President-elect Joe Biden’s plan to raise the federal minimum wage to $15 could cost up to 1.3 million jobs, according to the Congressional Budget Office. This is terrible news for Americans struggling to come back after the economic crash caused by the coronavirus pandemic.
Biden unveiled his $1.9 trillion plan to help America recover from the lockdowns’ economic fallout on Thursday, including the $15 per hour minimum wage hike.
During a televised address on Thursday, Biden said, “There should be a national minimum wage of $15 an hour. Nobody working 40 hours a week should be living below the poverty line.”
A study conducted by the CBO found that raising the federal minimum wage from $7.25 to $15 would kill over a million jobs even if slowly implemented over the course of Biden’s presidency.
The CBO further noted that the 1.3 million jobs figure is a median and that the real impact could range up to 3.7 million jobs lost. A majority of those jobs lost will be in the service and retail industries, which will hit struggling Americans the hardest.
Service and retail jobs in poorer states will be especially hard hit due to the inflation that a $15 minimum wage will create. Joe Biden could kill millions of jobs, and the media will never hold him accountable for his actions.
Read the full story here.