Blackstone Group (BX) CEO Steve Schwarzman, a Republican megadonor, said in a new interview that the United States should hike its minimum wage as well as make a large investment to improve its education system and raise teacher pay.
The policy proposals, in line with those put forward by Democratic members of Congress, may seem surprising coming from Schwarzman, a confidante of President Donald Trump.
“Minimum wage only applies to 15% of the people in the country,” Schwarzman says. “But if you did something in that area it will force up the income for other people in that company.”
The left-leaning Economic Policy Institute found the Raise the Wage Act, a bill to raise the minimum wage to $15 an hour by 2024, would increase the pay for nearly 40