First introduced here, the #NoBillionaires Campaign just received its biggest boost yet: harsh criticism from Fox so-called News, the network owned by billionaire Rupert Murdoch.
Last week, Murdoch employee Greta Van Susteren and the Weekly Standard’s Steve Hayes (a magazine that got its start thanks to a generous grant from billionaire Rupert Murdoch) feigned outrage over the campaign, devoting six minutes of television to trashing the idea.
“I usually try to be respectful of people who have different views, but there is no way to respectful of that,” Hayes said. “It is a completely idiotic argument that has no basis in economic theory… We have 425 billionaires in the United States…if you confiscated all of their wealth…it would do nothing to solve our long-term fiscal problem.”
To begin with, the No Billionaires Campaign isn’t about reducing the deficit. We don’t have a debt crisis in America, we have a demand crisis. Which is why we also have an unemployment crisis. Average working people don’t have enough money to spend, so goods and services aren’t in demand, and therefore businesses aren’t hiring any new employees to make things because nobody can afford to buy them.
The No Billionaires Campaign address this demand crisis head on – instead of trying to go after the phony debt crisis. The campaign meant to redistribute wealth from those at the very top, who can’t possibly spend all the billions they’re hoarding, to working people whose new disposable income, when spent, will power the economy and generate wealth for everyone.