The Patriot Post® · Dems' $15 Minimum Wage = Two Million Lost Jobs
Congressional Democrats rolled out their latest vote-fishing and yet economy-crippling legislative proposal Wednesday — a nationwide minimum wage of $15 an hour to be fully implemented by 2024. With the announcement, Speaker Nancy Pelosi opined, “A $15 federal minimum wage affirms the bedrock idea of fairness in our country: that hard work deserves a decent wage.”
Rep. Bobby Scott (D-VA) declared, “When we put money in the pockets of American workers, they spend that money in their communities. So this bill will stimulate the economy on main street.” Scott failed to elaborate on who the “we” is that he’s referring to, but it’s a good bet he wasn’t talking about business owners who pay wages. Instead, he was no doubt referencing himself and Democrats, given the party’s long history of believing that the government, not private citizens working in a free-market economy, is responsible for producing wealth.
Naturally, socialist Sen. Bernie Sanders voiced his support for the Demo legislation: “We are living today in an American economy that is doing very well for the people on top. Not so well for working families.” Clearly, Sanders has been ignoring the reality on the ground, as both jobs numbers as well as wages have been rising precisely because taxes have been cut for everyone and government has gotten out of the way. Funny how the government taking less of people’s hard-earned money actually works to stimulate more economic growth, as opposed to any government-run wealth-redistribution scheme. But admitting that reality would be self-defeating for Democrats, who believe that government’s job is to control everyone.
Speaking of controlling, Prof. David Macpherson, chairman of Trinity University’s economics department, found that, based on the Congressional Budget Office methodology, implementing a federal $15 minimum wage would lead to the loss of two million jobs, with small businesses suffering the most. In fact, those who would be most negatively affected by the minimum wage hike would be the poor and the young. In other words, it would do exactly the opposite of what Democrats are currently claiming. It would also serve to slow much of the economic progress the nation has experienced under a particular president they detest so much.