Whoooooo buddy. Not only is presidential candidate Tom Steyer an idiot, but he's a moron too! Seriously! The billionaire is now promising to raise the federal minimum wage to $22 an hour if he wins the election in 2020.
You read that right, $22 AN HOUR MINIMUM! Considering he is a billionaire, he of all people should understand that is not feasible for many reasons.
For one, that will only cause a spike in prices of things like groceries. $22 an hour might be nice but I hope you enjoy paying $10 for a gallon of milk! Hello, inflation!
For two, jobs will drop tremendously. If an employer has to suddenly pay employees $22 an hour then in addition to raising prices, they will also have to let go of employees due to not being able to pay them.
For three, minimum wage is for people with minimum experience. Don't expect to make the same amount of money as a person with 10 years of experience or a bachelors degree when you're working at McDonald's flipping burgers.
According to a report from Fox News, Steyer made the announcement during a campaign block party on Sunday while campaigning in South Carolina. Both Sen. Bernie Sanders (I-VT) and Sen. Elizabeth Warren (D-MA) have also released plans to raise the minimum wage to $15 per hour.
While many states have independently raised the minimum wage to compete with the cost of living, the current minimum wage sits at $7.25 per hour at a federal level.
According to a July 2019 report from the Congressional Budget Office, a minimum wage hike to $15 per hour could negatively impact the American people, resulting in 1.3 million workers losing their jobs.
The report also detailed how it could impact small businesses.
“A higher minimum wage reduces the family income of business owners to the extent that firms’ profits are reduced,” the CBO report said, “Real income is also reduced for nearly all people because increases in the prices of goods and services weaken families’ purchasing power.”
“Over time, as businesses increasingly pass their higher costs on to consumers, the losses in business income diminish and the losses in families’ real income grow," it added.
Bottom line: it's a bad idea.
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