So the stock market is at an all-time high. Also, unemployment is at an all-time low. Let’s pop the champagne, right? But not so fast, according to Facebook Co-Founder Chris Hughes. Facebook co-founder fights wealth inequality.
Furthermore, Hughes wrote the book Fair Shot: Rethinking Inequality and How We Earn. In it, he talks about reforming tax codes, but he mainly focuses a fair economy for all American workers. He says wealth inequality is worse than it was in the Great Depression era. Articles like this one back up his claims. But what does this have to do with computer technology and IT support? Hughes would tell you quite a bit.
Because he says mega tech companies, and technology in general, are helping keep working folks’ wages down. Also, add the threat of robots and AI tech taking jobs. So what to do? Hughes believes we should give a monthly tax credit of $500 a month to those making under $50,000 a year. That equals to $6,000 a year. In Hughes’ economy, that would be enough to generate spending and saving, growing the economy in both ways. He also challenges major tech companies, like Facebook, Amazon and Apple. He challenges mega tech companies to focus on workers, society and a better income, not just company profits.
Hughes mentioned the mass collection of data the big IT support companies get. But Hughes goes as far as saying these companies should create a wealth fund. Then, distribute that to the people according to the data they give, and the money it makes for the company. I like this idea better than the tax credit idea. I appreciate where Hughes is coming from, but this country is around $20 trillion in debt. And I doubt this Congress and US President is going to sign a law like that. I prefer the wealth fund idea, and any other way to fight wealth inequality. At least he’s addressing the issue, and I totally respect that. Don’t you wish more tech leaders fought wealth inequality?