"If we don't do something to fix the glaring inequities in this economy, the pitchforks are going to come for us," wrote Nick Hanauer, who calls himself a proud and unapologetic member of the .01 percent crowd.
The serial entrepreneur, who sold aQuantive to Microsoft for $6.4B. isn't talking about the pitchfork crowd of former presidential candidate Pat Buchanan.
His 1,138 word epic, featured in Politico's July/August magazine, is referring to the growing chasm between the super-rich and the rest of us that is getting worse every day and headed to the days of pre-Revolutionary France. Wrote Hanauer: "our country is rapidly becoming less a capitalist society and more a feudal society.
Hanauer favors a "middle-out" economy as a tonic to the discredited "trickle-down" one, which "has so screwed the American middle class and our economy generally." His worldview represents "complex ecosystem made up of real people who are dependent on one another."
The author believes his fellow plutocrats are living in a dream world with their stay the course attitude.
He notes that revolutions, like bankruptcies, come gradually and then suddenly. "One day, somebody sets himself on fire, then thousands of people are in the streets, and before you know it, the country is burning. And then there's no time for us to get to the airport and jump our Gulfstream Vs and fly to New Zealand. That's the way it always happens. If inequality keeps rising as has been, eventually it will happen. We will not be able to predict when, and it will be terrible-for everyday. But especially for us."
Hanauer's piece is a must-read.