Wealthy Venture Capitalist Nick Hanauer Calls for $15 an Hour Minimum Wage

| by Michael Allen
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Multimillionaire and venture capitalist Nick Hanauer made headlines last year after he spoke at the TED conference and the organization refused to post a video of his speech (below) on their website.

Hanauer offended some folks at the time by saying wealthy people do not create jobs, but rather demand and purchasing power by consumers causes companies to hire workers to meet that demand, reported the National Journal.

Hanauer is causing waves again in his op-ed written for Bloomberg News, in which he calls for a $15 an hour minimum wage.

He writes:

Raising the minimum wage to $15 an hour would inject about $450 billion into the economy each year. That would give more purchasing power to millions of poor and lower-middle-class Americans, and would stimulate buying, production and hiring.

Studies by the Economic Policy Institute show that a $15 minimum wage would directly affect 51 million workers and indirectly benefit an additional 30 million. That’s 81 million people, or about 64 percent of the workforce, and their families who would be more able to buy cars, clothing and food from our nation’s businesses.

...In 60 percent of the states that raised the minimum wage during periods of high unemployment, job growth was faster than the national average.

Source: Bloomberg News and National Journal