Nick Hanauer : Beware, fellow plutocrats, the pitchforks are coming

Nick Hanauer at TEDSalon NY2014
Beware, fellow plutocrats, the pitchforks are coming  (transcript)
Summary
In the article, there were many words that l didn't know. First, I've never heard the words “plutocrats,” “pitchforks,” and “the trickle-down policies”.

Plutocrats mean wealthy people or financial cliques.

Pitchforks are materials that are large and long-handled forks for lifting and tossing hey or grain. In this story, pitchforks seem to not show the usual pitchforks used in the field but show pitchforks that are upward to fight by citizens.
The reason that is the anger of the people is the gap between rich and poor getting wider.

There are always plutocrats in our world, you know. The ratio of plutocrats and citizens is one percent to 99 percent, however, the top one percent shared about eight percent of national income turned to over 20 percent in thirty years. The bottom 50 percent shares are decreasing. The problem is that it's getting worse every day.  1)

The second problem is that not only plutocrats but also politicians and people believe the trickle-down policies. 2)

The trickle-down policy is a theory that advocates the wealthy in society as a means to stimulate business investment in the short term and benefit society at large in the long term. It's thought that the world doesn't need to raise the minimum wage costs jobs because many people will lose their jobs.  3)

However, the trickle-down policy is too old to work. Our economy has to have the same kinds of feedback loops that we see in a natural ecosystem now. It's between costumes and businesses. Raising wages increases demand and hiring. It leads to more increasing wages, demand and profit, so the virtuous cycle of increasing prosperity is needed for today's economic recovery.

This thought seems to be called middle-out economics.

The message from the speaker is that plutocrats have to change their thoughts for an evolution of our capitalism, or the pitchforks will be coming. (, the pitchforks will be coming otherwise. )

Words in this story
defeat /noun/ loss, conquest
exploit /verb/  utilize, harness
inclusive /adj/ including or covering all the services, facilities, or items normally expected or required.