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Tuesday, March 2, 2021

CBO Estimates Biden Plan To Raise Minimum Wage To $15 Could Kill Almost 4 Million Jobs

Hundreds of thousands of businesses across the country are teetering on the brink of destruction because of the lock downs associated with the coronavirus pandemic.

What does Joe Biden want to do? Make it harder for them to stay in business. That last thing these business owners need is an increase in the minimum wage.

The Congressional Budget Office confirms this would kill jobs. Millions of them.

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The Washington Examiner reports:

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Biden’s proposal to raise minimum wage to $15 could kill up to 3.7M jobs, CBO estimates

President-elect Joe Biden’s proposal to raise the minimum wage to $15 an hour could kill up to 3.7 million jobs, the Congressional Budget Office estimated.

The CBO said that some of the higher earnings from the $15 federal minimum wage could be offset by higher rates of joblessness.

The report found that 1.3 million workers who would typically be employed would be without jobs in an average week in 2025. A new federal minimum wage would also increase the pay of 17 million workers in an average week in 2025.

The increase in earnings would mostly affect low-income families, while a loss of business would affect higher-income families.

Families below the poverty line would receive an additional $8 billion in real income in 2025, while families above the poverty line would lose $16 billion in real income.

How many times do we have to explain to Democrats what a $15 an hour minimum wage really looks like?

Democrats think they’re helping people by raising the minimum wage.

It actually results in less jobs, especially at the entry level.

Cross posted from American Lookout.



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