If elected billionaire Tom Steyer vows to raise minimum wage to $22 per hour

Why stop at $22? How’d he come up with that magic number? I say take it to $25, $50, heck go all the way to $100!

From Fox News: Democratic presidential candidate Tom Steyer vowed to call for a $22 hourly minimum wage if he wins his longshot bid to unseat incumbent President Trump in November.

Steyer, a billionaire who founded investment company Farallon Capital Management in 1986 and sold it in 2012, is campaigning heavily on addressing climate change.

He made the announcement during a campaign block party on Sunday while campaigning in South Carolina, according to The Associated Press. Progressive candidates Elizabeth Warren and Bernie Sanders have released competing plans to hike the minimum wage to $15 per hour.

The federal minimum wage rate has remained at $7.25 per hour for the past decade, though 29 states and Washington have set it higher. (At the beginning of January, more than 20 states raised base pay even higher). The annual earnings for a full-time minimum-wage worker are $15,080, which is slightly above the federal poverty line for one person.

According to a Congressional Budget Office report published in July 2019, increasing the federal minimum wage to $15 per hour could result in 1.3 million workers losing their jobs. (The report estimated there’s about a two-thirds chance that somewhere between zero and 3.7 million workers would lose their jobs).

It could also have negative consequences for small businesses, which tend to operate in more competitive markets with thin margins.

“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.”

Over the past seven months, Steyer has poured $14 million into blanketing South Carolina’s airwaves with ads — a strategy that’s beginning to take hold. According to the RealClearPolitics voting averages, Steyer is polling second in the state, behind only former Vice President Joe Biden. Sanders is a close third.

DCG

Better than Drudge Report. Check out Whatfinger News, the Internet’s conservative frontpage founded by ex-military!

Please follow and like us:

Share and Enjoy !

0Shares
0 0
 
Subscribe
Notify of
guest
11 Comments
Inline Feedbacks
View all comments
williamofberkshire
williamofberkshire
7 months ago

If they raise the minimum to 22/hr and this results in jobs being eliminated, then those workers can get unemployment. Free money, a paid vacation – win-win. So I’m voting for Steyer. But no, he will never win the nomination which leaves Bernie, so have to settle for 15/hr. But wait again, I’m not working now anyway so back to DJT. Just experienced a brief psychotic episode, no big deal. I’ve been having those lately. Must be because climate change. Or coronavirus, one or the other

AvaJ
AvaJ
7 months ago

The old promise/lie. Two chickens in every pot! Nothing but LIARS all of them.

chemtrailssuck
7 months ago
Reply to  AvaJ

And the chickens will cost $50 bucks each!

William
William
7 months ago
Reply to  chemtrailssuck

The 50 dollars will cover the costs of factory farming that produces tortured GMO glow-in-the-dark chickenoids with inserted scorpion genes and loaded with antibiotic residues. But good for you. Trust us

chemtrailssuck
7 months ago

Yeah, jack up minimum wage that far, watch as bread prices to to 15 bucks a loaf, butter 10 bucks a pound. These dummies don’t know that that will not fix this anemic economy. People who know anything should read “Architects of Deception” by Juri Lina, in there are the solutions to our economic death spiral.

William
William
7 months ago
Reply to  chemtrailssuck

Juri Lina – thank you. I read voraciously but I no longer buy books, I try to use the library system. There are about 150 libraries that are connected here in MA including some academic libraries. But good luck finding anything by Juri Lina. Such is not for the little people, we don’t want them getting ideas in their heads. But plenty of “womyns studies” or “transgenderism”. You are correct re: minimum wage/ food price inflation. People demanding higher minimum wage don’t realize that commodities like bread and butter are not getting more expensive, just that the money we use… Read more »

Whisperingsage
Whisperingsage
7 months ago
Reply to  William

We’re just going back to making our own stuff as much as possible. I could read the writing on the wall in the 80’s, bought a cheap owner financed price of land, grow my own rabbits, chickens, goats , ducks, geese, turkeys. Milk , meat and eggs.

Julie E Mullen
Julie E Mullen
7 months ago

This guy is completely deranged! As a home health aide, my clients can barely afford my $10/hr rate, and I work for myself! How many of my colleagues that work for agencies do you think would be employed if the agencies were forced to pay almost double what they do now? Hint: unable to afford care at home, clients would end up trying to get into nursing homes already at full capacity with no staff to care for the clientele.

CogitoErgoSumantra
CogitoErgoSumantra
7 months ago

Sounds like a great idea… dis-incentivize the whole idea of doing your best, exceptionalism, staying in school, getting a trade/vocation through long, hard work, staying loyal and developing seniority with a single company, all those boring old ways of increasing one’s salary. In fact, all the old geezers who did those things should be forced to work for $7.45 per hour now (or whatever it was), in order to afford those higher wages for the young’uns wanting the higher wages with no experience, education, etc. AND, don’t forget to forgive educational loans and make future education free. And make pot… Read more »

William
William
7 months ago

Sounds about right, free everything, for everybody, forever. And no laws, laws are racis’ anyway. So do what thou wilt, let the good times roll. And as the chaos spreads, TPTB will be relaxing at their gated villas in Paraguay, protected by their heavily armed private armies

Whisperingsage
Whisperingsage
7 months ago

I’m sure well have an increase in kiosks or robots.