CBO: Biden’s Minimum Wage Increase Will Lead To 1.3 Million Lost Jobs

According to the Congressional Budget Office Biden’s plan to raise the minimum wage to $15 an hour will lead to 1.3 million job losses.

From CBS News:

President-elect Joe Biden’s proposal to more than double the federal minimum wage would provide an urgently pay hike to millions of low-income workers and help stem inequality in the U.S., economists and labor advocates said.

In detailing his $1.9 trillion COVID-19 relief proposal on Thursday, Mr. Biden called for raising the minimum wage to at least $15 an hour, saying, “No one working 40 hours a week should still be below the poverty line.”

Of course, what they don’t tell you until later in the article is that it will cost the U.S 1.3 Million Jobs:

The CBO also estimated the move would cost 1.3 million American jobs, a claim long made by conservative economists. Mr. Biden’s call to boost the minimum wage to $15 an hour “is the absolute last thing that unemployed workers need right now,” Michael Farren, an economist with the right-leaning Mercatus Center at George Mason University, said in an email. “After all, they can’t benefit from higher wages if those higher wages result in slower job growth.”

The cost of goods will also be pushed onto you:

Higher labor costs from raising the minimum wage would be shouldered by businesses, some of which would pass them on to consumers, according to the CBO.

“The loss in business income would be mostly borne by families well above the poverty line. All consumers would pay higher prices, but higher-income families, who spend more, would pay more of these costs,” the CBO stated in a 2019 report.

Here is Biden calling for it:

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