CBO Estimates Biden Plan To Increase Minimal Wage To $15 Might Kill Nearly four Million Jobs
Hundreds of thousands of businesses across the country are on the verge of destruction due to the lockdowns associated with the coronavirus pandemic.
What does Joe Biden want to do? Make it harder for them to stay in business. The last thing these entrepreneurs need is an increase in the minimum wage.
The Congressional Budget Office says this will destroy jobs. Millions of them.
The Washington Examiner reports:
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Biden’s proposal to raise the minimum wage to $ 15 could cut up to 3.7 million jobs, according to estimates by the CBO
President-elect Joe Biden’s proposal to raise the minimum wage to $ 15 an hour could cut up to 3.7 million jobs, according to estimates by the Congressional Budget Office.
The CBO said some of the higher revenues from the $ 15 minimum wage could be offset by higher unemployment rates.
The report found that 1.3 million workers who would normally be employed would be unemployed in an average week in 2025. A new federal minimum wage would also increase the wages of 17 million workers in an average week in 2025.
The increase in income would mainly affect low-income families, while a loss of business would affect higher-income families.
Families below the poverty line would receive an additional real income of $ 8 billion in 2025, while families above the poverty line would lose a real income of $ 16 billion.
How many times do we have to explain to Democrats what a minimum wage of $ 15 an hour really looks like?
For anyone who wants the minimum wage to rise to $ 15 an hour, it looks like this: 😆 pic.twitter.com/lGJnYZ0Fm7
– WestCoastGoodz @ (@WestCoast_Goodz) January 17, 2021
What a minimum wage of USD 15 actually looks like: pic.twitter.com/R3NFE01PHm
– JT Lewis (@thejtlewis) January 19, 2021
Democrats believe they are helping people by raising the minimum wage.
This actually leads to fewer jobs, especially in the entry level.
Cross posted by American Lookout.