Biden’s claim that with a $15 minimum wage, ‘the whole economy rises’ Glenn Kessler (Stefani Reynolds/Bloomberg News)
“I do think that we should have a minimum wage, stand by itself, $15 an hour and work your way up to the it doesn’t have to be boom. And all the economics show, if you do that, the whole economy rises.”
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, Feb. 5, 2021 President Biden is pushing for a gradual increase in the federal minimum wage to $15 an hour by 2025, after which it would be indexed for inflation. The wage was last raised in 2009, to $7.25, though more than half of the states now have set even higher minimums.
As President Biden and Democrats kept pushing the absurd idea of increasing the minimum wage during a pandemic that has already adversely affected the service industry, the Congressional Budget Office delivered a needed reality check.
The nonpartisan Congressional Budget Office (CBO) on Monday said that raising the federal minimum wage to $15 per hour by 2025 would add $54 billion over 10 years to the budget deficit and lift 900,000 people out of poverty, but lead to 1.4 m
15 Minimum Wage Would Cut Employment, Reduce Poverty, CBO Study Finds — Update morningstar.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from morningstar.com Daily Mail and Mail on Sunday newspapers.