"For the last 20 years we've seen 75% of industries grow more concentrated. We've seen consumer options dwindle in certain areas. We've seen options for workers in many areas dwindle.

All of that means higher prices, and it means lower wages for workers as well. One study found that the combination... was costing the typical [US] family $5000 a year."

#BharatRamamurti, 2023

https://pitchforkeconomics.com/episode/bidenomics-with-bharat-ramamurti/

#podcasts #PitchforkEconomics #NickHanauer #Bidenomics

"I’m not asserting that everyone who subscribes to this “theory” secretly knows it isn’t true but says it anyway. On the contrary, the people who say it usually believe it... if you are a person who pays wages or are sympathetic to those who do so, the theory that if wages go up, employment comes down is a very attractive thing to believe and to promulgate. After all, if I run a business, your wages are my profits."

#NickHanauer, 2015

https://www.pbs.org/newshour/economy/economic-theory-science-scam

"The real magic of trickle-down economics, by the way, isn’t to convince people that if the rich get richer, that’s good for the economy and therefore good for you. The real power comes from convincing people that if the poor get richer, that will be bad for the economy and bad for you.

This is why economics is often less science and more scam."

#NickHanauer, 2015

https://www.pbs.org/newshour/economy/economic-theory-science-scam

#TrickleDownEconomics #Neoliberal #propaganda

"Thus, the claim that when wages go up for low-wage workers, employment will go down isn’t really a legitimate “theory.” Rather, it’s best understood as a claim designed to influence how people explain the world around them, and by doing so, control people’s behavior. I think of this so-called theory as more of a scam or a confidence game."

#NickHanauer, 2015

https://www.pbs.org/newshour/economy/economic-theory-science-scam

"There are no examples in the known universe in which force didn’t equal mass times acceleration. But the same cannot be said for the “theory” that if wages go up, employment will go down. It’s not always true. It’s not even that it’s almost always true—it isn’t even usually true."

#NickHanauer, 2015

https://www.pbs.org/newshour/economy/economic-theory-science-scam

#economics #MinimumWage

@BalooUriza
> Every NYT story lately [simping for the billionaire class needing to be richer]

I appreciated people like Nick Hanauer who break this pattern:

https://www.nytimes.com/2016/04/21/opinion/overtime-pay-a-lifeline-for-the-overworked-american.html

I wish I had more time to listen to the podcast where he interviews heterodox economists about why the wealthy need to pay more tax, minimum wages need to be higher, etc:

http://www.pitchforkeconomics.com

#podcasts #economics #PitchforkEconomics #NickHanauer

“these models are deeply and consistently wrong. But “wrong” doesn’t capture the true problem. The deeper problem is that these models are all wrong in the very same way, and in the same direction. They are wrong in a way that massively benefits the rich, and massively disadvantages everyone and everything else.” #NickHanauer https://prospect.org/economy/2023-04-05-six-ways-economic-models-killing-economy/ ht @lou

Nick Hanauer on Biden’s Middle Out economic policies.

“Biden has accomplished more to support working and middle-class Americans in his first two years in office than the last six presidents combined.”

“Because when the middle class does well, the poor have a ladder up and the wealthy still do very well. We all do well.”

https://prospect.org/economy/2023-02-09-biden-middle-out-agenda/

#economics #middleout #potus #biden #pitchforkeconomics #nickhanauer

“The economy is the operating system of the world, and if its a crappy operating system, you get a crappy result”
- Nick Hanauer

#pitchforkeconomics #economics #nickhanauer

@rbreich There is another relevant gap. If we compare inflation rates and salary growth rates over the past 2o y, we can observe a tough plumbing purchasing power. #NickHanauer from Seattle knows more.

Nick Hanauer - "a thriving middle class isn’t the consequence of economic growth, it is the cause of economic growth"

https://democracyjournal.org/arguments/welcome-to-the-winning-middle-out-era/

#NickHanauer #Equality