1
00:00:01,458 --> 00:00:04,125
I am a capitalist,

2
00:00:05,458 --> 00:00:08,393
and after a 30-year career in capitalism

3
00:00:08,417 --> 00:00:10,934
spanning three dozen companies,

4
00:00:10,958 --> 00:00:14,309
generating tens of billions
of dollars in market value,

5
00:00:14,333 --> 00:00:20,208
I'm not just in the top one percent,
I'm in the top .01 percent of all earners.

6
00:00:21,500 --> 00:00:24,518
Today, I have come
to share the secrets of our success,

7
00:00:24,542 --> 00:00:28,726
because rich capitalists like me
have never been richer.

8
00:00:28,750 --> 00:00:31,375
So the question is, how do we do it?

9
00:00:32,292 --> 00:00:33,851
How do we manage to grab

10
00:00:33,875 --> 00:00:37,708
an ever-increasing share
of the economic pie every year?

11
00:00:38,875 --> 00:00:42,792
Is it that rich people are smarter
than we were 30 years ago?

12
00:00:43,833 --> 00:00:46,208
Is it that we're working harder
than we once did?

13
00:00:47,500 --> 00:00:50,000
Are we taller, better looking?

14
00:00:51,292 --> 00:00:52,542
Sadly, no.

15
00:00:53,542 --> 00:00:56,143
It all comes down to just one thing:

16
00:00:56,167 --> 00:00:57,417
economics.

17
00:00:58,250 --> 00:00:59,822
Because, here's the dirty secret.

18
00:01:00,667 --> 00:01:03,018
There was a time
in which the economics profession

19
00:01:03,042 --> 00:01:04,518
worked in the public interest,

20
00:01:04,542 --> 00:01:06,434
but in the neoliberal era,

21
00:01:06,458 --> 00:01:08,184
today,

22
00:01:08,208 --> 00:01:10,643
they work only for big corporations

23
00:01:10,667 --> 00:01:12,226
and billionaires,

24
00:01:12,250 --> 00:01:14,833
and that is creating
a little bit of a problem.

25
00:01:15,792 --> 00:01:19,601
We could choose to enact economic policies

26
00:01:19,625 --> 00:01:21,500
that raise taxes on the rich,

27
00:01:22,417 --> 00:01:26,268
regulate powerful corporations
or raise wages for workers.

28
00:01:26,292 --> 00:01:27,809
We have done it before.

29
00:01:27,833 --> 00:01:30,309
But neoliberal economists would warn

30
00:01:30,333 --> 00:01:34,351
that all of these policies
would be a terrible mistake,

31
00:01:34,375 --> 00:01:37,125
because raising taxes
always kills economic growth,

32
00:01:38,083 --> 00:01:40,351
and any form of government regulation

33
00:01:40,375 --> 00:01:42,059
is inefficient,

34
00:01:42,083 --> 00:01:44,458
and raising wages always kills jobs.

35
00:01:45,375 --> 00:01:47,458
Well, as a consequence of that thinking,

36
00:01:48,542 --> 00:01:52,768
over the last 30 years, in the USA alone,

37
00:01:52,792 --> 00:01:57,059
the top one percent has grown
21 trillion dollars richer

38
00:01:57,083 --> 00:02:02,518
while the bottom 50 percent
have grown 900 billion dollars poorer,

39
00:02:02,542 --> 00:02:06,434
a pattern of widening inequality
that has largely repeated itself

40
00:02:06,458 --> 00:02:07,934
across the world.

41
00:02:07,958 --> 00:02:12,601
And yet, as middle class families
struggle to get by

42
00:02:12,625 --> 00:02:16,518
on wages that have not budged
in about 40 years,

43
00:02:16,542 --> 00:02:20,684
neoliberal economists continue to warn
that the only reasonable response

44
00:02:20,708 --> 00:02:24,809
to the painful dislocations
of austerity and globalization

45
00:02:24,833 --> 00:02:27,625
is even more austerity and globalization.

46
00:02:28,708 --> 00:02:31,625
So, what is a society to do?

47
00:02:32,833 --> 00:02:35,726
Well, it's super clear to me
what we need to do.

48
00:02:35,750 --> 00:02:37,667
We need a new economics.

49
00:02:39,167 --> 00:02:43,226
So, economics has been described
as the dismal science,

50
00:02:43,250 --> 00:02:46,351
and for good reason,
because as much as it is taught today,

51
00:02:46,375 --> 00:02:47,976
it isn't a science at all,

52
00:02:48,000 --> 00:02:51,393
in spite of all
of the dazzling mathematics.

