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I could see trying to spin it as “As an elder statesman, I don’t have it in me to simultaneously run a national campaign and govern the country, so I’ll be putting 100% of my focus on finishing out my term and passing the torch to the next generation of blah blah blah.”
The minimum wage was last raised by a Dem House, Senate, and President, all of which were arguably less progressive than the current incarnations. Why wouldn’t they do it again if they had the votes?