Kevin O’Leary criticized California as the “worst managed” and “most uncompetitive” state due to high costs and problems like homelessness in San Francisco.
He argued state politicians should focus on better governance rather than just raising the minimum wage.
“The problem with that narrative is it does not discuss the real root issue,” O’Leary said.
“So why not discuss better management of the resources versus just continuing to pay for inefficiency and lack of executional skills? That place is a loser state — the number one loser state on my list of winners and losers,” he said.
California already has one of the highest minimum wages at $16/hour, set to increase to $20 for fast food workers and $25 for healthcare workers.
However, Rep. Barbara Lee pushed for a $50 federal minimum wage, noting high living costs in areas like the San Francisco Bay Area require over $100,000 for a family to get by.
She argued this $50 wage would allow individuals working 40 hours to earn a median household income and claimed it could be sustained, citing her experience owning a small business.
“In the Bay Area, I believe it was the United Way, came out with a report that very recently $127,000 for a family of four is just barely enough to get by,” Lee said. “Another survey very recently: $104,000 for a family of one, barely enough to get by — low income because of the affordability crisis. And so just do the math.”
“I owned and ran a small business for 11 years, I’ve created hundreds of jobs,” she said.
“I know what worker productivity means, and that means that you have to make sure that your employees are taken care of and have a living wage.”
Others have noted that not all can work full-time and the economic impact on businesses is unclear.
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