A Billionaire’s Warning: America’s Economic Inequality Means the Next Revolution
To the Point
KCRW
4.4 • 583 Ratings
🗓️ 20 December 2018
⏱️ 50 minutes
🧾️ Download transcript
Summary
Nick Hanauer is a billionaire. But he sees “the pitchforks coming” as the gap between “the 1%” and everyone else becomes a gaping chasm. How much longer can hedge funds profit at the expense of workers--and customers? How dire are the possible consequences as politicians go to court over an issue as fundamental as health care?
Transcript
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| 0:00.0 | Hello again, I'm Norman Alney. The gap between the rich and the poor in America is so vast, and it's growing so rapidly, that even some billionaires are predicting disaster. It's not just the end of the middle class, but the coming of a police state, perhaps even a revolution. If that sounds extreme, wait till you hear from one of the nation's |
| 0:22.7 | richest people. Nick Hanauer describes himself as a proud and unapologetic capitalist. |
| 0:29.9 | We're going to hear a lot from him in just a few moments. But first, a brief update on Obamacare, |
| 0:36.3 | which might or might not be an example of what he's talking about. |
| 0:39.1 | That, of course, is the system designed to extend health benefits to Americans who don't have insurance. |
| 0:44.6 | Since it was passed by Democrats only, it's been a target of Republicans. |
| 0:49.0 | And maybe they should have been more careful about what they wanted. |
| 0:52.0 | The Affordable Care Act was a major factor in this year's |
| 0:55.2 | blue wave victory against Republicans all over the country. Now, a federal judge in Texas has |
| 1:00.8 | overturned it, and that's led to fears that he might be upheld by the U.S. Supreme Court. |
| 1:06.6 | But the blue state of California is acting as if there's no problem. Dan Maureen covers the |
| 1:12.8 | story as a columnist at Cal Matters. Welcome as always. Hi, Warren. So the state of California |
| 1:19.9 | has actually extended the enrollment period and said, y'all come. Well, it sure has. |
| 1:37.5 | The enrollment closes Friday, but then there's further enrollment in January for coverage that would start February. |
| 1:48.3 | So California certainly has taken up this issue, confronted it. |
| 1:55.2 | You know, California's got 5 million people enrolled in, as a result of Obamacare, |
| 2:06.0 | and it collects about $25 billion from the feds to subsidize that expansion in various ways. |
| 2:10.5 | So this is an issue that truly does matter in California. The judge in Texas, Reid O'Connor, declared the Affordable Care Act in its entirely unconstitutional on rather shaky ground. |
| 2:19.5 | Many lawyers are arguing. |
| 2:21.7 | Well, certainly California is arguing that. |
| 2:26.8 | He did. |
| 2:28.3 | It's a 55-page opinion. |
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