Billionaire investor in Amazon Nick Hanauer makes a strong case for higher minimum wage
Sadly, no Republicans and few Democrats get this.
Capitalism, when well managed, is the greatest social technology ever invented to create prosperity in human societies. But capitalism left unchecked tends toward concentration and collapse. It can be managed either to benefit the few in the near term or the many in the long term. The work of democracies is to bend it to the latter. That is why investments in the middle class work. And tax breaks for rich people like us don’t. Balancing the power of workers and billionaires by raising the minimum wage isn’t bad for capitalism. It’s an indispensable tool smart capitalists use to make capitalism stable and sustainable. And no one has a bigger stake in that than zillionaires like us.
The Hanauer family, started in Germany selling feathers and pillows. They got chased out of Germany by Hitler and ended up in Seattle owning another pillow company. Three generations later, I [Nick Hanauer] benefited from that. Then I got as lucky as a person could possibly get in the Internet age by having a buddy in Seattle named Bezos.
Source: http://nextbigfuture.com/2014/07/billionaire-investor-in-amazon-nick.html
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