You're watching...
Whole Foods Co-CEO John Mackey on distrust of big business and the recent tax hikes.
Also in this playlist...
Auto-advance: ON
Auto-advance
This transcript is automatically generated
-- navy call it conscious capitalism to deliberately tweak liberals and the thinking that this oxy moron actually at a very Smart point the -- -- capitalism.
Liberating give over -- -- spirit of business is a great job of Whole Foods Market co-founder and co CEO John -- On -- it seems to defy an image that was -- particularly during the campaign that business is up -- business.
And the level of this for us.
Of the rich.
Of those was successful a business men and women in general.
Has never been higher maybe thanks to that campaign -- wind that back how do you countered those particularly in the mainstream view who -- exploits that view.
-- well.
You're correct I mean Gallup shows.
In 2011 that big businesses.
Approval rating the United States was 19%.
-- -- 81% disapproved.
That's about right we're congress' so business is part Fujian yes -- said.
Business is hardly just trusted.
And has a terrible reputation and I think it's because the narrative has been hijacked.
By the by the enemies in the critics of this sort of think it's insulting black prototype few bad days in Wall Street always -- because a couple of federal that's images into rhythmic -- Without any regard people.
Rooted for everyone yes business is judged by its worst actors.
The Enron to Bernie Madoff.
And then that's generalize to small business people without way.
We don't treat other segments of the society that when we don't judge our journalist by the bad -- we don't judge our our doctors that way actually I -- Back to you but the society doesn't as the general so what do you do you do Winnipeg but if you if you if -- -- such -- as a business ethics czar whenever.
What would be the first thing you would try to correct to get across.
I think we have to escape from this trap the business is all about just making money of course business needs to make money.
I mean but that's not its purpose dishonest higher purpose my body has to produce red blood cells for me to live.
Final stop producing red blood cells -- -- but my purpose is not to produce red blood cells similarly.
Business creates value for customers and business has got to tell that story -- the value creators in this world know where the heroes -- what's.
Helping humanity to advancement progress new inventions our lives are being transform our technologies that businessman.
And we explained agenda do it we just came on the campaign -- a candidate was -- for saying.
47%.
Of the people who start to get something from the government and then there were many in that forty some percent.
Might it got their nose out of joint but don't step back to -- effectively get to be 47% having nothing -- -- -- that.
Gradually over time.
And we do think there's a -- -- because as more and more.
It depended on the government or like -- government and clearly one of the things you can read from this election is that.
A good many have that view.
It's hard to win the pendulum back.
-- -- -- What we have to do a better job -- telling our story because business is creating great value in this world.
But it's doing a very bad job explaining that in defending itself.
That's -- our books all about it's gonna help business people to be more successful with their businesses to be proud of what they're accomplishing the good that they're doing in society.
This is our great story the sort of message we have to tell it.
And we're helping them to do that doesn't make it hard when so many your colleagues -- a ton of money.
That's disproportionate to even their companies it's sort of an executive's take now million dollars.
Some people -- -- aren't we we've we've we've we've we've given his and his respect.
That's beyond the -- I think it does -- it.
Again business is judged by its -- perhaps most -- -- members but most business people do not make anything close to that business people are.
Mean they can make yogurt good living but are not making those really really obscenely high salaries but I do think that -- the reputation of business and it does seem like business.
-- some businesses are greedy but it makes it look like everybody's -- -- so when the administration now with the new types of targets wealthier.
Taxpayers to the degree does not allowed to operate but if you read on the -- -- -- surtax -- -- We're at a 45% federal rate effectively and and throw in statement effects -- it's it's a lot higher than that.
So when you hear in the administration say.
It's time and -- do their fair share so bad guys like you and field.
Obviously I think that you.
You're being singled out for.
It punishment we know that raising those tax rates is not gonna produce that much additional revenue for the government.
Possibly produce less people will begin to shelter more they're included wanna produce more revenue -- I wanna cut more.
But that Nancy Pelosi wants more revenue -- -- -- I I don't think it's necessary I mean I read a study recently by a Daniel Mitchell that show that we can.
Completely eliminate in ten years the annual deficit.
If we only let government spending increased 2% a year so we have to cut at all we can -- government spending grow at a 2% clip.
Every year now there's a lot.
It willow and they never get addressed because we we we call cut.
A cut when -- is slowing growth that's that's right into the vernacular in -- so.
It's easy.
Is it is it possible to debate.
Has just gotten so stupid.
That we will never get remotely intelligent because we we still arguing idiotic and it's it's a good question honestly have the answer to that but I do know we can eliminate our deficit by simply slowing down government growth we don't need to cut government we just simply need to slow it down with that we do that would eliminate a tropical eliminate the annual deficits that you -- -- and that's like 300 a booklet.
Well I don't think it is I disagree with it you ever feel tempted to go in politics.
No and -- I ever do I hope somebody talks me how to hit but some of the best ideas I've ever heard -- guys like you.
Is just the whole process soils you just -- a mechanic you field so stupid.
It's difficult because.
I've found in my own experience that we near very authentic can tell the truth here on -- oftentimes get attacked to get smeared you.
-- It's very difficult takes -- it takes a lot of courage I think to go into the political around these days.
Do the interest thing would eventually John -- He's a whole foods market co-founder co -- cuts capitalism is the book -- treated.
Some thought to -- from his -- that six net.
