$15 Federal Minimum Wage Increase Would Kill 1.3 Million Jobs
A more accurate name for the "Fight for $15" would be the "Fight to Kill 1.3 Million Jobs".
That's according to the CBO report.
According to research released by the Congressional Budget Office (CBO) on Monday, gradually raising the federal minimum wage to $15 per hour would put about 1.3 million people out of work in 2025.
“According to CBO’s median estimate, under the $15 option, 1.3 million workers who would otherwise be employed would be jobless in an average week in 2025,” researchers wrote.
And the numbers would potentially even be worse than that.
The CBO says there is a “two-thirds chance” that the change in employment could range from zero to a loss of 3.7 million workers.
A $15 minimum wage in 2025 would boost wages for about 17 million people – but it would also reduce business income and raise prices for consumers, in addition to reducing the nation’s output. Overall, the CBO said the move would reduce real family income by about $9 billion in 2025 – or 0.1 percent.
Not a problem for Dems.
Eliminating jobs just creates more clients for their welfare state.