Venture capitalist: Consumers create jobs, not ‘rich people like me’

Updated
Venture capitalist: Consumers create jobs, not 'rich people like me'
Venture capitalist: Consumers create jobs, not 'rich people like me'

ALERT!  This video is about to go viral…or at least it should.

In less than six minutes, venture capitalist Nick Hanauer does an amazing job of explaining why lowering taxes WON’T create jobs.  It is clear, concise, sourced and accessible to nearly all via YouTube.

Most importantly, it completely destroys the right-wing/Republican/Romney line that our country can magically create jobs by lowering taxes on the wealthy.

Hanauer, who is one of the first non-family investors in Amazon.com, made the argument at the TED (Technology, Entertainment and Design) Conference in Long Beach, California, in March.

His speech, deemed by some to be “too political,” was not released until yesterday (click here to read the transcript).

The multimillionaire points out that it’s not the 1% who create jobs, but the CONSUMER:  

“We’ve had it backwards for the last 30 years.  Rich people like me don’t create jobs. Jobs are a consequence of an eco-systemic feedback loop between customers and business and when the middle class thrives, businesses grow and hire, and owners profit. That’s why taxing the rich to pay for investments that benefit all is such a fantastic deal for the middle class and the rich.”

When you’re watching the video (at 2:04) you’ll notice Nick uses the same income disparity chart (or the “vulture” chart), that Ed uses a lot in the show.

Nick will be Ed’s guest tonight on The Ed Show at 8pET on msnbc! 

Venture capitalist: Consumers create jobs, not 'rich people like me'

Updated