The poor and lower classes drive the economy and "don't get credit for it," says John Hope Bryant, founder, chairman, and CEO of Operation HOPE.
"People who make $50,000 a year or less, who are half of the U.S. economy, with too much month at the end of their money, I might add, are driving this economy," Bryant told J.D. Hayworth and Miranda Khan on "America's Forum" on Newsmax TV
"They take 80 to 90 percent of every dollar and put it back into the economy," he explained.
"The poor and the struggling class and the teetering middle class don't get credit for driving the $17 trillion economy, the largest economy in the world," he said Monday.
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But the point is not that those in the lower classes remain there, Bryant contends.
"Now we need to shift to the demand side, the opportunity side, the ownership side," he said.
Bryant proposes two approaches for dealing with income inequality.
"The first one is we need to create more entrepreneurs, more small-business owners," he explained.
"The other side of that piece, because not everybody can be an entrepreneur — although everybody needs to have an entrepreneurial mindset to succeed in this world — is the pure issue of income," Bryant added.
He does not think the income problem is solved by raising the minimum wage, but rather with "a living wage that's free-market-inspired."
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