A proposal from Democratic presidential candidate Tom Steyer to increase the federal minimum wage to $22 per hour would body-slam the economy, according to a former CEO of one of America’s major corporations.
Earlier this month, Steyer proposed increasing the federal minimum wage, which is currently $7.25 per hour, to $22 per hour, according to Fox Business. Other major Democratic presidential candidates have lined up behind a $15 minimum wage, according to The Washington Post.
Ed Rensi, a former CEO of McDonald’s USA, went off on Steyer’s proposal during a recent appearance on the Fox Business show “Mornings With Maria.”
“It will put small businesses out of business; it will be dilatory to job growth in every way possible,” Rensi said, calling a $22 an hour minimum wage “absurd.”
Rensi said small businesses are vital to the economy. In fact, small businesses employ 47.3 percent of the private sector workforce, according to the Small Business Administration.