached a tipping point of stupidity that we may not recover from.
Bob Jones please elaborate on how trump did the opposite of what he promised. Be specific, I will absolutely join your side if you provide facts and the results of his action. Please be kind.
I've known this for years now: if other people have their needs met, they have far less reasons to try to take what is yours. Which makes my life immeasurably better even if nothing changes about my income or possessions. It's not only basic decency but also basic common sense to want everyone to at least have access to basic necessities. But if that were to happen, populist talking points would become impossible to maintain. Which is why it won't happen.
I love how every time he talks about some change that could be improved normal people’s lives, it’s framed in the context of how it would help businesses.
Right. That's the paradox here. He's only arguing for himself and the rest of the .01% of which he proudly admits to be a part. Yet they have regular people in his audience. Why??
He is right about the pitchforks, but the overall economic theory he advocates still clings to the unsustainable illusion of unlimited growth in a limited world made of limited resources, not to mention the increasing collateral damage of growth. At least he is aware of the crazyness of the current system and its self-defeating mechanism.
I don't think any of his argument surrounded the idea that we're working in an infinite field. Nowhere did he say capitalism is on a basis of magic and miracle, he likened it to evolutionary mechanisms. It's an important point you make though, especially so of the collateral damage of uncoordinated, blind, wreckless plunder - ourselves, our basis.
Not if we incentivize ecological adaptation (e.g., carbon tax, higher mpg standards, revival of conservation corps). Of course there are limitations to the world and its resources, but this has always been so. We cannot guarantee an infinitely perfect future, but at the same token we are not doomed. To concede the latter would be to grant humanity an excuse that it does not actually deserve. We can never make things best, but we can always make things better, and particularly now, when much of the problem is simply to avoid an obvious way of things becoming worse (i.e., extreme wealth concentration).
Mark Daniel he didn’t say it specifically, but it is implicit in capitalism. And I am pro-capitalist. But the problem of socialism is that you run out of other peoples money; the problem with capitalism is that you cannot grow infinitely. Capitalism is more adaptable. That’s the difference. It’s just that society likes to swing to extremes. So when capitalism starts to show its ugly side, it doesn’t get to correct itself. People just want to grab the profits - read: socialism.
@Karl Lentz Exactly. Here is the simplest easiest way for any Million or Billionaire who wishes to help another, write a damn check. You want to help others and think you are making to much?? Then get a list of names and just start writing checks. This seems to be a problem on both the left AND on the right, they both think the Government is the one to fix the issue. Whether it being through Welfare/Tax Cutes/etc they both think changing the government rules is whats needed. When in truth the only thing needed is for them to pull out their checkbook and a pen and start writing names and numbers.
Yes. But when people who are paid at 11/hr now are paid at $15/hr, people who are paid at $25/hr will be paid $32 USD or more (enough to touch the bottom of the middle class).
The jump from $7.25 to $15 should surprise no one because the min. wage was kept artificially low for decades. The only realistic LIVING wages are above $20/hour most places, and $25 in expensive NYC.
Then every babysitter should be pair $15.00 an hour. Sure, some babysitters are teenagers, some are people just wanting to add a little income or interest to their lives (they don't really need the money), but some people are trying to live on that babysitting money! Because a few babysitters need that money for survival, all babysitters should be paid $15.00 and if you can't afford it, too bad, either leave your kids home alone or stop going out for date night. If you can't afford both a dinner with your spouse and a very well paid babysitter, stay home. The super rich can easily afford the higher priced babysitters. The rest really on illegal sitters or or neglected children or no longer do anything that requires a sitter. All three of those choices are bad for society.
This is the most important video the plutocrats and white-collar cartels (e.g. UHC) never saw. It's ten years later and inequality is MUCH worse than Nick predicted, and things are about to get a whole lot worse starting Jan 20, 2025. D:
Liam Ashton More like nearly gone. Debt and statistics are shoring the working class both hourly & salary. Automation will soon limit career prospects to senior services, or military service. IMHO there is no need for, monetary, or govt, systems of control. The US standard of living being made from years of Racketeering, Genocide, and Murder, in the name of Manifest Destiny, Central Banking Debt Enslavement over all the Continents, will come at a severe price in the coming years.
Liam Ashton More like nearly gone. Debt and statistics are shoring the working class both hourly & salary. Automation will soon limit career prospects to senior services, or military service. IMHO there is no need for, monetary, or govt, systems of control. The US standard of living being made from years of Racketeering, Genocide, and Murder, Central Banking Debt Enslavement, over all the Continents, will come at a severe price in the coming years.
Healthy societies might thrive on disposable income of the middle class, but the "economy" itself doesn't. The wealthy can now get by quite easily without them.
If economic conditions hit a critical mass in America, he will be 100% correct. We think we are there now, but we have no idea what the bottom looks like. Sad part, its heading there.
If it happens, it's going to be so, so much worse than it was in 18th century france. The US will go from a post scarcity food supply to none to be found overnight. His fellow plutocrats will all be safe in their NZ bunkers. Too many systems that civilization depends on have gotten far too fragile. A small farm in the US now feeds 10,000 people a day. It won't take much destruction at all before there's no one alive who knows how to keep the lights on.
R iui day. They already have military equipment. Tanks down Broadway. Tanks down Main St. Tanks in every village. Tanks in every waspy asinine. Hamlet. The thing these cops are no better off than the rest of us but they will follow orders. Bahhh bahhhhh ahhhhhh bahhhhhhhh
I suggested Moscow Mitch was a criminal who should be tried and I thought guillotined - too much for Twitter. If Social media and legal procedures are not available - only violence or submission remains.
Duhizy...you people know stats. Really well. I know nothing other than how it affects society. I can see that people won t take arms as we are conditioned to believe it is our fault and we all get what we deserve. Those with mega money are mean, selfish, arrogant fucks and we are lucky not to be involved.
I don't know the answer. I don't know the solution. But I do know that Struggle sessions, guillotines, and purges might be coming real soon. And these decadent elites will finally be afraid. They may try to bolster civil wars and have the peasants fight each other, but as history shows, that will ultimately backfire once the people realize that we are all in the same boat.
Families are harder to enslave mentally than individuals with no familial ties. Nuclear families are weaker than large families, and tribes are stronger than clans. Ever wonder why the king forced or ancestors to live a completely different lifestyle? Where are our tribes and clans? Oh well, that's primitive anyways right?
An excellent talk by a millionaire with a conscience on TED. The crippling levels of wealth Inequality are killing the American Dream and are ultimately unsustainable. We either fix this with democracy or a revolution from tyranny is inevitable.
+Ole Olson Indeed, I am also very glad to see him living a modest life and putting all of his money back into the middle class...oh wait... he is just arguing to force businesses to pay everyone a specific wage by force of the government. That is clearly going to work in all areas of the country outside of a singular city that has one of the highest cost of living in the country.
+TheWeakMinded imagine back to the time when small businesses flourished because there was a thriving middle class with disposable income. We can have that back, but wages need to go up. People working 40 hours a week should not be living in poverty. It is one of those things that you don't know until you know (I sure didn't), but did you realize that the top 20 Americans own more wealth than the bottom 135,000,000 Americans own combined, assets included? The very tip-top of the economy is running away with nearly all the wealth. Hanauer's analysis is spot-on.
Brian Anderson The only people working 40hrs a week and living in poverty are people working jobs meant for teens in high school or jobs that require absolutely no skill. Did you ever bother to analyze why those people hold all that wealth? Even taking Hanauer for example, he invested the right money with the right companies and profited form it. What has he done with the money? I mean, he has helped employ everyone at a living wage as opposed to demanding other people pay more money to employees right?
+TheWeakMinded You need to watch his other video where he states the wealthy don't create lots of jobs, consumers do. Without consumers the wealthy cannot depend on themselves to buy their own products. Again try to find a society where large wealth inequality sustained itself, you won't see one. My company employees people but only at profit we all work overtime to make them rich just to sustain ourselves. The contractors we use in China have nets outside their buildings for the suicide jumpers its a matter of time before people revolt. Also I don't know of a job that doesn't require some type of labor, how much skill does it take my trash guy to load in the trash and push a button? Not much but he makes $14 an hour. Now how much skill does it take someone to walk them through resetting their cell phone and getting back all their contacts or setting up a network tether? Those customer service people make $9.50 per hour, my son is one of them...your logic is wrong.
