Nick Hanauer, venture capitalist and co-author of “The Gardens of Democracy,” tells “Viewpoint” host Eliot Spitzer why rising income inequality is “terrible for business,” describing how it threatens the future of the middle class and hinders job creation. Hanauer explains the conundrum of concentrated wealth: “I make, call it 1,000 times as much as the median wage, but I don’t buy 1,000 times as much stuff. My family owns three cars, not three thousand. I buy a few pairs of pants and shirts a year, just like most American men. I can’t make up for the falling demand of the tens of millions of middle class Americans who are out of work or the even greater number who are underemployed. They can’t afford any new cars or any meals out, and that’s the problem.”
