The US Congressional Budget Office (CBO) blasted Joe Biden’s economic agenda and his plans to increase the federal minimum wage to $15 an hour.
The non partisan group reported raising the minimum wage to $15 would eliminate 1.4 million jobs and drive up the cost of goods and service.
In their review the CBO found that the “Raise the Wage Act” would double the $54 billon federal deficit.
They found that Biden’s plan could lift a 900,000 out of poverty if they weren’t one of the 1.4 million people that would lose their job.
“Spending for unemployment compensation would increase under the bill because more workers would be unemployed,” the CBO report forecast.
In their prediction the CBO reported the cost of goods and services would go through the roof because employers are going to pass the cost off to the consumer.
“[T]hose 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,” the CBO found.
We’ve already started to see business prepare for this, have you walked into a McDonalds lately? Most stores now have automated the ordering process via touch screen, gone are the days of having a cashier take your order.
Biden has already begun crashing jobs in the oil and gas industry what’s another 1.4 million.
The raise in the minimum wage is forecasted to destroy what’s left of the small businesses that have so far survived the pandemic. Last year the leisure and hospitality sector saw 3.8 million jobs disappear and $15 minimum wage would be devastating.
However, in the video below you’ll see the Biden’s administration attitude toward Americans who lose their jobs because of their policies.
Psaki gets sassy w/ @pdoocy after being asked when fossil fuel workers being forced out of work can expect to land a “green” job: “I certainly welcome you to present your data of all of the thousands and thousands of people who won’t be getting a green job” pic.twitter.com/ZcQU9lw2Vu
— Tom Elliott (@tomselliott) February 8, 2021