Anybody here after the UnitedHealthcare CEO got assassinated?
I thought of this dude's talks right after.
🎉🎉🎉🎉🎉
"anyone here after" super fucking obvious recent event
@ Video is only 10 years old. Not recent. Maybe you just saw it and decided to make a stupid comment.
yes ,yes I am
13:29 - the fact he pointed out the minimum is $7.25 back 10 years ago and it hasn’t changed in 10 years while prices of food, rent and utilities are doubled is crazy. Why are people not seeing this and voting against their own interests because gay bathrooms, Christian values and gender equality is more of the issue. Wake up people!!!
Because half of America is stupid, just look at trump
You couldn't be more correct.
Not Christian values
@Andrea-nd8zu more wrong is more like it.
@@ChristopherDwigginscongrats on being the problem
These people have been warned (by their peers) for over a decade to change their ways. It has gotten worse and the responsibility for personal safety is now put onto the plutocrat. You cannot blame the peasant for wanting to eat or figuring out who stole their family's food.
trump comes to mind?
@@Gruin Right? And just a slight more people in America voted an Oligarchy into power.
@@dwhitman3092those with money are able to utilize the internet to alter public discourse and cause the people to vote against their own best interests, remember Cambridge Analytica and the documentary/exposé The Great Hack
@dwhitman3092 both parties are same
@@gappuma7883the SAME is a stretch bud. Both support the status quo of skimpy regulations and corrupted institutions, yes. But republicans block anything before is can even reach the floor seems to stifle everything. The party of loopholes, not logic. Both have their fair share of elite benefiting massively, but one seems to support growing inequality directly, while also calling for more law enforcement to keep in order, their f***** up system. My qualms with the left is that they turned a revolutionary party, into a reformist one, ultimately slowing progress. But the common denominator has seemed to be the right wing not even come to the table to discuss such things. Have a good day.
Saw this when it came out. It aged like wine and, as many say, the inequality has risen way faster than he anticipated.
It has aged like vinegar, not wine. Plutocrats by definition: government by the wealthy.
In this case it aged more like vinegar.
@@davidpetersen1maybe like a champagne cause that top is going to pop
It started the other day. The United Health CEO was the first to fall. But not the last.
Well, at least you make it pretty easy for the FBI to find you.
@@RichardChappell1FBI's gonna have to monitor a lot~ of suspects, then.
@@RichardChappell1FBI's gonna have a long~ list of people to monitor, then.
@@sashacurcic1719 It's getting that way when you advocate for muder.
@@sashacurcic1719 Meh. That's what computers are for. You forget, or seem to not be aware of the capabiity they have to track individuals.
TH-cam giving me gifts after a healthcare CEO was assassinated this morning.
This man spoke true but went unheard
He spoke true of the feelings or attitudes, but he didn't believe it enough to do anything about it. He had the option to use himself as an example and give larger salaries, but he has chosen not to.
They still don't care though, even people like Nick Hanauer. They just worry about losing their wealth so they are willing to give a few more crumbs away to have even more bread in the future for themselves.
You stole my line there buddy :)
FR FR
@@RichardChappell1 if he were to do so he would cost value in the immediate and be removed by the board. There is no solution to this problem unfortunately. We’ve learned this “lesson” all through its history and keep repeating the mistake because it’s human nature to operate that way.
16:47 "if it is well managed"
nail on the head.
capitalism didn't regulate itself, so the pitchforks will instead.
Why do you think the plutocrats are investing in robotics?
There it is.
Well-regulated. The more we deregulate, the worst things will get.
Unregulated capitalism becomes monopoly/oligarchy
@@fenreer01 It is more than just regulation vs deregulation. Regulations in the banking sector are generally there to prevent economic upheaval. But if you look at healthcare or the legal profession, you will find that the regulations that are instituted happen to be backed by large companies so as to restrict any and all other forms of competition. There are good and there are bad regulations, the distinction of which comes down to whoever is writing the regulation and whomever they are truly beholden.
@@An_Attempt lol "democracy"
I saw his first TED talk back in the day and knew he was trying to warn us all but not many were interested at that time. Nick is absolutely right!
I saw it as the warning I knew was coming since 97. I had a brief conversation with a mortgage broker and she was telling me how they are squeezing out the middle class. Actions have consequences.
10yrs later and it's open season on CEOs out here
Because his warnings were not heeded. The CEO's are literally in the Whitehouse now. The Coup by the new monarchy is complete.
Not yet but I’m afraid it’ll be soon. Afraid because the risk of a feeding frenzy blood bath as those that followed the French Revolution or the Russian Revolution of 1917 is probable or some derivation of the years of strife which ended Apartheid in South Africa.
Worse yet, we are poised upon the brink of a police state in which on-violent civil protest will soon be criminalized.
Taking back the values of our Republic will be a struggle in the extreme, but one we must engage in.
I’m a Vietnam veteran. I have witnessed the horror of civil war. As an historian i am vividly aware of the horrific cost of our own civil war, the war between the states that cost more American lives than did our participation in WWI, WWII, Grenada, Panama, Desert Storm, Operation Iraqi Freedom, Afghanistan and all of our operations elsewhere combined.
I fear the plutocracy and kleptocracy now unleashed. I fear narcissists whose only god is greed and lust for power like Musk who has largely bought his way into the dismantling of our government.
The pitchforks are coming. I pray we may restoration of our justice system in a covenant to equal justice for all rather than what we have now: the best damned legal system money can buy.
I pray that compassion will preserve our social security system, our veterans programs, the funding of and restoration of classic liberal education (not the tropes and lies about what a classical educational system is, the continued provision for a social safety net, and for livable wages and honoring the rights of labor to fight for and secure its fair share of the economic pie.
As those rights and privileges are diminished and our civil liberties abridged as planned and touted by the incoming administration I fear an eventual bloodbath in response.
I grew up in the 1950’s and early ‘60’s when extraordinary progress was made; where labor was paid comfortable wages and corporations took their responsibility to ensure the well being of employees and the communities in which they prospered. I’m a proponent of Keynesian economics in a mixed economy we then enjoyed where the laws and culture of the nation stopped corporatist excesses.
Much of that has eroded and now the shards remaining are under assault.
This plutocrat honestly laid bare both plutocratic excesses and power mongering. He was prescient in the extreme.
I fear anarchy and pray, like we did in 1776, that we find a moral code, reason and hope in an experiment that honors the lofty words of our Declaration of Independence.
All governments are flawed, some far more than others. It is my hope that we can right the injustices and erosion of our people’s economic franchise, civil rights, equity in franchise where money doesn’t buy our downfall and we once again enjoy what I did in my youth : to pursue a rewarding quality of life imbued with faith in our institutions and hope for the future.
While my hope wains I will resist, I will fight back. Not at the point of a gun, but with a firm resolve of what’s possible in a civil discourse and struggle for those things.
I’m pushing eighty, in poor health but will continue to live up to my pledge to myself to die all used up in pursuit of a vision of possibility. That’s worth the journey.
Not yet but I’m afraid it’ll be soon. Afraid because the risk of a feeding frenzy blood bath as those that followed the French Revolution or the Russian Revolution of 1917 is probable or some derivation of the years of strife which ended Apartheid in South Africa.
Worse yet, we are poised upon the brink of a police state in which on-violent civil protest will soon be criminalized.
Taking back the values of our Republic will be a struggle in the extreme, but one we must engage in.
I’m a Vietnam veteran. I have witnessed the horror of civil war. As an historian i am vividly aware of the horrific cost of our own civil war, the war between the states that cost more American lives than did our participation in WWI, WWII, Grenada, Panama, Desert Storm, Operation Iraqi Freedom, Afghanistan and all of our operations elsewhere combined.
