Marc Nozell via Flickr (CC BY 2.0)
Joe Biden and the Democrats want to raise the minimum wage effectively killing over 1 million jobs, according to reports.
According to The Washington Free Beacon:
President Joe Biden’s plan to raise the federal minimum wage to $15 would hike the nation’s deficit by tens of billions of dollars and kill over a million jobs, according to a Congressional Budget Office report.
The nonpartisan agency’s analysis concluded Monday that a $15 minimum wage would reduce the nation’s workforce by 1.4 million—half a million more than the number it would raise out of poverty. It would also increase the cumulative federal budget deficit by $54 billion over the next 10 years, with interest-rate bumps and inflation adding another $16 billion.
Promoted by President Biden and introduced as a bill by Sen. Bernie Sanders (I., Vt.), the measure is one of several proposals Democrats hope to tuck into their $1.9 trillion coronavirus relief legislation.
Democrats approved a $1.9 trillion budget resolution Friday, skirting a 60-vote threshold in the narrowly divided Senate through a process known as reconciliation. The resolution now heads to congressional committees, which will debate such hot-button proposals as a $15 minimum wage and $1,400 direct relief payments.
Biden has stated that he does not think his proposal will survive, but if it doesn’t it will have dire consequences for a majority of his voters.