The 99% of the 1%

February 26, 2015 - Olivia Wilde 02/26/2015 Views: 276,949

Hasan Minhaj investigates an overlooked and pressing case of inequality threatening a portion of the U.S.'s wealthy population. (4:49)

( CHEERS AND APPLAUSE )>> Jon: WELCOME BACK.

NOW AT TIMES, I HAVE TO TELLYOU, I THINK OUR ECONOMY SEEMS

BASED ON THE THEORY THAT AS THERICH GET RICHER--

( LAUGHTER )AND LIFE GOES ON.

BUT APPARENTLY, ONE KEY GROUPHAS BEEN FORGOTTEN

IN THAT EQUATION. HASAN MINHAJFILES THIS REPORT.

>> WEALTH INEQUALITY-- IT'SONE OF THE MOST IMPORTANT

ECONOMIC ISSUES OF OUR TIME ANDIT MAY BE WORSE THAN YOU THINK.

>> IN THE LAST TWO, THREEDECADES, WE'VE SEEN REALLY

STRIKING INCREASE IN WEALTHINEQUALITY IN AMERICA.

THIS NEW STUDY SHOWS THAT WITHINTHE TOP 1%, THERE IS VERY--

VERY, VERY WIDE INEQUALITY.

>> WOAH, WOAH, WOAH. WHAT'SHAPPENING IN THE 1%?

>> THERE'S A GROWING WEALTH GAPWITHIN THE MILLIONAIRE

POPULATION.

>> DUN-DUN, INDEED.

ACCORDING TO A RECENT STUDY THEINSANELY RICH PEOPLE ARE LEAVING

BEHIND THE LOWLY, AVERAGE,REGULAR RICH PEOPLE.

>> THEY NEED OUR HELP, RIGHT?

>> NO.

THE RELATIVE POSITION OFMULTI-MILLIONAIRE FAMILIES BY

COMPARISON TO BILLIONAIREFAMILIES IS NOT THE BIGGEST

PROBLEM FACING THE U.S. TODAY.

>> YOU'RE TURNING YOUR BACK ONTHE EVERYDAY MILLIONAIRE.

THEY'RE PEOPLE, JUST LIKE ME ANDYOU.

DO YOU UNDERSTAND WHAT I'MSAYING?

>> IF WHAT YOU'RE SUGGESTING ISTHAT MULTI-MILLIONAIRES ARE

PEOPLE, I'M FORCED TO AGREE WITHYOU.

>> YES, AND ALL WE WOULD HAVE TODO IS CREATE A SYSTEM WHERE THE

NORMAL, EVERYDAY MILLIONAIRE CANNOW BE A PART OF THE ELITE 1% OF

THE 1%.

>> UH-HUH.

SO YOU'RE WORRIED ABOUT THATGAP?

>> UH-HUH.

>> RIGHT.

NOBODY ELSE IS WORRIED ABOUTTHAT GAP.

>> RIGHT.

NO ONE'S CONCERNED ABOUT THEM.

THEY'RE VOICELESS.

AND THAT'S THE SADDEST PART.

SAD AND SHOCKING, BECAUSE THESIGNS ARE EVERYWHERE.

>> TEARING DOWN MEGAMANSIONS FORTHE NEW GIGAMANSIONS.

>> AND JUST LISTEN TO LUXURYYACHT DEALER RALPH NAVARRO.

>> THIS IS OUR 151 DELTA MARINEAND THIS IS WHAT YOU CALL THE

ROLLS ROYCE OF THE YACHTINGINDUSTRY.

EVERYTHING 130 FEET AND UP ISMOVING PRETTY QUICKLY NOWADAYS.

>> AND THEN HE OFFERED TO SHOWME WHAT REGULAR, AVERAGE

MILLIONAIRES ARE FORCED TOCRUISE AROUND IN.

SO THIS BOAT IS GOING TO TAKE USTO THE BIGGER BOAT, RIGHT?

>> NO, THIS IS THE BOAT.

>> WHAT?

>> WHAT'S WRONG WITH IT?

>> EVERYTHING, RALPH.

WHAT FLOOR IS THE COCAINE FLOOR?

