Over a decade ago, I met with a group of small business leaders to talk about the perils of rising income and wealth inequality, and its destabilizing impact on the economy. This was years before the 2008 economic meltdown, the Occupy movement, Thomas Piketty’s Capital, and the electrifying presidential campaign of Senator Bernie Sanders.
“Where are the business voices?” one small business leader asked me. “Where are the enlightened capitalists who understand that stagnant wages and rising wealth inequities are the real threats to the proverbial goose that lays the golden egg?”
I knew from experience that such business leaders were there. One was Jim Sinegal, the now-retired CEO of Costco, who fended off Wall Street pressure to cut wages and eloquently made the moral and business case for a higher federal minimum wage. “The more people make, the better lives they’re going to have and the better consumers they’re going to be,” Sinegal told The Washington Post. “It’s going to provide better jobs and better wages.”
Unfortunately, such voices are outliers.