The Congressional Budget Office says that raising the national minimum wage to $15 an hour will eliminate upwards of 1.4 million jobs over the next four years.
“Raising the federal minimum wage to $15 an hour, as President Joe Biden has proposed, would cost 1.4 million jobs over the next four years while lifting 900,000 people out of poverty, according to a Congressional Budget Office report Monday,” reports CNBC.
“The impact on the employment rolls is slightly higher than the 1.3 million employment estimate from a 2019 report from the CBO, an agency that provides budgetary analysis to Congress,” adds the website.
“Employers would pass some of those increased costs on to consumers in the form of higher prices, and those higher prices, in turn, would lead consumers to purchase fewer goods and services,” the report found. “Employers would consequently produce fewer goods and services, and as a result, they would tend to reduce their employment of workers at all wage levels.”
They also say that the wage will reduce poverty but killing 1.4 milion jobs is poverty-inducing also.
A phase-in of a $15 minimum wage would also lift some 900,000 out of poverty, according to the nonpartisan CBO. This higher federal minimum could raise wages for an additional 10 million workers who would otherwise make sightly above that wage rate, the study found.
A $15 an hour wage doesn’t lift anyone out of poverty. It will hurry the development of human-replacing robots.
Most people know it’s not a good idea during a pandemic, but ideology first!
We truly have terrible leadership and they are destroying the country.
As people end up on the unemployment line, they can always learn to code. As Joe once said, if you can work in a mine, you can learn to code.
'Learn to green' is the new 'learn to code' https://t.co/94snm6tovo
— Jack Posobiec 🇺🇸 (@JackPosobiec) February 8, 2021