Posted: September 20, 2014
Michele Petrovsky Author
It sounds like the ultimate oxymoron, but it’s not. Rather, it’s the title of a thoughtful, well-received book: How the Poor Can Save Capitalism, by John Hope Bryant.
Bryant serves on the President's Advisory Council on Financial Capability for Young Americans; his book has been called brilliant and inspiring. In it, he makes a solid case that helping the poor and working-class is the best way to improve America’s economy in general.
Shades of food stamps and unemployment compensation helping America’s financial circumstances. Despite the concerns of the far right, those programs put about $1.70 back into circulation for every $1 paid out to needy individuals. Bryant takes that logic one step further by pointing out that, since most of our economy relies on consumer spending, and since the top spenders are actually the bottom 80% of the American workforce, aiding such folks would aid the economy at large.
Watch the 4-minute movie on How The Poor Can Save Capitalism here.
Posted by Natasha Eldridge, Senior Fellow, Office of the Chairman