Well, this is accurate, except for what he says about Atlas Shrugged.
Perhaps the most vivid description of what happens to a society where the parasites become so numerous and powerful that they destroy their productive hosts is Ayn Rand’s classic novel “Atlas Shrugged.” ...
What happens in Atlas Shrugged is that the creative people, who are also tycoons, go on strike and deprive the proles of their genius, wages and benefits, and live in "Galt's Gulch" until a speech by John Galt, who invented an engine that runs on ambient static electricity, convinces the country in one speech, that he is right and all the evil FDR-lovers are wrong. Then everyone recognizes that "It's Morning In America" and the book closes with a happy ending.
I am not sure I would call "Atlas Shrugged" a classic novel. Perhaps a popular novel, maybe a classic thousand page screed.
Rand, by the way, did not show that she believed in capitalism. She did, it is true, had cigarettes made with dollar signs on them and smoked them until she contracted cancer. But she did not invest. Not in shiny wondrous blue "Reardon metal", not in cars that ran on static electricity, not in Xerox, Polaroid, IBM, Kodak, DuPont, Brillo, LIquid dish detergent, synthetic rubber, plastics, Coca-Cola, nothing. She kept her money in a bank passbook, and when she was old and ill, she signed up for Social Security and Medicare. Yay, Ayn.
Getting back to the main point: rich people can build companies that make wondrous things. They can invent Segways. But for Segway manufacture to create a lot of jobs, a lot of people have to buy a Segway. It seems to me that Segways probably did not create a lot of jobs. One could make a lot more with a much cheaper innovative skateboard, I am sure.