I fear the plutocracy and kleptocracy now unleashed. I fear narcissists whose only god is greed and lust for power like Musk who has largely bought his way into the dismantling of our government.
The pitchforks are coming. I pray we may restoration of our justice system in a covenant to equal justice for all rather than what we have now: the best damned legal system money can buy.
I pray that compassion will preserve our social security system, our veterans programs, the funding of and restoration of classic liberal education (not the tropes and lies about what a classical educational system is, the continued provision for a social safety net, and for livable wages and honoring the rights of labor to fight for and secure its fair share of the economic pie.
As those rights and privileges are diminished and our civil liberties abridged as planned and touted by the incoming administration I fear an eventual bloodbath in response.
I grew up in the 1950’s and early ‘60’s when extraordinary progress was made; where labor was paid comfortable wages and corporations took their responsibility to ensure the well being of employees and the communities in which they prospered. I’m a proponent of Keynesian economics in a mixed economy we then enjoyed where the laws and culture of the nation stopped corporatist excesses.
Much of that has eroded and now the shards remaining are under assault.
This plutocrat honestly laid bare both plutocratic excesses and power mongering. He was prescient in the extreme.
I fear anarchy and pray, like we did in 1776, that we find a moral code, reason and hope in an experiment that honors the lofty words of our Declaration of Independence.
All governments are flawed, some far more than others. It is my hope that we can right the injustices and erosion of our people’s economic franchise, civil rights, equity in franchise where money doesn’t buy our downfall and we once again enjoy what I did in my youth : to pursue a rewarding quality of life imbued with faith in our institutions and hope for the future.
While my hope wains I will resist, I will fight back. Not at the point of a gun, but with a firm resolve of what’s possible in a civil discourse and struggle for those things.
I’m pushing eighty, in poor health but will continue to live up to my pledge to myself to die all used up in pursuit of a vision of possibility. That’s worth the journey.
That's only because they didn't listen.
@@dankelly2147thoughts and prayers sir, have some optimism! Hope is not a strategy. AEIOU
Agitate, educate, inoculate, organize, unionize or unify
He makes so many great points, as in, which bares repeating: “For thousands of years those stories were called divine right. Today, we have trickle down economics. How obviously, transparent & self-serving all of this is. We plutocrats need to see that the United States of America made us, not the other way around; that a thriving middle class is the source of prosperity in capitalist economies not a consequence of it.”
I remember seeing this a few years ago. It made sense then but of course, his warning wasn’t heeded.
I’m old enough to have been just starting out under Reagan’s trickle down economics. It was a stupid idea then too.
A few years ago, the state of Kansas tried the trickle down economy under the guy who advised Reagan. It was a disaster.
In just a couple of years, their credit rating was trashed, service and budget cuts were required and the standard of living in the state was seriously impacted.
Businesses didn’t want to invest and people didn’t want to move there.
It was an example of not learning from past mistakes and expecting different results.
It is time we stop allowing people who are only concerned about their own future to run our country.
These next 4 years are going to be horrific financially for the average person.
🤔 Interesting.
@@katmandudawn8417 “Brownbackistan”, right? It’s absurd how that wasn’t turned into a national rallying cry by Democrats. Or… not so absurd if you see if them as controlled opposition.
The most frustrating thing about this is how fixable it is, yet the people who can, refuse too.
Yup. Companies can afford to make less money yet they don’t even try.
It all comes down to who people vote for and they keep voting for the GOP, even though it is against their own best economic interests. Ronald Reagan is the one who put all the economic strategies in place to make the rich get rich and the poor get poorer. He literally came up with the buzz words "Trickle Down Economics". Well, how's that been working for us?
Defund the rich.
@WeticoLivesOn just well as democrats that don't actually solve these issues
But the people who most need it fixed act against their own interest.
His words are truly prophetic 10y ago. Unfortunately his fellow plutocrats haven’t been listening. Yes, they’re waiting for the pitchforks.
Well Luigi arrived and he turned in his pitch fork for a pew pew. (gun)
@@DWS1435 It has finally begun.
The top 1% accounted for 30% of the nation's wealth at the end of the fourth quarter of 2023. So the 1% hit 30% in 8 years and 22 years before Nick Hanauer projected. The economy did get super charged, and that made the rich richer.
That’s insane
He didn't factor in Covid.
@@UXtatic Did not forsee a certain president giving massive tax cuts for the rich or imposing tarrifs in 2017.
@@UXtaticthat’s a really smart observation, covid was an opportunity for them
It's all the money printing that went to all the rich...money makes more money it's just compound interest
This popped up just now in my feed. 10 years ago. Just wow…… this needs to be sent to everyone in the business world, especially those in corporate America.
They already know, they chose the "police state" option he talked about at the beginning.
@grindcoreninja6527 and they spend a lot of money to defend and shore up the oppressive and violent power of this choice
@@grindcoreninja6527Exactly, they know and they choose to give up nothing.
Don't forget the richie-rich politicians, who make the policies that enable the other plutocrats to keep so much of their money.
@@StopWhining491Eric Adams is case in point
He said it was by 2030 that the 1% would have more than 30% of the wealth.
Well it’s almost 2025 and they currently hold over 31% of the wealth. He was right about it getting worse, it just got worse faster.
60%
"I have an unusually high tolerance for risk"
You're a gambler with really well heeled connections.
Thats what that translates into.
@@Amy-u9g right. Facts.
@@Amy-u9g don't forget, "an intuition for the future." Insider trading much? Lol.
He's a gambler with other people's money.
And luck. He's not wrong about that. There's plenty of other people who work hard with a high tolerance for risk who are destitute because the dice didn't land their way. His class is textbook survivorship bias. I know business owners who took big calculated risks and it paid big. I know more of them where it didn't work and they lost everything. The failures follow behind the auctioneer watching their life's work be sold for pennies on the dollar. They don't host ted talks.
Investing and any kind of venture capitalism involves risk...especially when you got more to lose. But there's a perk to the wealthy, the losses are insured. One way or another the small guy is propping the rich guy.
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.
The Republicans are working on it, break time's over, get back to work, slacker.
@@redhedkev1 Hopefully this was a sarcastic attack on Republicans, but you should know that most Democrats are scarcely better. There is only one party; it's GREEN, and not the environmentalist kind.
darkskyinwinter thanks for this info.
incoming stock market collapse that'll reduce that number?
@@samsonthebarbarian5593 If you read the communist manifesto, you will discover you already live in a Communist country.
"...and on the shell casings, the words Deny, Defend, and Depose were inscribed."
"Delay, Deny, Defend" by Jay M. Feinman
This book critiques the practices of insurance companies, highlighting how they often delay claims, deny valid requests, and defend their actions through litigation. It provides insights into systemic issues in the insurance industry and advice for consumers on how to protect themselves from such practices"
No dummy it said deny defund depose
@@johndoetobabylon7037 Nope...
"Evidence collected from the scene of the shocking shooting include shell casings with the words "deny," "defend" and "depose" written on them, according to police sources." - ABC News
@@johndoetobabylon7037no, you're the dummy. literally just Google it. buffoon 😮💨
It's not just insurance. It's grocery, banking, property management, etc etc etc. All plutocrats and their supporters.
Thank you
10 years ago since I watched this? Thx algorithm and thanks, Luigi. Hope you inspire more pitchforkers.
Correct.
That Man's children and wife won't be thanking Luigi.
@@micheleemcdaniel389Boo hoo! Poor rich family! She’ll have a trophy husband in a month.
Absolutely!
@@micheleemcdaniel389I like to think about all the claims that guy denied. Being a father doesn't absolve you of being a horrible person, sorry.
They were warned. 10 years ago they were warned to change their ways and they ignored it. What comes next is something for history to record.
👏🏻🥳
My brother used to say DECADES AGO: If the King doesn't toss enough food over the wall for the peasants to survive, they will COME FOR HIM.
It's called a jubilee or forgiveness of debt otherwise the pitchforks become sold out
When the people have nothing else to eat, they will eat the rich.