53
00:02:51,417 --> 00:02:54,601
In fact, a growing number
of academics and practitioners

54
00:02:54,625 --> 00:03:00,601
have concluded that neoliberal
economic theory is dangerously wrong

55
00:03:00,625 --> 00:03:04,226
and that today's growing crises
of rising inequality

56
00:03:04,250 --> 00:03:05,934
and growing political instability

57
00:03:05,958 --> 00:03:11,143
are the direct result
of decades of bad economic theory.

58
00:03:11,167 --> 00:03:17,143
What we now know is that the economics
that made me so rich isn't just wrong,

59
00:03:17,167 --> 00:03:19,184
it's backwards,

60
00:03:19,208 --> 00:03:21,143
because it turns out

61
00:03:21,167 --> 00:03:24,934
it isn't capital
that creates economic growth,

62
00:03:24,958 --> 00:03:26,208
it's people;

63
00:03:27,250 --> 00:03:32,018
and it isn't self-interest
that promotes the public good,

64
00:03:32,042 --> 00:03:33,292
it's reciprocity;

65
00:03:34,542 --> 00:03:38,809
and it isn't competition
that produces our prosperity,

66
00:03:38,833 --> 00:03:40,458
it's cooperation.

67
00:03:41,333 --> 00:03:46,351
What we can now see is that an economics
that is neither just nor inclusive

68
00:03:46,375 --> 00:03:50,768
can never sustain the high levels
of social cooperation

69
00:03:50,792 --> 00:03:53,434
necessary to enable
a modern society to thrive.

70
00:03:53,458 --> 00:03:56,042
So where did we go wrong?

71
00:03:57,250 --> 00:04:01,434
Well, it turns out
that it's become painfully obvious

72
00:04:01,458 --> 00:04:07,476
that the fundamental assumptions
that undergird neoliberal economic theory

73
00:04:07,500 --> 00:04:10,601
are just objectively false,

74
00:04:10,625 --> 00:04:14,434
and so today first I want to take you
through some of those mistaken assumptions

75
00:04:14,458 --> 00:04:20,500
and then after describe where the science
suggests prosperity actually comes from.

76
00:04:21,416 --> 00:04:25,559
So, neoliberal economic
assumption number one is

77
00:04:25,583 --> 00:04:30,018
that the market is
an efficient equilibrium system,

78
00:04:30,042 --> 00:04:36,059
which basically means that if one thing
in the economy, like wages, goes up,

79
00:04:36,083 --> 00:04:40,250
another thing in the economy,
like jobs, must go down.

80
00:04:41,333 --> 00:04:43,708
So for example, in Seattle, where I live,

81
00:04:44,958 --> 00:04:49,976
when in 2014 we passed
our nation's first 15 dollar minimum wage,

82
00:04:50,000 --> 00:04:54,417
the neoliberals freaked out
over their precious equilibrium.

83
00:04:55,375 --> 00:04:58,226
"If you raise the price
of labor," they warned,

84
00:04:58,250 --> 00:05:00,268
"businesses will purchase less of it.

85
00:05:00,292 --> 00:05:02,809
Thousands of low-wage workers
will lose their jobs.

86
00:05:02,833 --> 00:05:04,726
The restaurants will close."

87
00:05:04,750 --> 00:05:06,000
Except ...

88
00:05:07,000 --> 00:05:08,250
they didn't.

89
00:05:08,917 --> 00:05:12,125
The unemployment rate fell dramatically.

90
00:05:13,125 --> 00:05:16,018
The restaurant business in Seattle boomed.

91
00:05:16,042 --> 00:05:17,292
Why?

92
00:05:18,083 --> 00:05:20,500
Because there is no equilibrium.

93
00:05:21,917 --> 00:05:24,726
Because raising wages
doesn't kill jobs, it creates them;

94
00:05:24,750 --> 00:05:26,226
because, for instance,

95
00:05:26,250 --> 00:05:31,143
when restaurant owners are suddenly
required to pay restaurant workers enough

96
00:05:31,167 --> 00:05:35,184
so that now even they
can afford to eat in restaurants,

97
00:05:35,208 --> 00:05:37,226
it doesn't shrink the restaurant business,

98
00:05:37,250 --> 00:05:39,458
it grows it, obviously.

