According to an analysis done by the nonpartisan Congressional Budge Office an increase in the US minimum wage from $7.25 to $15 being proposed by US President Joe Biden will result in the loss of 1.4 million jobs.
The Blaze reports:
A government analysis of the proposal from Democrats to increase the minimum wage to $15 an hour says that it would cost the economy 1.4 million jobs if implemented.[…]
The jobs would be lost cumulatively over four years because the proposal would gradually raise the minimum wage from $7.25 to more than twice that amount by 2025.
The report said, “17 million workers whose wages would otherwise be below $15 per hour would be directly affected, and many of the 10 million workers whose wages would otherwise be slightly above that wage rate would also be affected.”
Many believe that such an increase at a time when small businesses are struggling to survive the lockdowns would be the final nail in the coffin for many of them.
Of course, jobs have not been President Biden’s top priority. Companies, unions and states are reeling after Biden signed executive orders banning fracking and oil pipelines. READ: Expert: Biden Actions Against American Oil, Gas Energy Production Could Kill as Many as 1 Million Jobs
Of course, President Biden said he would replace those energy jobs with Green jobs. This in from Germany, who promised the same thing. READ: Delingpole: Green Jobs Collapse in Germany and Go to China Instead. What a Surprise!