@@JedWhitten yes, thus UBI. But the methodology and transition period should be pretty brutal with lots of disagreement from all the major parties involved:
1. government officials
2. the rich
3. the educated electorate
4. the uneducated electorate
And I'm not even suggesting each group above will quickly settle into some consensus agreement.
How about sharing with the ppl who got you there...i.e. employees and buyers. Profit sharing, bonuses...that are fair to create pride in ppl who work for your profit. Simple...not complex like you make it. Too bad there is greed & power involved in plutocracy.
You may buy less...dang you only bought 1 yacht. Sorry, not sorry.
Yes, but these über wealthy kings don’t have to live here. They have palaces elsewhere, and many are anonymous- the peasants don’t recognize them.
WELL THIS WAS PROPHETIC
History repeats itself over and over, if you look it is all prophetic. Extreme wealth inequality destroys civilisation’s.
Any well-read observer would have seen this coming since the 80s. Plenty of the rich people who kicked off the neoliberal period were old and betting they’d be dead by the time the instability started
He wasn't wrong that this happens every time there is inequality. That's why most of us history lovers have been feeling really anxious cause things could get crazy and dark.
@@youtubeviewer8968 And they were right! It's been 40 years. You have to be 25 years to be a representative in the US. Senator depends on state, but most are 30 although some do allow 18 year olds but that is the exception. So those same people in the 80s are now at least 65 to 70 year old. If they haven't retired yet, they are about to be. Just toss the hot potato for future generations to deal with.
Prophetic and pathetic, pathetic because it didn't change anything.
And yet, a woman now sits in jail, because she said Deny, Delay, Depose in a phonecall with Blue Cross. I think the police state is coming before the pitch forks. And we elected it with eyes wide open 😢
she did say more than that that added context to turn it into more of a threat, but still a very questionable move given the mood all around.
I didn’t elect it. I think people who are listening to what Trump calls the fake news. Like Fox five. They are the ones who are not telling the truth. It’s just so ridiculous. Look at what Trump done the first time around. What a mess he left the country in and Biden and Harris had to clean it up. People aren’t looking at the truth anymore. I don’t understand why anyone would want him to be the president again. But here we are again and I don’t know what to say.
They're lighting our torches and sharpening our pitchforks for us.
What’s so amazing is that the average worker has no time to even consider these kinds of issues. Their struggle is to sustain life, not live it, not manage it, not thrive because of its abundance. The rich own everything worth owning, and their buying up distress, so that eventually they can own it all! 10,000 planet owners, 8-billion slaves to their collective debt.
@@kyrrzielshe also said you guys are next.
that’s a vague threat at best. and as someone who worked in customer service even blatant threats are just handled by hanging up on the person. at most they might be labeled an uruly customer lol this was absolutely making an example out of her on behalf of the wealthy
The pitchforks are here and Luigi is king. We've had enough of trying to afford $11 eggs on $7.25 an hour, while working Amazon flex on the side just trying to scrape by, delivering mountains of Christmas gifts to your mansions with fountains and mile long driveways. It's time for a reckoning that should not end until every American is clothed, fed, warm, sheltered and is sharing in that wealth.
🙌🏻
And as a fellow decade plus raver, our beloved community is just pissing our money away into these massive festivals that we admittedly ADORE but in the end are just hazy money pits. It's a problem I see in my booming local scene here. Friends going broke for merch and festival tickets, I wish any of the fam would listen. And I hope your username rings true and you aren't in the same boat🦕
So glad to see this TED making the rounds again.
Catch me reviewing Luigi Mangione's watch history.
As long as it's not "Ted" 🐻 ...
Henry Ford even lowered the price of his cars as his costs were reduced. The Dodge Brothers sue him, arguing that money was supposed to go to shareholders. They won. It is established in law that the purpose of a corporation is to return maximum profit to the shareholder. There is zero obligation to a public interest.
And that must change.
I just saw a video about this.
Yes the Dodge brothers won and it set a precedent, but paying shareholders first is not codified into a law. It's just that no company wants to test the precedent.
@@daniellee7108 That’s why Non profits should be running health care
@@waterandafter Let's say it's incorporated into precedent that there is no public interest requirement. We rely on their generosity. 🤣
@@preeyakumari-i2q Absolutely. Making a profit on caring for the sick or imprisoning people is in itself a sickness.
Elon Musk: I disapprove this message.
Luigi Mangione: Hold my beer.
I’m keeping my fingers crossed! 🤞😁
4:36 That’s why they are protecting the CEOs now instead of affordable healthcare.
Everything he is saying is utterly obvious. But it is invisible to those blinded by ideology.
Jack Cade Does not Matter. Capitalism is like cancer. it will ultimately run its course and consume itself.
Oleg Khaghani All systems' contain the seeds of their own destruction.
Pat Spray A Truism!
Pat Spray A Truism!
Communism is nothing more than State controlled capitalism. Democratic Socialism is another critter entirely.
The French Revolution shows us what happens to those who aquire and abuse. Viva la revolution.
Well said Kcotte
👍👍
But that revolution ended up with Robespierre, and the terror. But I agree we can't keep a liberal democracy, with so much poverty.
Try storming the Bastille when the guards have 50 cal machine guns, body armour and nightvision goggles...
French revolution was caused by tax hikes and excessive government spending, opposite of capitalism.
The CEO of United Health Care found out!
I think it will be awhile before we see another murder or any significant riot/protest. But, things will start slow... then snowballs and rapidly spiral out of control if things don't change. It will only become a more frequent event and society becomes less stable. Which quite frankly is good for no one, but when people have nothing to lose, instability isn't such a big concern compared to having food, housing, healthcare, and utilities.
When people have nothing else to lose they’ll come for them.
He got pitchforked lol
3:12 didn’t even take 30 years, only 10. Imagine the next 10 if this continues
It will not continue.
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.
spiritof1776 - You must mean, ‘BS’, not ‘Bs’. Orthography is important: even for morons.
@In Her Blues - Two good general introductions to the subject - though from different perspectives - are Eric Cline, 1177 B.C. - The Year Civilization Collapsed, and Jared Diamond, Collapse: How Societies Choose to Fail or Succeed. Bruce Trigger et al., Ancient Egypt: A Social History, provides a more scholarly treatment of the subject from an Egyptological viewpoint. Additionally, Edward Gibbons’ classic, The Rise and Fall of The Roman Empire (though published almost 250 years ago) is still remarkably relevant.
@In Her Blues - 👍
But your whole field is tainted by the mark of capitalism. So your expertise is pretty useless. Sorry.
"How societies CHOOSE to fail or succeed" xD
FFS bourgeois academics I swear...
I was taught almost everything Nick said in this video at Woodward Parkway Elementary School back in the late 1960s. Apparently America drank the Reagan Kool-Aid in the 1980s.
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.
Does any retailer offer a convenient installment plan on pitchforks? Better yet, garage sales! I'm sure they don't wear out easily.
Funny, I quit my job at Fed Ex as I got paid by the stop and my stops dropped by 50% along with my pay. Now I am farming to sell vegetables and fruit on the side of the road. True story.
Yeah, but it been over 100 degrees outside for the last four weeks and you bring home about $50 week. Home is a tent in the woods that you hope is hide good enough to be there at night. Healthcare and retirement plans are a far distant dream. So, the voices in your head drives to save enough to score enough Fentanyl to put an end to your miserable fucking life.
@@larrybeckham6652 geez better to pitchfork em
@unionjackess good for you l'm close myself
Brilliant, in Australia the minimum wage is $19.49 per hour for a 38 hour week plus 4 weeks annual leave, we have the world record for the longest period of economic growth, 27 years.
and a per capita GDP that has been reducing for decades ... if Australia didn't have mining it would be a 3rd world country ... immigration is destroying Australias standard of living
@@pablorages1241 tradingeconomics.com/australia/gdp-per-capita
@@jpbhastings It fell year on year from 2013-2016 about, but is coming back up, however even by 2020 isn't projected to be as high was it was in 2014. So I think that's what he is referring to.
