Why Do Billionaires Keep Falling for Bad Public Policy?

[Geee]

Issues and Insights

“What we need is a Marshall Plan for the middle class.”

Is that Elizabeth Warren speaking? Maybe Bernie Sanders? Or Alexandria Ocasio-Cortez?

Nope. It was Blackstone CEO and Chairman Stephen Schwarzman on CNBC’s “Squawk Box” Thursday.

Schwarzman, whose net worth tops $14 billion, was mainly talking about his firm’s decision to transform from a publicly traded partnership to a C-corp. But the discussion then turned to income inequality.

“I look at this as a systemic problem. This is not anecdotal,” he said. “This is like half of our society is severely disadvantaged. We can’t allow that to continue, so that means you need policy solutions.”

He then laid out three of them. A minimum wage hike. Exempting teachers from taxes. And more federal job training programs.