>> THERE IS NO COCAINE ON THESEBOATS.

>> IT WAS HEARTBREAKING, BUTFORTUNATELY, EVERYDAY AVERAGE

MILLIONAIRES LIKE MORRIS PEARLARE FIGHTING TO DO AWAY WITH

WEALTH INEQUALITY.

>> I'M ASKING FOR FAIR TAXESWHERE THOSE WHO HAVE MORE PAY

MORE, THOSE WHO HAVE LESS PAYLESS.

>> WHAT?

BUT DON'T YOU NEED MORE MONEY?

>> NO, I DON'T.

I DO NOT NEED MORE MONEY.

>> IF WE GIVE THE .01% TAXBREAKS, THEY'LL SPEND MONEY

WHICH WILL THEN TRICKLE DOWN TOYOU GUYS.

>> NO.

IT WON'T TRICKLE DOWN.

MAKING RICH PEOPLE RICHER DOESNOT HELP MAKE POOR PEOPLE

LESS POOR.

>> BUT WHAT ABOUT SQUIRT-UPECONOMICS.

>> WHAT IS SQUIRT-UP ECONOMICS?

>> OKAY, OKAY LOOK. I'M GOING TOSHOW YOU WITH A VISUAL AID.

SO, THIS KETCHUP PACKETREPRESENTS THE POOR AND THE

MIDDLE CLASS.

IF YOU JUST SQUEEZE THE POOR,SQUIRTING, SQUIRTING CAPITAL UP

TO THE MILLIONAIRES.

>> YEAH, THAT'S TRUE.

THAT'S BEEN HAPPENING.

>> YOU JUST KEEP SQUEEZING THEMTHROUGH DIFFERENT TAX

INITIATIVES, EVENTUALLY, THATWEALTH WILL TRICKLE-- YOU JUST

SQUEEZE THEM FOR EVERYTHINGTHEY'RE WORTH.

>> WE'VE TRIED THAT SINCE THERONALD REAGAN DAYS, AND IT

HASN'T WORKED.

>> SO HE'S NOT ON BOARD WITHTRIED-AND-TRUE FINANCIAL

SOLUTIONS BUT AT LEAST HE DOESHAVE ONE GOOD IDEA.

>> WE THINK THAT RAISING MINIMUMWAGE, AS THE PRESIDENT

ADVOCATES, FROM $7.75 AN HOUR TO$10.10 WILL BE A START.

>> THAT'S IT.

IT WAS TIME TO MAKE THIS RIGHT.

WE'RE JUST ASKING FOR A FAIR ANDREASONABLE WAGE OF $13.75 K AN

HOUR.

>> I'M SORRY, K?

>> 13,000 THOUSAND?

>> YES.

>> IS THIS A JOKE?

>> NO, NO THIS IS DEAD SERIOUS.

>> IF YOU EXPECT ME OR ANYBODYELSE LIKE ME AND MY WIFE TO SIGN

THAT.

>> THERE ARE POOR MILLIONAIRESTHAT ARE MILLIONAIRES WITH JUST

AN "M."

>> YOU'RE ( BLEEP ) INSANE, MAN.

>> NO, NO, NO, IT'S NOT INSANE!

>> NO, IT'S NOT A THING. NO, NOBECAUSE

AN EVERYDAY INVESTMENT BANKERAN EVERYDAY CORPORATE ATTORNEY,

IS IT TOO MUCH TO ASK FOR AGARDENER THAT SPEAKS ENGLISH?

WHILE MEASURES LIKE THIS CANHELP, REAL CHANGE WON'T COME

UNTIL WE GET AT THE TRUE HEARTOF THE PROBLEM-- ARE PEOPLING

MAKING MORE MONEY OR ARE THEIRPENISES JUST GETTING SMALLER?

>> I THINK IN GENERAL PEOPLE AREJUST BECOMING RICHER.

>> AND THEN PENIS SIZE ISGENERALLY STAYING THE SAME?

>> I HAVE NO IDEA ABOUT THAT.

>> Jon: HASAN MINHAJ.

WE'LL BE RIGHT BACK.