@@hzuiel Yep, the main point I was trying to make was that we have had a high minimum wage for many years and it doesn't seem to have affected the economy, I live near Melbourne it has stacks of restaurants, eateries and cafe's which seem to be thriving even with a high minimum wage. I think that if you guys had a higher minimum wage it would be a boost to the economy, lots of people with more money to spend. Just my opinion, I'm no economist.
@@pablorages1241 Unlike Americans,who nearly killed ALL of it's native inhabitans,Australians and New Zealanders know that land does not belong to them but the native populations.If immigration is destroying Australia,maybe the whites should leave first.
Guess we chose the pitchforks. The Plutocrats did not listen.
You know things are bad when even the rich agree they have it too good.
Makes me think of Warren Buffet complaining that he pays less taxes than his secretary.
Haha! Exactly
only a vanishingly small minority of the rich, in this case. Don't get carried away.
Our time is a Golden Age of the Stockholder.
+movie guy99 to be fair, Warren Buffet is a pretty decent guy.
presently looking for venture capitol for pitch fork manufacture and distribution.
You took all the things and made it into one things. I do'd a laugh.
... you'll go bankrupt ... those supposed poor people are too comfortable to actually rebel ...and too lazy
Whizper2me with what money?
Funny comment! Hilarious!
Don' t forget my 3 week pitchfork mastery class with optional seminar. Ossu!
Well, this didn't age well.
After only TEN YEARS...
The top 1% now owns 30.8%; the top 10% owns 67%; and the bottom 50% now owns *just 2.5%.*
Or perhaps it aged TOO well
He predicted the trend correctly, even if he underestimated the degree of the slope
It actually aged like the finest of wines he and his oligarch buddies can afford.
But none of them listened to him.
Now those pitchforks are being sharpened as we speak.
😢
Did Covid speed up the process?
Man, this guy is like the Oracle, he saw Luigi coming from a decade away...
Why did this talk come to mind as the United Healthcare CEO news broke.
That was my second thought. After saying "and so it begins"
It came to the fore because it was prophetic and nobody listened when he said it.
Use ur noggin
Or after billionaires seized control of the media and bought an election?
Cause it is needed more than ever because the greedy were not interested. Has Luigi got their attentio? I sure hope so for their sake.
Bernie Sanders has been warning people about this for decades.
Good points, but I think you underestimate your colleagues' willingness to establish a police state...
LOL damn that is so true. Poor Nick, bless his heart I wish he were correct in his assumption that they would also think a police state should be avoided at all costs.
My point exactly. And I don't buy that if pitchfork people were to take his fortune he wouldn't send fascist police/CIA/militias at us, not for a second. Plutocracy is a pathology.
pkunkbwok it’s called Zionism
@@bible4truth
Hunh?
You seem to have started with some weird thingie going around in your brain and then tried to let it out for a walk.
At random.
@@bible4truth Israel will never be conquered and you are out of line.
10 years later and things have only gotten worse, and the plutocrats have lost their first member, who was quite frankly, heading a death panel, and has been responsible for thousands of lives that could have been helped, and bankrupted even more people. So I'll give him the same level of compassion that he deserves. 0.
You're too generous.
"The illiterate of the 21st century
will not be those who cannot read and write,
but those who cannot learn, unlearn, and relearn. ”
All they have to do is pick up a damn book. But they do not read and when they come into some of these forums they come across as clueless
8th graders.
Who said this quote?
@@dazeenme Alvin Toffler is credited with this quotation.
victim blaming. like it's my fault they changed how finn plays literally once per season while most other characters play the same...
Well if true, let's talk about AI my dear carbon based friend... Or silicon based perhaps?
Who else was blessed with this after Luigi ate?
Blessed?? Because some mega rich guy is aware of neo-liberal economics and continues to do nothing about it except to carry on taking advantage of others? You need a reality check my friend.
@@kennycube5126 people who think they're the most intelligent on the internet love to throw the word "neo" around as if the world just learned about the concept of new. The fact that a rich guy is so willing to tell the story shows that nobody actually wants this system, not even the people taking advantage of it. Are you going to do anything, or just comment on internet posts?
@@carlosm9111 Throwing it around? Lol. Go and have a read about neoliberalism and then come back to me.
Rewatching because there was so much more hope when this came out. This guy is worshipping inequality and still seems like a leftist today. We're cooked.
@@carlosm9111Well that's factually untrue. SOME rich don't want it this way. Not the majority or the most powerful.
This video doesn't prove what you say it does.
Hey look, a capitalist who actually understands capitalism
true...greed is the enemy..
Hah, you really don't believe that the other ones do not understand it? I would contend that they understand it very well, better than most in fact. It is just that they do not care. And that is different than any lack of understanding.
@@raymroz5806 it's a joke
@@ghostratsarah It certainly is.
@@ghostratsarah I did catch the joke btw....while I wasn't joking, I was being somewhat facetious as well. ;)
I watched this around 8 years ago. It's not a surprise it shows up on my feed again at the end of 2024.
His warnings will be ignored again.
Will it tho
Well... guess the pitchforks are here.
He did warn them
9mm.
Glockfork.
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?
+Chris Tindall A few do Chris, and I'm glad I work for one of them. And our company is doing quite well. In fact, because I'm treated well, I've never worked harder or cared more about our product and helping then customer than any job I've ever had. It's very reciprocal, and a damned shame other companies can't figure it out, and the government doesn't structure tax perks to foster it like they do with equipment investment.
+Chris Tindall The equipment doesn't need to be repressed so thoroughly that it never gets a moment to breathe and look around and become dissatisfied with its lot. Truly. rather than being MORE satisfied, as soon as you start treating your employees well enough that they are not absolutely desperate, they become MORE dissatisfied.
People only become dissatisfied truly when they are unappreciated, or expected too much of. People don't become dissatisfied when they feel like they are doing well, and paid fairly.
A little short sighted Ideology.
If everything were automated Right Now as they say could be done.
What do you do with 7 billion Un Employed people?
Population is going to peak at 11 billion.
search TED TALK'S FOR THAT VIDEO.
We Need more jobs not less.
We need fewer people, not more.
and on the 10th year, youtubes algorithm delivered the shot across the bow we need to hear back then......
Well, he was telling the truth when he said he has a knack for seeing the future! This was 10 years ago... Dude was spot on. Let's hope he was also right about the pitchforks, 'cause that's the only way it will change.
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.
Can you show me signs of a police state in the U.S? I'm assuming you are American. I will like to know what to look out for
phasedreality1 - this statement is obviously so correct three years later.
+Fatima Siad Have you had enough time to answer that now?
@Fatima, cops gunning down innocent citizens and trumping up charges on protestors.
*And there you have it!* The reason WHY we have so many RICH Billionaires who are LIBERAL DEMOCRATS! They give the wealth of the middle-class to the poor so that the "Pitch Forks" stay away from their gates. THIS IS WHY THE MIDDLE-CLASS IS SHRINKING. They are Bleeding the middle-class dry at TAX TIME.
Here's an idea. EXEMPT the poor FROM ALL taxes, including GAS TAX which is 80% of the price of gas! No more sales tax, no more income tax. This is the BEST way to help people earning under $30,000 a year.
money is like manure: in one big pile it just stinks; spread it around and it makes things grow.
like it! I am a gardener and I can certainly attest to this fact!!
Quote by -Jimmy Dore
What a bunch of crap...pun intended. Earn your own money and quit looking to others to take care of you.
Jan Morehart, you are ignorant.
i'll concur. but not when greedy fucks make tons of money at the cost of fucking over poor & working people.
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.
Yes. Notice how he clearly states he's not giving a "moral reason" for changing the Corp business model. It figures.
Exactly. It's more of a pragmatic "throw them some crumbs" reforms than a moral epiphany of how no one should go without life's essentials.
as do sloth and jealousy
@@pablorages1241 spoken like a true 1% er.
