According to Facebook co-founder Chris Hughes, the author of Fair Shot: Rethinking Inequality and How We Earn and the co-chair of the Economic Security Project, America needs to radically reform its tax code — to rebalance the economy and make it work more fairly for all American workers.
“For three years worth of work at Facebook, I ended up with nearly half a billion dollars, which is nothing but a lucky break,” Hughes said.
And even though we’re reading the headlines that unemployment is at 3.9 percent and the stock market is at record highs, what’s actually happening is that the median incomes in our country haven’t budged in nearly 40 years.
At the same time stories like mine create an illusion of economic opportunity.”
Hughes argues that the forces that have driven the success of Facebook, WhatsApp, enterprise technology companies, and even the finance sector, are the same forces that are keeping median wages down: automation and artificial intelligence, globalization without any kind of manned response for workers’ economic outcomes, and increasing financialization of the economy.
“After Facebook’s IPO my husband and I made a commitment to give away the vast majority of our wealth in our lifetimes and the 1 motivating factor for me is rebalancing the economy to make it work more fairly.”