A conservative mogul worth $43 billion says he knows the secret to helping poor people. According to Charles Koch, the U.S. needs to get rid of the minimum wage, which he counts as a major obstacle to economic growth.
On Wednesday, the Charles Koch Foundation launched a $200,000 media campaign in Wichita, Kansas, with a hint of expanding it elsewhere. It is the Kochs’ biggest media buy since they promised to do more to “persuade politicians” after suffering losses in the 2012 election.
In the U.S., economic inequality has grown rapidly, and the lagging minimum wage is in large part to blame. Some states have moved to address the growing gap between what people earn and the rising cost of living, but nationally the minimum wage has barely moved in decades. Little to no evidence exists to support Koch’s claim that the minimum wage impedes companies or causes them to fire employees. In fact, raising the minimum wage to $9 would pump up to $48 billion into the economy by the next year and ease the income gap for 15 million low-wage workers.