Tuesday, December 22, 2015

At least one venture capitalist wants to raise the minimum wage

See this article on Nick Hanauer, who thinks it should be $15 hourly. 

"Dramatically raising workers’ wages, Hanauer argues, won’t lead to fewer jobs, as his opponents claim. It will lead to more jobs, because workers who have more money will create demand for more products and services, thereby creating a 'positive feedback loop' of prosperity. He and Liu call their theory 'middle-out economics,' a term President Obama began using during his 2012 campaign, juxtaposing it with the 'trickle-down' ideas of the right. In this, they are appealing to the self-interest, rather than the charitable sense, of the rich. 'It is not a case based on niceness and compassion; it is a case based on winning,' Liu told me."

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