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Today in Labor History

May 3, 1930: President Herbert Hoover declares that the stock market crash six months earlier was just a "temporary setback" and the economy would soon bounce back. In fact, the Great Depression was to continue and worsen for several more years.

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The Wealthy Aren't Job Creators, Middle Class Workers Are
Posted On: Jun 12, 2013

June 12, 2013 | JOBS & THE ECONOMY | On Thursday, entrepreneur and self-described one-percenter Nick Hanauer warned Congress that rich people like him aren't the engines of the economy. In testimony before the Senate Banking Committee, he explained why, in fact, middle-class workers are the economy's real job creators: "…As an entrepreneur and investor, I have started or helped start, dozens of businesses and initially hired lots of people. But if no one could have afforded to buy what we had to sell, my businesses would all have failed and all those jobs would have evaporated." Indeed. Read the full story here.



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Updated: May. 02 (16:43)

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