Elaine Parker of Job Creators Network writes in The Hill about the fallacies perpetuated by those on the left regarding raising the federal minimum wage – especially as it affects employers and entry-level workers:
Democrats are preparing to take control of the U.S. House of Representatives for the first time in nearly a decade. For almost that long, they’ve been promising to raise the federal minimum wage. In 2014, former President Barack Obama proposed a 40-percent increase, from $7.25 per hour to $10.10. The Congressional Budget Office predicted that doing so would erase half a million jobs from the economy as employers would struggle to absorb sharply higher labor costs.
…
To the muscle-flexing Socialist wing of the incoming Democrat majority, led by Vermont Senator Bernie Sanders and Representative-elect Alexandria Ocasio-Cortez (I-NY), the Obama plan was stingy. Instead, they want to more than double the rate to $15, which they call a “living wage” — the amount of income that would allow low-wage workers to raise their families.
Can employers afford to pay more than twice as much for entry-level labor? The CBO methodology would suggest millions of lost jobs as a result.
You can read the rest of the article here.
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