For businesses who are already struggling to pay their employees during the pandemic, a $15 minimum wage would be devastating.
February 8, 2021
Congressional Budget Office Says Joe Biden’s $15 Minimum Wage Mandate Would Cost Americans 1.4 Million Jobs
The Congressional Budget Office (CBO) released a new study revealing that Joe Biden’s $15 minimum wage proposal would eliminate 1.4 million jobs. This would compound the economic difficulties Americans are already facing while trying to recover from the Coronavirus outbreak, which devastated many industries and put millions of people out of work.
The CBO’s report also noted that raising the minimum wage to $15 an hour would spike prices for goods and services on American families and raise the federal deficit by $54 billion. On top of that, it would cause critical programs like Medicare — which many low-income Americans rely on — to raise in cost due to “higher prices for medical services.”
CBO: “Higher wages would increase the cost to employers of producing goods and services. 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. 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.”
Despite a lack of Republican support, President Biden and Democrat lawmakers are attempting to ram the $15 minimum wage increase through Congress by tacking it onto Biden’s $1.9 trillion COVID relief package.
If you actually wanted to create more jobs during this pandemic, then why would you impose a costly $15 minimum wage on small businesses? This is just another example of progressives trying to pass their liberal agenda under the guise of COVID relief.https://t.co/X2qgkldCcr
— Greg Murphy (@RepGregMurphy) January 15, 2021
Bottom line: For businesses who are already struggling to pay their employees during the pandemic, a $15 minimum wage would be devastating. President Biden needs to do what’s best for the American worker, rather than try and score a political win towards his radical, activist-driven agenda.