99
00:05:41,333 --> 00:05:42,601
(Applause)

100
00:05:42,625 --> 00:05:44,042
Thank you.

101
00:05:46,208 --> 00:05:48,458
The second assumption is

102
00:05:49,917 --> 00:05:54,893
that the price of something
is always equal to its value,

103
00:05:54,917 --> 00:05:58,476
which basically means
that if you earn 50,000 dollars a year

104
00:05:58,500 --> 00:06:01,434
and I earn 50 million dollars a year,

105
00:06:01,458 --> 00:06:05,750
that's because I produce
a thousand times as much value as you.

106
00:06:06,583 --> 00:06:08,226
Now,

107
00:06:08,250 --> 00:06:11,893
it will not surprise you to learn

108
00:06:11,917 --> 00:06:13,893
that this is a very comforting assumption

109
00:06:13,917 --> 00:06:16,601
if you're a CEO paying yourself
50 million dollars a year

110
00:06:16,625 --> 00:06:19,559
but paying your workers poverty wages.

111
00:06:19,583 --> 00:06:23,726
But please, take it from somebody
who has run dozens of businesses:

112
00:06:23,750 --> 00:06:26,143
this is nonsense.

113
00:06:26,167 --> 00:06:28,559
People are not paid what they are worth.

114
00:06:28,583 --> 00:06:31,851
They are paid what they have
the power to negotiate,

115
00:06:31,875 --> 00:06:34,643
and wages' falling share of GDP

116
00:06:34,667 --> 00:06:38,184
is not because workers
have become less productive

117
00:06:38,208 --> 00:06:41,375
but because employers
have become more powerful.

118
00:06:42,333 --> 00:06:43,601
And --

119
00:06:43,625 --> 00:06:45,208
(Applause)

120
00:06:47,167 --> 00:06:52,643
And by pretending that the giant imbalance
in power between capital and labor

121
00:06:52,667 --> 00:06:54,309
doesn't exist,

122
00:06:54,333 --> 00:06:58,059
neoliberal economic theory
became essentially

123
00:06:58,083 --> 00:07:00,333
a protection racket for the rich.

124
00:07:01,500 --> 00:07:04,018
The third assumption,
and by far the most pernicious,

125
00:07:04,042 --> 00:07:05,351
is a behavioral model

126
00:07:05,375 --> 00:07:09,226
that describes human beings
as something called "homo economicus,"

127
00:07:09,250 --> 00:07:14,476
which basically means
that we are all perfectly selfish,

128
00:07:14,500 --> 00:07:18,500
perfectly rational
and relentlessly self-maximizing.

129
00:07:19,958 --> 00:07:21,559
But just ask yourselves,

130
00:07:21,583 --> 00:07:25,393
is it plausible that every single time
for your entire life,

131
00:07:25,417 --> 00:07:27,601
when you did something
nice for somebody else,

132
00:07:27,625 --> 00:07:30,893
all you were doing
was maximizing your own utility?

133
00:07:30,917 --> 00:07:34,768
Is it plausible that when a soldier jumps
on a grenade to defend fellow soldiers,

134
00:07:34,792 --> 00:07:37,518
they're just promoting
their narrow self-interest?

135
00:07:37,542 --> 00:07:39,351
If you think that's nuts,

136
00:07:39,375 --> 00:07:42,476
contrary to any reasonable
moral intuition,

137
00:07:42,500 --> 00:07:44,309
that's because it is

138
00:07:44,333 --> 00:07:46,101
and, according to the latest science,

139
00:07:46,125 --> 00:07:47,768
not true.

140
00:07:47,792 --> 00:07:50,309
But it is this behavioral model

141
00:07:50,333 --> 00:07:53,601
which is at the cold, cruel heart
of neoliberal economics,

142
00:07:53,625 --> 00:07:57,309
and it is as morally corrosive

143
00:07:57,333 --> 00:07:59,851
as it is scientifically wrong

144
00:07:59,875 --> 00:08:04,934
because, if we accept at face value

145
00:08:04,958 --> 00:08:07,768
that humans are fundamentally selfish,

146
00:08:07,792 --> 00:08:10,018
and then we look around the world

147
00:08:10,042 --> 00:08:13,042
at all of the unambiguous
prosperity in it,

148
00:08:14,083 --> 00:08:16,934
then it follows logically,

149
00:08:16,958 --> 00:08:18,768
then it must be true by definition,

150
00:08:18,792 --> 00:08:22,643
that billions of individual
acts of selfishness

151
00:08:22,667 --> 00:08:26,684
magically transubstantiate
into prosperity and the common good.

