For years, Democrats have been pushing for an increased minimum wage.
And in the upcoming election, Democrat candidates will likely use a $15/hour wage hike to help curry favor with leftist voters.
However, a recent report makes one thing clear:
These Democrats don’t seem to understand the impact this kind of increase would have on businesses, consumers, and workers.
This report, just released by the Congressional Budget Office, reveals just what would happen if the $15/hour bill passes.
And it isn’t pretty.
From National Review:
“Implementing a $15 federal minimum wage would result in the elimination of some 1.3 million jobs, according to a report released by the Congressional Budget Office Monday…
Under the bill … real total income would decrease by $9 billion, with most of the losses accruing to business owners and consumers who would see prices increase.”
Yes, the liberals’ $15/hour wage hike would result in over 1 million job losses.
On top of that, this report claims that overall wealth in this country would decrease dramatically, because the price of goods and services would skyrocket.
Various cities have tried implementing a $15/hour minimum wage, and it hasn’t gone entirely as planned.
For example, they’re trying it in San Francisco and Seattle, and a 2016 study found that “restaurant closures increased markedly.”
There were reports that many other businesses closed as well, simply because they could not afford the wage hike. Small business owners were especially affected.
Is this what Democrats want for the entire country?
This report says we should expect to see mass layoffs, as well as a lack of jobs for young adults and low-skilled workers … that doesn’t sound promising, does it?
Where will the Democrats be when over 1 million people lose their jobs? And what about the $9 billion loss in total wealth?
I guess they can always raise taxes to give those out-of-work Americans food stamps, huh?
SHARE to say “No thanks!” to the $15/hour wage hike!
Source: National Review