Nick Hanauer: When a billionaire has lost connection to reality.

Fascinating, that a billionaire can be so economically illiterate. He claims that the fact that there are more CEOs today than in the past is an argument for minimum wage - while keeping a straight face.

Like the minimum wage affected the people he is referring to. Insane. Just insane that he thinks more high-wage workers with high qualifications mean that a forced higher wage for low-income workers without qualifications will be just the same.

I guess you have to be a billionaire not to understand that starting a new business becomes much more risky and may often even be impossible, if you are forced to pay a high wage right from the beginning. But his companies don't have that problem, so he's all for a higher minimum wage. Like crony-capitalists always are. It makes competition from innovative startups almost impossible. In Germany, the postal service advocated the first minimum wage in the country. A minimum wage its competitor couldn't afford, so it went bankrupt, 8.000 people lost their job and the competition was gone.

That's "why plutocrats like him have always found persuasive stories to tell everyone else, about why positions that benefits his companies most and harm others are morally right and good for everyone."

He's probably completely out of touch with reality in his dozens of homes, his yacht and his private plane by now.