Washington, D.C. (February 13, 2020)— This week, Democratic presidential candidate Tom Steyer proposed raising the federal minimum wage to $22 per hour. Today, the Wall Street Journal published an editorial opposing Steyer’s proposal.
“If Tom Steyer’s $22 minimum wage sounds crazy, that’s because it is. Tripling the minimum wage would absolutely annihilate our small business community. The Congressional Budget Office has already stated a $15 minimum wage could eliminate up to 3.7 million jobs, so imagine the damage a $22 minimum wage would do. If Steyer is really concerned about improving wages, he should become a forceful advocate of President Trump’s pro-growth policies. Under President Trump, wages have been growing at about 3 percent annually, double the rate under President Obama. Wages for blue-collar employees are rising at an even faster rate, and wages for the lowest 10 percent of workers are growing twice as fast. Steyer’s proposal is a solution in search of a problem, and it should be opposed forcefully by anyone who wants to keep America’s economy booming.”