Billionaire Tom Steyer is (barely) relevant to the Democratic presidential race and is so only because he has spent tens of millions of dollars spamming the airwaves with his advertisements. Given that he earned all that money, an observer would think the businessman-turned-presidential-aspirant would perhaps know a thing or two about how business and basic economics work. But Steyer’s latest comments on the minimum wage prove he doesn’t understand this stuff at all.
During a campaign stop in a small town in South Carolina this week, Steyer promised not just to raise the federal minimum wage to $15 as many of his competitors have but actually vowed to raise it to a whopping $22 an hour if elected. The left-wing candidate was speaking to a crowd in Winnsboro, a small town that has struggled with some of the highest rates of unemployment in the state. As a successful businessman, Steyer should know the iniquity of his false promises and that his proposal for such an obscene hike in the minimum wage would actually only worsen the unemployment struggles gripping towns like Winnsboro.