Like all addictions, it's about chasing higher releases of dopamine in our brains. Now, imagine not a heroine addict, but a _CEO_ or board of directors chasing that dragon, and they hold people's livelihoods in the palm of their hands... Actually, we don't even need to speculate, considering the games industry, arguably the most profitable entertainment industry to date, has lost over 30,000 jobs since last year. All because investors wanted higher profit margins, thus "necessitating" the "trimming of fat". Talented, hard-working, passionate game makers, all gone for the sake of greed, their beautiful work scattered to the wind.
Deny, Defend, Depose. And the man who wrote it became a folk hero.
We need to make sure everyone on the jury knows about jury nullification. Luigi sent a message and we need to make sure the 1% know we support it.
"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.
Economists are like ancient oracles, they're always right by being vague and constantly changing their forecasts.
Short version: economics is astrology for rich dudes.
This guy is just another leftist tard. He has no idea what he is talking about. Anyone who uses the terms “trickle down economics” is a complete moron. There is no such thing as “trickle down economics”. It doesn’t exist as an economic theory. This guy is a complete fraud. Raising the minimum wage IS a tax on the middle class. He is a charlatan who is rich and trying to pull the ladder out for others. He is a moron. There is NOTHIG with with a wealth gap. You will never have equal outcomes. It’s impossible and evil to push for it (equity). Raising the minimum wage will hurt all small businesses. He is a fool.
18:01
I’ve always felt that economics is the handmaiden of politics. Never more true than now.
a very very smart man, too bad his friends stopped listening 2 minutes into the show!. because nothing has changed since this video!.
Something did change: they called in the alt-right and are making sure that, one step at the time, the democracy is eroding
It gets worse by the day
www.google.com/amp/s/www.commondreams.org/news/2019/08/05/if-inequality-continues-grow-current-rate-richest-americans-will-own-100-us-wealth%3famp
this is why they want guns people.. "be a police state or the mobs are coming"..... want to fix this mental health problem, go after big pharma.... unconstitutional red flag laws and imprisonment is not a way to solve this... maybe we should be looking in to why a shooting always happens at the best times for anti gunners? who could love this country when we the people keep losing the rights that made this country great? we get treated like children, its sad... who really benefits from an unarmed america? china, russia, iran, and any other enemy of this country.. in ww2 the Japaneses didnt invade because we are an armed people and they where not talking the army but the people ie civilians... The referenced "letter" is claimed to be in the extensive personal files of Gordon W. Prange, the personal historian for Gen. Douglas MacArthur. The Yamamoto quote in this letter is said to be, "to invade the United States would prove most difficult because behind every blade of grass is an American with a rifle
Oh it has changed - the stress is higher and violence growing. Pressure and time makes gold or oil in the ground, but it makes mass graves on the surface
of course not. It's in the title, "...the pitchforks are coming...". Change will not come until the people on top are changed, specifically when their heads are separated from their shoulders.
History shows repeatedly that economic inequality is punctuated at the end with a major war. The rich and powerful ignore their people, tighten their grip to hold on to their privilege. They'll stamp out free expression of legitimate greivances. They make peaceful change impossible thereby making violent revolution inevitable.
China is currently showing the way of heavily regulated capitalism. In 40 years they've lifted 700 million of their own out of abject poverty. In 40 years the average Chinese has seen a 6 times increase of real income growth, in the same 40 years that Western wages have stagnated. In just over 10 years China has built ~29,000 km of high-speed rail, twice as much as the rest of the world combined. China has built up a space program on first principles since they've been explicitly excluded from Western space programs. They are the first to land anything on the far-side of the Moon. Since they look after the needs of their citizens there is little fear from the introduction of AI and general automation. The tune is diametrically opposite in the West with warnings of job loss. AI and automation alone will give China an irresistible advantage at least comparable to one country adopting roads and cars while another eschews them.
Seems his message isn't getting through. 5 years ago and I still make less than I did in 1998.
Charles .... time is changing ... you will see the change ... no worry. It is coming.
@Neil Heckman That revolution entered to the Capitalist society, it abolished Feudalism to enter Capitalism
At this point, pitchforks makes sense. What do we even have to lose? We are dying of stress working anyway.
Here in Kansas City (and St Louis plus maybe a few other cities) we voted to raise the minimum wage like they did in Seattle and what happens? The Legislature in Jefferson City passed a law saying cities cannot raise their minimum wage above the State Minimum Wage. People protested and thus we got to vote on (and pass) Proposition B. Result? As a result, beginning January 1, 2019, the hourly minimum wage in Missouri will increase from $7.85 to $8.60, and will gradually increase by 85 cents per year until it reaches $12.00 per hour in 2023: 2020 - $9.45/hour. 2021 - $10.30/hour. 2022 - $11.15/hour. 2023 - $12.00/hour. There is a caveat though: Employers engaged in retail or service businesses whose annual gross income is less than $500,000 are not required to pay the state minimum wage rate. Employers not subject to the minimum wage law can pay employees wages of their choosing. (labor.mo.gov/DLS/MinimumWage). Tipped employees in 2020 will get $4.725 an hour. Agriculture seems to be an exception to the minimum wage (Section 290.507) and there are other exceptions (Section 290.500(3) of MO Labor Law)
That's because he is basically a joke. His message means nothing because it isn't about a class of people ("plutocrats") but about economic systems (neoliberalism and capitalism).
I wish the system understood that, if CEO's took care of their workers. Their workers take care of those businesses
"I can pay one half of the working class to murder the other half" - Jay Gould.
True then. True now.
That's a socialist. Capitalism forbids murder.
Kind of like how Republicans and Democrats fail to see the Divide and Conquer going on. The rich are the enemies. Get those mofos.
Harshit Madan tell that to all the colonial holdings of Britain, France, Purtugal, Spain
Tell that to the thousands murdered because there was an incentive to do so
Capitalism doesn't forbid murder
Each ideology justifies who can be murdered
In Socialism's, it's the wealthy
In Capitalism's it's the bottom of society
@@derektorres3092 Great comment
Well that is how they broke songs of the slaves. We're still slaves until this day and Immigrants have it the worse.
This is actually happening right now in my country, Chile.
Pinochet did it right.
Also in Lebanon, Haiti, Venezuela,etc...
First it started in Ecuador
Wena qliao
@@harshitmadan6449 hahahahaha, that stupid did the contrary
Nice to see TED actually put this up..... not that it will make a blind bit of difference, of course.
10 yrs later....They didn't listen
And the difference it's making has begun
I lived in Seattle when minimum wage was increased, no one blinked an eye. It was a boon for everyone.
Nice to see TED finally put this up....two years later.
This is a new one he's done
TheMdog8
Same message though.
Koori Renchuu Agreed :)
wow. Am I ever late to the party.?! Time for this to be seen again - its message is even more timely now. Perhaps also time to start that pitch fork sharpening business. With fruit.
👀
Came back after what happened yesterday.
I used to ask "who will they sell to when we have no money left?"
Nice to see that they share the same concern
To China.
@@vienlacrose Chinese consumers have even less buying power. Most of China's economic "success" comes from exporting to other countries.
China is having it's own problems now. Their grow is slowing down and the system is corrupt and full of decay. Not to mention they will have their own problem when automation kicks in and millions are laid off
@Oh Kinawa I think the idea is about growth. The mindset adopted by people is that they need to keep getting more, but what happens when you hit the hard ceiling? It's just not a goal that makes sense.
@J K I don't trust the numbers from the Chinese government, but I could believe domestic sales are rising. I don't attribute American companies staying in China to them seeing a demand for their products, I think it's very clearly because it's the cheapest place they can get quality labor. GM, Apple, etc, all of those places are in China because it's cheap. China is definitely an "emerging market" whose consumer power is growing, however the only reason for this is the sheer amount of people there, not because it's in a particularly great economic situation.
Looks like his colleagues ignored him and doubled down on greed.
Andrew Yang has the near perfect antidote. Give him a chance, not much else seems to be working.
Could keep those pitchfork from coming.