152
00:08:26,708 --> 00:08:29,601
If we humans are merely
selfish maximizers,

153
00:08:29,625 --> 00:08:33,207
then selfishness
is the cause of our prosperity.

154
00:08:34,125 --> 00:08:36,726
Under this economic logic,

155
00:08:36,750 --> 00:08:38,707
greed is good,

156
00:08:39,667 --> 00:08:42,018
widening inequality is efficient,

157
00:08:42,042 --> 00:08:44,393
and the only purpose of the corporation

158
00:08:44,417 --> 00:08:46,893
can be to enrich shareholders,

159
00:08:46,917 --> 00:08:50,018
because to do otherwise
would be to slow economic growth

160
00:08:50,042 --> 00:08:51,833
and harm the economy overall.

161
00:08:53,333 --> 00:08:56,726
And it is this gospel of selfishness

162
00:08:56,750 --> 00:09:00,976
which forms the ideological cornerstone
of neoliberal economics,

163
00:09:01,000 --> 00:09:04,643
a way of thinking
which has produced economic policies

164
00:09:04,667 --> 00:09:08,393
which have enabled me and my rich buddies
in the top one percent

165
00:09:08,417 --> 00:09:12,375
to grab virtually all of the benefits
of growth over the last 40 years.

166
00:09:13,083 --> 00:09:14,934
But,

167
00:09:14,958 --> 00:09:17,018
if instead

168
00:09:17,042 --> 00:09:20,684
we accept the latest empirical research,

169
00:09:20,708 --> 00:09:24,059
real science, which correctly
describes human beings

170
00:09:24,083 --> 00:09:27,268
as highly cooperative,

171
00:09:27,292 --> 00:09:28,559
reciprocal

172
00:09:28,583 --> 00:09:31,518
and intuitively moral creatures,

173
00:09:31,542 --> 00:09:34,184
then it follows logically

174
00:09:34,208 --> 00:09:36,726
that it must be cooperation

175
00:09:36,750 --> 00:09:38,351
and not selfishness

176
00:09:38,375 --> 00:09:40,143
that is the cause of our prosperity,

177
00:09:40,167 --> 00:09:42,518
and it isn't our self-interest

178
00:09:42,542 --> 00:09:45,167
but rather our inherent reciprocity

179
00:09:46,250 --> 00:09:49,083
that is humanity's economic superpower.

180
00:09:49,833 --> 00:09:54,309
So at the heart of this new economics

181
00:09:54,333 --> 00:09:59,101
is a story about ourselves that grants us
permission to be our best selves,

182
00:09:59,125 --> 00:10:02,101
and, unlike the old economics,

183
00:10:02,125 --> 00:10:04,851
this is a story that is virtuous

184
00:10:04,875 --> 00:10:07,708
and also has the virtue of being true.

185
00:10:09,000 --> 00:10:10,893
Now,

186
00:10:10,917 --> 00:10:13,101
I want to emphasize
that this new economics

187
00:10:13,125 --> 00:10:15,768
is not something I have personally
imagined or invented.

188
00:10:15,792 --> 00:10:18,601
Its theories and models
are being developed and refined

189
00:10:18,625 --> 00:10:20,643
in universities around the world

190
00:10:20,667 --> 00:10:23,976
building on some of the best
new research in economics,

191
00:10:24,000 --> 00:10:25,893
complexity theory, evolutionary theory,

192
00:10:25,917 --> 00:10:29,018
psychology, anthropology
and other disciplines.

193
00:10:29,042 --> 00:10:33,851
And although this new economics
does not yet have its own textbook

194
00:10:33,875 --> 00:10:36,226
or even a commonly agreed upon name,

195
00:10:36,250 --> 00:10:38,268
in broad strokes

196
00:10:38,292 --> 00:10:42,458
its explanation of where prosperity
comes from goes something like this.

197
00:10:43,458 --> 00:10:48,018
So, market capitalism
is an evolutionary system

198
00:10:48,042 --> 00:10:50,476
in which prosperity emerges

199
00:10:50,500 --> 00:10:52,059
through a positive feedback loop

200
00:10:52,083 --> 00:10:57,018
between increasing amounts of innovation
and increasing amounts of consumer demand.

