It does make sense to an extent.
But he also admits he isn't the smartest guy around and admits to being lucky and investing at the right time.
Simply put, you raise the cost of doing business the products that business produces will rise in cost. So those previous lower paid workers who are now making more are also spending more to maintain the same standard of living, so where is the gain?
If fearless leader mandates that I have to pay my workers for example 40% more then one of two things are going to happen:
1: they are now going to have to do 40% more work to justify the higher wage
2: I'm going to get rid of 40% of em, the "lucky" remaining ones can do their work plus the work of the 40% that were let go.
McDonalds, Arby's, Walmart and other employers along those lines were never meant to be careers that you could raise a family on unless you were management. The jobs I just mentioned were meant to be something high school kids do part time, college graduates do to make extra money or to live on while they were waiting for replies from the resume's they've just sent out after graduating college.
Back in the day when I was younger the phone at the farm would ring off the hook with kids wanting to bale hay for the summer, now you can't pay em enough or get em to put the cell phone down long enough to get any work out of them if you can even find any that would show up.
The mentality of doing manual labor or getting your hands dirty is beneath todays kids that the public schools are instilling in them is not just plain moronic but also dangerous. This country will always need welders, plumbers, electricians, and mechanics. If you must goto college then get a useful degree, like nursing, accounting, or engineering. A degree in Gay and Lesbian studies of the 16th century is not useful and you'll be hard pressed to ever pay your student loans off, dumbass.
Also dangerous is the mentality of get that college degree and you'll be guaranteed a job thats starts at $75000 a year, a months worth of vacation and a company car, said mentality is the result of too much 90120 on the boob tube as my grandfather called it.
Don't blame the companies like Walmart for not paying enough, blame the idiots in Washington that have screwed the economy up enough that the only jobs are at Walmart.
From personal experience I've found those that beat the raise the wage drum the loudest have never had to meet payroll, have never even run their own business, usually the last to clock in and the first to clock out, and usually only ever sign the back of a check and never the front.