President Biden’s push to increase the federal minimum wage to $15 an hour would cost more than 1.5 million jobs and drive up the cost of goods and services, the US Congressional Budget Office projected Monday.
The nonpartisan federal agency also found that the “Raise the Wage Act” would see the federal deficit balloon to a whopping $54 trillion — almost double what is now — if enacted next month.
The report found Biden’s plan would have mixed results. The federal boost would lift 900,000 Americans out of poverty but would cut employment by 1.4 million.
“Spending for unemployment compensation would increase under the bill because more workers would be unemployed,” the CBO report forecast.
Spending on nutrition assistance programs, or SNAP, would decease because more families would be lifted out of poverty under Biden’s plan.
https://nypost.com/2021/02/08/bidens-15-minimum-wage-would-cost-1-4-million-jobs-cbo/