They don't give a f--- bout pitchforks, they have mercs with snipers & AR15s. And the guys at the very top have drones & guided missles guarding their compounds :P
@@debbiemoses3565
Yang wants to absolve all student debt, force the greedy bastards at the top of huge companies to start paying living wages instead of just automating and laying off workers, and incentivize every company to stop causing health problems for profit (like investing in tobacco, or putting candy in schools, or other BS that profits at the expense of people's health) by forcing them to pay for medicare-for-all? If he does, he might just steal my vote away from Bernie.. cus Bernie has all those policies x.x
You cannot abolish greed more than you can abolish fear. Fear has been around for millions of years even before humans were around. Same for greed. It is an evolutionary trait.
We're tired of being pissed on. This guy's correct.
Hear that. Is it true, he got booted off Ted?
As a substitute teacher, I showed this as part of a hasty lesson for a senior economics class. After I finished the video, a student said "This guy is an idiot!" I replied "How?" The student said "This is guy is stupid. He is an investor, not a business owner..." which went on to stimulate a discussion. The ultimate insight came when I asked the class "Who here works?" Many of the students raised their hand. "Do you think you get paid enough?" All of them unanimously said "NO!" I replied to them "Then why would you support a candidate that doesn't support a minimum wage increase?" The class went silent. There are not many moments like this in Education, but I am glad I was able to get away with this.
They should work in a factory in China or Mexico for 6 months, like a few billion other humans do. then ask again-"Do you think you get paid enough?"
That's a weak argument. It's called the Fallacy of Relative Privation. Look it up. According to your logic then you would be completely fine with child labor and paying them, as many children around the world do, so your children shouldn't complain when they don't want to homework. Somewhere we drew the line as we didn't think it was moral to use child labor and pay them little. Same thing with the minimum wage. Everyone deserves enough to live, even if they are hamburger flippers.
Great example of a straw-man argument! I never said that ! Yet in reality, by exporting these jobs to countries that have lesser regulations, including wage and child labor regulation, we have done exactly that and side stepped all our labor laws! Sir you have inadvertently stepped into a moral trap with your straw-man argument. You have proved my point! Thank
you!
Your initial comment was that you think US workers should be content with their wage if there are persons in other countries getting paid less. There are already built-in assumptions into the argument, being that you think US workers are paid enough and a comparison to other countries labor laws. You just said it's fair game to send our labor overseas since its cheaper to do so [sic] "Yet in reality.." What moral trap? What you're advocating is a race to the bottom.
Yes race to the bottom...moron.
I was paying students 15.00 an hour in the 1980's.
They could work all summer and pay for a car or have enough for college costs. Now the students have life long debts that can never get paid.
For what job in the 80's
TED talks range from very interesting to complete waste of time. This is one of the most important.
...wastes of time...
Greetings from the future!
8 years later and not a damn thing has changed. Things have gotten significantly worse. Guess he's right about the pitchforks.
Yeah, eventually he may be right on that. .
How much money did he make during the plandemic I wondef
Update: 10 years later....
It changed…. The trajectory got worse. He thought it would get take 30 years, it didn’t even take 10.
How bad has it got for Trump,Musk Bezos,CEOS of Insurrance Companys.They eat steak ! We pay the taxes the get Government Contracts.
I watched this video when it first dropped. Relevant today 12/4/2024
Truth and honesty,....If only those words had true power to change this world of greed, lies and deception, this man is right, he is calling it out for what it is, But you cannot shame evil, it knows no shame! at least this mans soul is in tact,...more power to you Sir!
Sept. 2019: You're damn right the pitchforks are coming for you. Since you gave this talk large corporations had had their taxes cut in half. Trickle down economics is now on steroids. Income inequality is getting worse under Trump. There are more and more homeless living on our streets. A reckoning is coming, and I fear it is going to be horrible.
as it should be, these ppl busked from the labors of the hardworking. Ppl have more power than they think. All this time the rich influenced the gov and made the laws to benefit them.
Yep. I plan on starting up a pitchfork rental company for circumstances precisely like this.
I’m kidding, of course, but given the current situation, I wouldn’t be surprised if something like that ended up being somewhat profitable.
Some of the worse victims of the plutocracy are Trump's staunchist supporters. Their pitchforks are out to use against people advocating economic fairness. I think America has reached a tipping point of stupidity that we may not recover from.
Bob Jones please elaborate on how trump did the opposite of what he promised. Be specific, I will absolutely join your side if you provide facts and the results of his action. Please be kind.
Pitchforks are coming, horrible but necessary.
It has begun.
I am Spartacus!
❤
I am Spartacus!
@@usthem5059 Good, my plans are working. Which corporate devils are the two Spartacuses picking off?
I've known this for years now: if other people have their needs met, they have far less reasons to try to take what is yours. Which makes my life immeasurably better even if nothing changes about my income or possessions. It's not only basic decency but also basic common sense to want everyone to at least have access to basic necessities.
But if that were to happen, populist talking points would become impossible to maintain. Which is why it won't happen.
Who’s here in 2024
But….they chose the police state…
🖐️
I love how every time he talks about some change that could be improved normal people’s lives, it’s framed in the context of how it would help businesses.
He knows his target audience.
He said this was his message to other plutocrats.
They aren’t giving up that money unless something’s in it for them.
They are all weasels in business suits. Even when in their sympathy for the working classes.
Right. That's the paradox here. He's only arguing for himself and the rest of the .01% of which he proudly admits to be a part. Yet they have regular people in his audience. Why??
He is right about the pitchforks, but the overall economic theory he advocates still clings to the unsustainable illusion of unlimited growth in a limited world made of limited resources, not to mention the increasing collateral damage of growth.
At least he is aware of the crazyness of the current system and its self-defeating mechanism.
I don't think any of his argument surrounded the idea that we're working in an infinite field. Nowhere did he say capitalism is on a basis of magic and miracle, he likened it to evolutionary mechanisms. It's an important point you make though, especially so of the collateral damage of uncoordinated, blind, wreckless plunder - ourselves, our basis.
Not if we incentivize ecological adaptation (e.g., carbon tax, higher mpg standards, revival of conservation corps). Of course there are limitations to the world and its resources, but this has always been so. We cannot guarantee an infinitely perfect future, but at the same token we are not doomed. To concede the latter would be to grant humanity an excuse that it does not actually deserve. We can never make things best, but we can always make things better, and particularly now, when much of the problem is simply to avoid an obvious way of things becoming worse (i.e., extreme wealth concentration).
Mark Daniel he didn’t say it specifically, but it is implicit in capitalism. And I am pro-capitalist. But the problem of socialism is that you run out of other peoples money; the problem with capitalism is that you cannot grow infinitely. Capitalism is more adaptable. That’s the difference. It’s just that society likes to swing to extremes. So when capitalism starts to show its ugly side, it doesn’t get to correct itself. People just want to grab the profits - read: socialism.
@Goy George Sounds good lol. Read Marx, become REDpilled...literally redpilled. He predicted all of this that big brained smart boi :)
@Karl Lentz Exactly. Here is the simplest easiest way for any Million or Billionaire who wishes to help another, write a damn check. You want to help others and think you are making to much?? Then get a list of names and just start writing checks. This seems to be a problem on both the left AND on the right, they both think the Government is the one to fix the issue. Whether it being through Welfare/Tax Cutes/etc they both think changing the government rules is whats needed. When in truth the only thing needed is for them to pull out their checkbook and a pen and start writing names and numbers.
So becoming a part of the 1% was never about working hard, being smart, or any of the BS that conservatives say to defend billionaires.
Nobody earning $15 an hour is even close to the middle class.
Yes. But when people who are paid at 11/hr now are paid at $15/hr, people who are paid at $25/hr will be paid $32 USD or more (enough to touch the bottom of the middle class).
@@nartrof90 , you mean barely scrape the bottom surface, while standing on a ladder.
$15 an hour is too low and tipping is a con. Nobody can live on tips. At least he’s for improved wages.
Ying-Hua Chung you really don’t know what the middle class is lol
they never will be either
So why are corporations destroying the middle class?
Heard of a little thing called greed?