201
00:10:57,042 --> 00:11:01,667
Innovation is the process
by which we solve human problems,

202
00:11:02,583 --> 00:11:05,893
consumer demand is the mechanism
through which the market selects

203
00:11:05,917 --> 00:11:08,309
for useful innovations,

204
00:11:08,333 --> 00:11:11,559
and as we solve more problems,
we become more prosperous.

205
00:11:11,583 --> 00:11:15,559
But as we become more prosperous,

206
00:11:15,583 --> 00:11:17,393
our problems and solutions

207
00:11:17,417 --> 00:11:20,184
become more complex,

208
00:11:20,208 --> 00:11:23,351
and this increasing technical complexity

209
00:11:23,375 --> 00:11:27,893
requires ever higher levels
of social and economic cooperation

210
00:11:27,917 --> 00:11:30,809
in order to produce
the more highly specialized products

211
00:11:30,833 --> 00:11:35,125
that define a modern economy.

212
00:11:36,042 --> 00:11:40,726
Now, the old economics
is correct, of course,

213
00:11:40,750 --> 00:11:44,309
that competition plays a crucial role
in how markets work,

214
00:11:44,333 --> 00:11:46,434
but what it fails to see

215
00:11:46,458 --> 00:11:51,143
is that it is largely a competition
between highly cooperative groups --

216
00:11:51,167 --> 00:11:55,934
competition between firms,
competition between networks of firms,

217
00:11:55,958 --> 00:11:58,643
competition between nations --

218
00:11:58,667 --> 00:12:02,559
and anyone who has ever run
a successful business knows

219
00:12:02,583 --> 00:12:06,333
that building a cooperative team
by including the talents of everyone

220
00:12:07,792 --> 00:12:12,208
is almost always a better strategy
than just a bunch of selfish jerks.

221
00:12:13,417 --> 00:12:18,250
So how do we leave neoliberalism behind

222
00:12:20,458 --> 00:12:23,917
and build a more sustainable,
more prosperous

223
00:12:25,042 --> 00:12:28,018
and more equitable society?

224
00:12:28,042 --> 00:12:31,542
The new economics suggests
just five rules of thumb.

225
00:12:32,042 --> 00:12:38,583
First is that successful economies
are not jungles, they're gardens,

226
00:12:39,667 --> 00:12:43,351
which is to say that markets,

227
00:12:43,375 --> 00:12:46,167
like gardens, must be tended,

228
00:12:47,208 --> 00:12:51,934
that the market is the greatest
social technology ever invented

229
00:12:51,958 --> 00:12:53,434
for solving human problems,

230
00:12:53,458 --> 00:12:58,643
but unconstrained by social norms
or democratic regulation,

231
00:12:58,667 --> 00:13:02,018
markets inevitably create
more problems than they solve.

232
00:13:02,042 --> 00:13:03,309
Climate change,

233
00:13:03,333 --> 00:13:05,309
the great financial crisis of 2008

234
00:13:05,333 --> 00:13:07,042
are two easy examples.

235
00:13:07,500 --> 00:13:10,976
The second rule is

236
00:13:11,000 --> 00:13:15,000
that inclusion creates economic growth.

237
00:13:16,208 --> 00:13:18,768
So the neoliberal idea

238
00:13:18,792 --> 00:13:21,393
that inclusion is this fancy luxury

239
00:13:21,417 --> 00:13:25,917
to be afforded if and when we have growth
is both wrong and backwards.

240
00:13:27,208 --> 00:13:29,667
The economy is people.

241
00:13:30,667 --> 00:13:32,726
Including more people in more ways

242
00:13:32,750 --> 00:13:36,792
is what causes economic growth
in market economies.

243
00:13:37,875 --> 00:13:39,934
The third principle

244
00:13:39,958 --> 00:13:46,143
is the purpose of the corporation
is not merely to enrich shareholders.

245
00:13:46,167 --> 00:13:49,934
The greatest grift
in contemporary economic life

246
00:13:49,958 --> 00:13:52,934
is the neoliberal idea that
the only purpose of the corporation

247
00:13:52,958 --> 00:13:55,851
and the only responsibility of executives

248
00:13:55,875 --> 00:13:58,958
is to enrich themselves and shareholders.

