{"id":121296,"date":"2021-02-08T16:44:00","date_gmt":"2021-02-08T21:44:00","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=121296"},"modified":"2021-02-08T16:57:50","modified_gmt":"2021-02-08T21:57:50","slug":"congressional-budget-office-minimum-wage-hike-would-cost-1-4-million-jobs","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/congressional-budget-office-minimum-wage-hike-would-cost-1-4-million-jobs\/","title":{"rendered":"Congressional Budget Office: Minimum Wage Hike Would Cost 1.4 Million Jobs"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">22<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fcongressional-budget-office-minimum-wage-hike-would-cost-1-4-million-jobs%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=121296&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><div><img decoding=\"async\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2021\/02\/GettyImages-1162800171.jpg?w=1200&amp;h=800&amp;ixlib=react-9.0.3\" class=\"ff-og-image-inserted\" \/><\/div>\n<p>In a report released Monday, the Congressional Budget Office said that hiking the minimum wage to $15 might reduce poverty, but at the cost of 1.4 million jobs and by adding billions to the federal deficit.<\/p>\n<p>President Joe Biden and Sen. Bernie Sanders (I-VT) have both pledged to back legislation raising the federal minimum wage to $15 \u2014 what both the president and the socialist Senator call a \u201cliving wage.\u201d Initially, both Biden and Sanders wanted to include the minimum wage hike in an upcoming COVID-19 economic relief package, but with Democrats intent on passing that bill through \u201creconciliation,\u201d it may have to be offered separately.<\/p>\n<p>The federal minimum wage, which sets the standard across the states, has been at $7.25 since 2009. The Democrats\u2019 plan would see the wage increase incrementally over the next several years, starting with a hike to $9.50 per hour in June and hitting $15 by 2025.<\/p>\n<p>The plan, CNN notes, would help some people, increasing \u201cworker pay by $333 billion, giving a boost to some 17 million workers whose wages would otherwise be below $15, as well as many of the 10 million workers whose wages would otherwise be slightly above that level.\u201d<\/p>\n<p>But that bump would come at a high cost, namely millions of jobs.<\/p>\n<p>The jump would \u201ccut employment by 1.4 million workers and increase the federal deficit by $54 billion over a decade,\u201d the outlet notes. And while federal spending on things like supplemental food aid programs might decrease, \u201cspending on Medicaid and unemployment benefits would increase because of higher enrollment by those who lose their jobs.\u201d Prices on goods and services would also rise, the <a href=\"https:\/\/www.wsj.com\/articles\/15-minimum-wage-would-cost-1-4-million-workers-jobs-lift-900-000-from-poverty-cbo-study-finds-11612800875\">Wall Street Journal adds<\/a>.<\/p>\n<p>\u201cHigher wages would increase the cost of producing goods and services, and businesses would pass some of those increased costs on to consumers in the form of higher prices, resulting in reduced demand, the CBO said,\u201d per the WSJ. \u201cFrom 2021 to 2031, the plan would increase payments to workers by a net $333 billion, after accounting for wage increases and job losses, the study found. That would allow low-income workers to spend more but would increase labor costs for businesses and raise prices, especially at restaurants. The loss of jobs would cause a modest negative overall impact on economic growth.\u201d<\/p>\n<p>That\u2019s a difficult outlook to contend with while the nation is still in the middle of the coronavirus pandemic. The virus and associated lockdowns meant to keep the spread of COVID-19 manageable for health care workers have taken a major toll on the economy.<\/p>\n<p>Last week, the Daily Wire reported that the Biden administration is considering <a href=\"http:\/\/dailywire.com\/news\/report-biden-administration-abandoning-15-minimum-wage-over-worries-it-wont-survive-covid-talks\">abandoning the call for a $15 minimum wage<\/a> \u2014 at least until after the coronavirus relief package passes Congress \u2014 because it dramatically complicates negotiations around the COVID-19 relief bill.<\/p>\n<p>If Democrats decide to pursue Republican approval on the bill, its unlikely many members of the GOP will sign on to a measure that includes such a massive wage hike. If Democrats decide to pursue \u201creconciliation\u201d \u2014 a parliamentary procedure that allows the Democrats to push through a \u201cbudget-related\u201d bill with just a simple majority \u2014 the $15 minimum wage, which is not considered a \u201cbudget\u201d issue, would act as a poison pill, killing the measure before it ever makes it to the floor.<\/p>\n<p>Sen. Sanders, however, remains convinced there is some way to force the $15 minimum wage through using reconciliation.<\/p>\n<p>\u201cI can tell you as chairman of the [Senate Budget Committee], we have a room full of lawyers working as hard as we can to make the case to the parliamentarian that, in fact, raising the minimum wage will have significant budget implications and, in fact, should be consistent with reconciliation rules,\u201d he told CNN on Sunday.<\/p>\n<p><em><span>The Daily Wire is one of America\u2019s fastest-growing conservative media companies and counter-cultural outlets for news, opinion, and entertainment. Get inside access to The Daily Wire by becoming a<\/span><\/em> <a href=\"https:\/\/www.dailywire.com\/subscribe\"><em><span>member<\/span><\/em><\/a><em><span>.&nbsp;<\/span><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>In a report released Monday, the Congressional Budget Office said that hiking the minimum wage to $15 might reduce poverty, but at the cost of 1.4 million jobs and by &#8230;<\/p>\n","protected":false},"author":1,"featured_media":1892919,"comment_status":"close","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[4463,4490,5861,4561,5660,4562],"class_list":["post-121296","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","tag-budget","tag-congressional","tag-hike","tag-minimum","tag-office","tag-wage"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/121296","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=121296"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/121296\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1892919"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=121296"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=121296"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=121296"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}