The most convincing argument I've heard for raising the minimum wage. From a rich guy.
At first, I thought this was cool because here's a guy with nothing to gain from standing up for the less fortunate, but then he reveals what actually happens when our economy is more fair.
Even though most of us have probably never heard of him, Nick Hanauer is one of those famous/infamous rich dudes.
He's so rich he could be a rap lyric.
He's so rich he's not just in the 1% — he's in the 0.01% wealthiest Americans.
He's so rich he and his friends own a bank.
He's so rich he could use ground-up diamonds for salt.
He's so rich he was one of the first investors in Amazon.
Is he ashamed of that? Not really.
"I'm a proud, unapologetic capitalist."
"It feels like it's time we had a chat."
He's made his fortune by being able to see into the future a little better than the rest of us.
And what does he see?
Again, he's totally into making lot$a money and capitalism:
"You see, the problem isn't that we have some inequality. Some inequality is necessary for a high-functioning capitalist democracy.
The problem is that inequality is at historic highs today and it's getting worse every day. And if wealth, power, and income continue to concentrate at the very tippy top, our society will change from a capitalist democracy to a neo-feudalist rentier society like 18th-century France.
That was France before the revolution and the mobs with the pitchforks."
— Nick Hanauer
I guess he's just not that into pitchfork mobs.
"I have a message for my fellow plutocrats and zillionaires and for anyone who lives in a gated bubble world: Wake up."
— Nick Hanauer
Well, he's got my attention. And he has a very clear policy proposal for America:
Raise the minimum wage. Now.
In fact, he helped push for a way higher minimum wage in Seattle. And it passed!
Not only did they raise it ... they doubled it.
Now Seattle's minimum wage is $15 an hour.
Nick gave his warning to plutocrats as an excellent TED Talk, and I can't recommend it enough!
But if you're short on time, you don't wanna miss out on the "near-insane" idea he published in Forbes (10:00) and what happened when the whole city of Seattle put that idea into practice (13:00).