The jump from $7.25 to $15 should surprise no one because the min. wage was kept artificially low for decades. The only realistic LIVING wages are above $20/hour most places, and $25 in expensive NYC.
rocksteady56 you are an idiot. Increasing minimum wage to $25 in NYC will only make it more expensive to live there.
Look Australia 18 hr and very expensive to live here
Then every babysitter should be pair $15.00 an hour. Sure, some babysitters are teenagers, some are people just wanting to add a little income or interest to their lives (they don't really need the money), but some people are trying to live on that babysitting money!
Because a few babysitters need that money for survival, all babysitters should be paid $15.00 and if you can't afford it, too bad, either leave your kids home alone or stop going out for date night. If you can't afford both a dinner with your spouse and a very well paid babysitter, stay home.
The super rich can easily afford the higher priced babysitters. The rest really on illegal sitters or or neglected children or no longer do anything that requires a sitter. All three of those choices are bad for society.
Sameer Bopardikar not how economics works....
And the words “Deny”, “Defend”, “Depose” will be written on each of the three prongs of the pitchforks…
And in the history books
When are you going to have this conversation with Jeff Besoz the Koch brothers and Jaimie Diamond?
Bro, Jamie Dimon pays his employees above the average wage in any given sector. Not saying he's great just that he's better than a lot of them.
You forgot Warren Buffet.
David Koch dead at 79. Unfortunately he died in peace and not tortured as was his due.
帥哥
thanks to mother earth for except ING one of those koke brothers. for firtalizer.
One of the koch mf died
This is the most important video the plutocrats and white-collar cartels (e.g. UHC) never saw. It's ten years later and inequality is MUCH worse than Nick predicted, and things are about to get a whole lot worse starting Jan 20, 2025. D:
Healthy economies thrive on the disposable income of a prosperous middle class.
fromkentucky yes and the middle class now is slowly becoming lower class.
Liam Ashton
More like nearly gone. Debt and statistics are shoring the working class both hourly & salary. Automation will soon limit career prospects to senior services, or military service. IMHO there is no need for, monetary, or govt, systems of control. The US standard of living being made from years of Racketeering, Genocide, and Murder, in the name of Manifest Destiny, Central Banking Debt Enslavement over all the Continents, will come at a severe price in the coming years.
Liam Ashton
More like nearly gone. Debt and statistics are shoring the working class both hourly & salary. Automation will soon limit career prospects to senior services, or military service. IMHO there is no need for, monetary, or govt, systems of control. The US standard of living being made from years of Racketeering, Genocide, and Murder, Central Banking Debt Enslavement, over all the Continents, will come at a severe price in the coming years.
Healthy societies might thrive on disposable income of the middle class, but the "economy" itself doesn't. The wealthy can now get by quite easily without them.
@ Cristobal - false
If economic conditions hit a critical mass in America, he will be 100% correct. We think we are there now, but we have no idea what the bottom looks like. Sad part, its heading there.
If it happens, it's going to be so, so much worse than it was in 18th century france. The US will go from a post scarcity food supply to none to be found overnight. His fellow plutocrats will all be safe in their NZ bunkers. Too many systems that civilization depends on have gotten far too fragile.
A small farm in the US now feeds 10,000 people a day. It won't take much destruction at all before there's no one alive who knows how to keep the lights on.
🔥
He was way off on his prediction. It's already up to 40%
But he was right about the pitch forks
⛑️🔫
Over 5 years since this video was posted and the same issues are still accelerating...
True.
@Randy Rodes _"plutocrats"?_ plural?
Things got worse actually, Trump got elected!
the Wealthy throughout the History of the World understand only two things: Money and Bullets.
He cut taxes for lower middle income earners
I'm watching this in 2019 and can say Nick was right. The Police State is well entrenched here in the Land of the Free!
R iui day. They already have military equipment. Tanks down Broadway. Tanks down Main St. Tanks in every village. Tanks in every waspy asinine. Hamlet. The thing these cops are no better off than the rest of us but they will follow orders. Bahhh bahhhhh ahhhhhh bahhhhhhhh
I suggested Moscow Mitch was a criminal who should be tried and I thought guillotined - too much for Twitter. If Social media and legal procedures are not available - only violence or submission remains.
"The Police State is well entrenched here in the Land of the Free!"
I dont like getting given speeding fines either mate...
@@johnauner671 Agreed
Land of the free you are not !
The prophecy of Saint Luigi told by an unlikely prophet.
"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
LOL. Only expediting their downfall.
Duhizy...you people know stats. Really well. I know nothing other than how it affects society. I can see that people won t take arms as we are conditioned to believe it is our fault and we all get what we deserve. Those with mega money are mean, selfish, arrogant fucks and we are lucky not to be involved.
I don't know the answer. I don't know the solution. But I do know that Struggle sessions, guillotines, and purges might be coming real soon. And these decadent elites will finally be afraid. They may try to bolster civil wars and have the peasants fight each other, but as history shows, that will ultimately backfire once the people realize that we are all in the same boat.
@@Zelp789 quick invest 10million in pitchpforks!
@@Zelp789 - By the time the people realise they are all in the same boat most will be dead.
Wild this was 10 years ago. CEOs catching rounds. This guy DID see the future.
I just wanted to raise a family.
But families are not the priority of this economy.
Pretty hard to raise a family nowadays.
I did too, and I cant even afford to be a foster parent at this rate.
Families are harder to enslave mentally than individuals with no familial ties. Nuclear families are weaker than large families, and tribes are stronger than clans. Ever wonder why the king forced or ancestors to live a completely different lifestyle? Where are our tribes and clans? Oh well, that's primitive anyways right?
only sit at home stock owners matter now.
Labor creates wealth. Labor came before wealth and deserves the higher regard. --A. Lincoln.
Not non-POC familiez
To quote the “Talking Heads, ‘Same as it ever was.’” 10 years later and here we are.
An excellent talk by a millionaire with a conscience on TED. The crippling levels of wealth Inequality are killing the American Dream and are ultimately unsustainable. We either fix this with democracy or a revolution from tyranny is inevitable.
+Ole Olson Believe it or not he isn't even your regular millionaire...he is a damn billionaire.
+Ole Olson Indeed, I am also very glad to see him living a modest life and putting all of his money back into the middle class...oh wait... he is just arguing to force businesses to pay everyone a specific wage by force of the government. That is clearly going to work in all areas of the country outside of a singular city that has one of the highest cost of living in the country.
+TheWeakMinded imagine back to the time when small businesses flourished because there was a thriving middle class with disposable income.
We can have that back, but wages need to go up. People working 40 hours a week should not be living in poverty.
It is one of those things that you don't know until you know (I sure didn't), but did you realize that the top 20 Americans own more wealth than the bottom 135,000,000 Americans own combined, assets included?
The very tip-top of the economy is running away with nearly all the wealth. Hanauer's analysis is spot-on.
Brian Anderson The only people working 40hrs a week and living in poverty are people working jobs meant for teens in high school or jobs that require absolutely no skill.
Did you ever bother to analyze why those people hold all that wealth? Even taking Hanauer for example, he invested the right money with the right companies and profited form it. What has he done with the money? I mean, he has helped employ everyone at a living wage as opposed to demanding other people pay more money to employees right?
+TheWeakMinded You need to watch his other video where he states the wealthy don't create lots of jobs, consumers do. Without consumers the wealthy cannot depend on themselves to buy their own products. Again try to find a society where large wealth inequality sustained itself, you won't see one. My company employees people but only at profit we all work overtime to make them rich just to sustain ourselves. The contractors we use in China have nets outside their buildings for the suicide jumpers its a matter of time before people revolt. Also I don't know of a job that doesn't require some type of labor, how much skill does it take my trash guy to load in the trash and push a button? Not much but he makes $14 an hour. Now how much skill does it take someone to walk them through resetting their cell phone and getting back all their contacts or setting up a network tether? Those customer service people make $9.50 per hour, my son is one of them...your logic is wrong.
Like most common sense warnings completely ignored
No altruistic intent is going to interupt this cycle of corruption and greed.