Finally, A Rich American Destroys The Fiction That Rich People Create Jobs
Link to Business Insider article
The most important reason the theory that “rich people create jobs” is absurd, argues Nick Hanauer, the founder of online advertising company aQuantive, which Microsoft bought for $6.4 billion, is that rich people do not create jobs, even if they found and build companies that eventually employ thousands of people.
What creates the jobs, Hanauer astutely observes, is the company’s customers.
I used to believe this canard but have come to question it over the last few years. Given than I work directly for the 1% (and sometimes, the .1%), my professional experience reinforces this truism since I am well aware the impact a 1%’er can make building a house.
But on a macroeconomic scale, I don’t know if it’s really that true.
I’ve been thinking lately that if there were some tax increases on the most wealthy, by and large they will still build mega estates and spend their wealth.