Breitbart: President-elect Joe Biden’s proposal to raise the national minimum wage to $15 an hour could put more than 1.3 million Americans out of work.
On Thursday, Biden unveiled his $1.9 trillion dollar spending plan meant to tackle the economic consequences of the novel coronavirus pandemic. The president-elect’s proposal, which seeks to allocate more money for vaccine distribution and provides a bailout for cities and states hit hardest by the virus, also includes a trove of progressive priorities.
Despite Biden’s desire to put an end to the “real pain overwhelming” the economy, his proposal to raise the minimum wage to $15 could have the opposite effect.
A study conducted by the bipartisan Congressional Budget Office (CBO) in July 2019 found that raising the federal minimum wage from the current rate of $7.25 an hour to $15 an hour, even if done incrementally over five years, would likely result in more than 1.3 million jobs lost. Read More