CBO Warns $15 Minimum Wage Will Kill 1.4 Million Jobs; House Dems – Let’s Do It! ⋆ Conservative Firing Line

CBO Warns  Minimum Wage Will Kill 1.4 Million Jobs; House Dems – Let’s Do It! ⋆ Conservative Firing Line

House Democrats on the Education and Labor Committee voted to approve a $15 minimum wage proposal as part of the coronavirus relief package, despite warnings from the Congressional Budget Office (CBO) that it would put 1.4 million Americans out of work.

Rep. Ilhan Omar (D-MN) celebrated the passage of a proposal to more than double the federal minimum wage from $7.25 to $15 per hour by the year 2025.

“It’s a wrap,” she tweeted. “$15 #MinimumWage passes the [Education and Labor] committee after more than 13 hours of debate.”

CNBC reports that it is unclear if the minimum wage provision would survive inclusion in the final $1.9 trillion aid package due to strict Senate rules.

Still, Senate Majority Leader Chuck Schumer (D-NY) is hoping to get it through.

“We’re trying to work as well as we can with the [Senate] parliamentarian to get minimum wage to happen,” he told reporters.

$15 Minimum Wage Would Cut 1.4 Million Jobs – CBO

The vote supporting a $15 per hour federal minimum wage comes within days of a CBO report indicating such a move would cost 1.4 million American jobs.

Raising the minimum wage would lift 900,000 Americans out of poverty, the report adds, but 1.4 million would presumably dip down in take-home pay considering they’d be out of work.

“Young, less educated people would account for a disproportionate share of those reductions in employment,” the CBO states.

Trending: Pelosi Throws Temper Tantrum After Vote To Acquit Trump (Video)

Worse, they’d likely be out of the workforce for quite some time.

“In 2021, most workers who would not have a job because of the higher minimum wage would still be looking for work and hence be
categorized as unemployed,” they write.

“By 2025, however, half of the 1.4 million people who would be jobless because of the bill would have dropped out of the labor force.”

President Biden Supports Raising the Minimum

If House Democrats don’t get their $15 minimum wage wish with this coronavirus relief package, President Biden has vowed to push for the pay hike at a later time.

“I put it in but I don’t think it’s going to survive,” Biden told CBS News in an interview this past weekend. “My guess is it will not be in [the stimulus bill].”

That doesn’t mean he’s about to give up.

“I’m prepared as the president of the United States on a separate negotiation on minimum wage to work my way up from what it is now,” Biden argued.

“No one should work 40 hours a week and live below the poverty wage and you’re making less than $15 an hour, you’re living below the poverty wage.”

A recent post by Factcheck.org indicates the numbers could end up being better than the CBO estimates, but they could just as easily be worse.

“There also is a 33% chance that between zero and 1 million jobs would be lost, and a 33% chance that the decrease would be between 1 million and 2.7 million jobs,” they write.

A Biden adviser dismissed concerns about jobs being lost due to a $15 minimum wage.

White House Counsel of Economic Advisers member Jared Bernstein said “we have a tendency to focus on some of the big negatives.”

Being jobless would seem like a pretty big negative for most Americans.

Cross-posted with Mental Recession

Related:

Turn your back on Big Tech oligarchs and join the New Resistance NOW!  Facebook, Google and other members of the Silicon Valley Axis of Evil are now doing everything they can to deliberately silence conservative content online, so please be sure to check out our MeWe page here, check us out at ProAmerica Only and follow us at ParlerCodias, Social Cross and Gab.  You can also follow us on Twitter at @co_firing_line.

If you appreciate independent conservative reports like this, please go here and support us on Patreon, get your conservative pro-Trump gear here and check out some great pro-Republican gear here.

While you’re at it, be sure to check out our friends at Whatfinger News, the Internet’s conservative front-page founded by ex-military!

And be sure to check out our friends at Trending Views:

Trending Views



Source link

Like this article?

Share on facebook
Share on Facebook
Share on twitter
Share on Twitter
Share on linkedin
Share on Linkdin
Share on pinterest
Share on Pinterest

Leave a comment

VISIT US
RESIST.
t.bailey@walls-work.org
FOLLOW US

© 2021 Walls Work