Nick Hanauer is a very rich, wildly successful business man. His company, aQuantive, was purchased by Microsoft in 2007 for $6.4 billion. He founded gear.com, which merged with Overstock.com, and he was one of the first investors in Amazon.com in the 1990s.
Hanauer knows opportunity.
Hanauer also, it seems, both understands and is willing to articulate what most of our country’s wealthiest citizens refuse to acknowledge: that it is the middle class which creates jobs through demand, and that our country’s richest members of society need to be paying more in taxes so as not to undercut and destroy those Americans who ultimately determine our nation’s economic health.
Hanauer was interviewed recently by Henry Blodget of Yahoo! Finance, and it is an interview I highly recommend be viewed in its entirety. (I’ve embedded it below.)
Why? He displayed, in a number of shining moments, the type of progressive economic stances that our country needs to hear more from those within the one percent who view the current economic inequalities that exist in our country as both unsustainable and wrong.
Here’s Hanauer responding to the argument that taxing the rich at higher levels is akin to punishing the most productive members of society, those who drive job creation:
There’s this idea in our society that rich people are job creators, and if you tax them more, then they’ll create less jobs. This is simply a misunderstanding of how the economy works – it’s actually the middle class that creates the jobs with the demand that forces businesses to increase employment.