249
00:13:59,958 --> 00:14:05,393
The new economics must and can insist

250
00:14:05,417 --> 00:14:07,143
that the purpose of the corporation

251
00:14:07,167 --> 00:14:10,059
is to improve the welfare
of all stakeholders:

252
00:14:10,083 --> 00:14:12,309
customers, workers,

253
00:14:12,333 --> 00:14:14,417
community and shareholders alike.

254
00:14:16,208 --> 00:14:18,226
Rule four:

255
00:14:18,250 --> 00:14:20,458
greed is not good.

256
00:14:22,583 --> 00:14:26,351
Being rapacious
doesn't make you a capitalist,

257
00:14:26,375 --> 00:14:28,434
it makes you a sociopath.

258
00:14:28,458 --> 00:14:30,893
(Laughter)

259
00:14:30,917 --> 00:14:35,018
(Applause)

260
00:14:35,042 --> 00:14:40,226
And in an economy as dependent
upon cooperation at scale as ours,

261
00:14:40,250 --> 00:14:44,375
sociopathy is as bad for business
as it is for society.

262
00:14:45,375 --> 00:14:46,625
And fifth and finally,

263
00:14:48,250 --> 00:14:50,667
unlike the laws of physics,

264
00:14:51,833 --> 00:14:55,375
the laws of economics are a choice.

265
00:14:56,542 --> 00:14:58,226
Now, neoliberal economic theory

266
00:14:58,250 --> 00:15:03,268
has sold itself to you
as unchangeable natural law,

267
00:15:03,292 --> 00:15:07,184
when in fact it's social norms
and constructed narratives

268
00:15:07,208 --> 00:15:08,667
based on pseudoscience.

269
00:15:09,917 --> 00:15:13,434
If we truly want a more equitable,

270
00:15:13,458 --> 00:15:16,976
more prosperous
and more sustainable economy,

271
00:15:17,000 --> 00:15:19,726
if we want high-functioning democracies

272
00:15:19,750 --> 00:15:21,976
and civil society,

273
00:15:22,000 --> 00:15:24,000
we must have a new economics.

274
00:15:24,792 --> 00:15:26,768
And here's the good news:

275
00:15:26,792 --> 00:15:28,851
if we want a new economics,

276
00:15:28,875 --> 00:15:32,768
all we have to do is choose to have it.

277
00:15:32,792 --> 00:15:34,059
Thank you.

278
00:15:34,083 --> 00:15:39,042
(Applause)

279
00:15:51,708 --> 00:15:54,875
Moderator: So Nick,
I'm sure you get this question a lot.

280
00:15:56,333 --> 00:15:59,434
If you're so unhappy
with the economic system,

281
00:15:59,458 --> 00:16:04,184
why not just give all your money away
and join the 99 percent?

282
00:16:04,208 --> 00:16:06,976
Nick Hanauer: Yeah, no, yes, right.

283
00:16:07,000 --> 00:16:08,934
You get that a lot. You get that a lot.

284
00:16:08,958 --> 00:16:11,684
"If you care so much about taxes,
why don't you pay more,

285
00:16:11,708 --> 00:16:14,601
and if you care so much about wages,
why don't you pay more?"

286
00:16:14,625 --> 00:16:15,917
And I could do that.

287
00:16:17,083 --> 00:16:18,601
The problem is,

288
00:16:18,625 --> 00:16:20,434
it doesn't make that much difference,

289
00:16:20,458 --> 00:16:22,018
and I have discovered a strategy

290
00:16:22,042 --> 00:16:24,976
that works literally
a hundred thousand times better --

291
00:16:25,000 --> 00:16:26,268
Moderator: OK.

292
00:16:26,292 --> 00:16:29,851
NH: which is to use my money
to build narratives and to pass laws

293
00:16:29,875 --> 00:16:31,934
that will require
all the other rich people

294
00:16:31,958 --> 00:16:34,018
to pay taxes and pay their workers better.

295
00:16:34,042 --> 00:16:35,851
(Applause)

296
00:16:35,875 --> 00:16:37,226
And so, for example,

297
00:16:37,250 --> 00:16:40,601
the 15-dollar minimum wage
that we cooked up

298
00:16:40,625 --> 00:16:42,601
has now affected 30 million workers.

299
00:16:42,625 --> 00:16:43,893
So that works better.

300
00:16:43,917 --> 00:16:45,184
Moderator: That's great.

301
00:16:45,208 --> 00:16:47,851
If you change your mind,
we'll find some takers for you.

302
00:16:47,875 --> 00:16:50,333
NH: OK. Thank you.
Moderator: Thank you very much.