Shark Tank star Kevin O’Leary says on CNBC’s “Squawk Box” that even having a discussion about raising the minimum wage is “sheer insanity,” and that the real reason Democrats are bringing it up as a wedge issue is because, “it gets votes.”
O’Leary, a successful venture capitalist, talked about the thousands of new regulations businesses are hit with each year and assesses that most small businesses have no way of even knowing if they’re in compliance, unless they hire attorneys to navigate the red tape.
In regards to the minimum wage, a frustrated O’Leary believes that the effects of arbitrarily raising the minimum wage are so damaging that it’s insane to even be having a conversation about it:
“I don’t know why people are debating this issue. This is sheer insanity. It’s sheer insanity. There is no metric that makes sense in this.”
O’Leary even suggests that America would be better off with no government-forced minimum wage, allowing the free market to set the wage. O’Leary contends doing so would have kept many jobs from being sent overseas:
Let’s say we had never implemented a minimum wage–ever–and we reboot America 2.0 with no minimum wage. Do you think a company like Apple, which is a phenomenal success by market cap, by every measure, which has about 10,000 jobs in America, give or take a few thousand, and 2 million abroad. How many of those 2 million jobs that left America would have stayed here had we let the market decide what the wage should have been?