Study: Biden’s Proposed $15 Minimum Wage Would Destroy 2 Million Jobs
It appears that, barring some discovery of widespread fraud that had an impact on the result, that Joe Biden will be president starting on January 20. And if Democrats throw enough money at the Senate race in Georgia, he may even go into his first term with a friendly Congress, ready to rubber stamp any and all bills he proposes. Certainly, a Democrat-controlled Congress will have absolutely no problem with the Biden-supported idea of passing a $15 minimum wage, seeing as how the House already passed such a bill in 2019. With Schumer in charge of the Senate and Biden in the White House, this bill will be as good as law.
Unfortunately, that could have a catastrophic economic impact at a time that this country can least afford it. According to a new study from economic professors at Trinity University and Miami University in Ohio, a $15 federal minimum wage could lead directly to the loss of 2 million jobs in America – the impact of which would disproportionately affect women and minorities.
Democrats: They get the job done!
Published by the Employment Policies Institute, the report says that while the coronavirus pandemic has already had a devastating effect on employment rates, a mandated $15 minimum wage could do grave damage in the years ahead, making an economic recovery that much more difficult. They studied the 2019 Raise the Wage Act, which was passed by Democrats last year only to fall on deaf ears in the Republican-controlled Senate. What they found was nothing short of harrowing.
“The Arts, Entertainment, and Recreation and Accommodation and Food Services sectors will account for half of these job losses. Workers aged 16-24 will see the highest proportion of job losses, and the majority of jobs lost will be held by women. Tipped workers will also lose a greater share of jobs affected by minimum wage than non-tipped workers—one in three tipped workers affected by this federal minimum wage increase will lose their job,” the report found.
One. In. Three. Tipped. Workers.
“Women are also likely to experience significantly more job losses than men as a result of a $15 federal minimum wage,” the report continued. “Analysis by the economists show that not only are 59 percent of minimum wage jobs held by women and slated to be affected by these wage increases, this means that 1.2 million jobs held by women will be lost by 2027 due to this policy, accounting for 61 percent of total losses.”
Drastic minimum wage hikes in New York City, Seattle, and other metro areas have already taken a devastating toll on the employment sector; do we really want to roll out those damning ramifications to the entire country?
Democrats do, that’s for sure.