The White House may have to scrap its plans to aggressively promote a 40 per cent national minimum wage hike now that the nonpartisan Congressional Budget Office found that the move would likely cost the U.S. 500,000 jobs by the second half of 2016.
The CBO’s report, released Tuesday afternoon, also estimated that it would pull 900,000 low-income Americans above the federal government’s poverty line.
The White House didn’t answer questions about whether that trade-off is acceptable to President Obama, but Senate Democrats have pushed hard for legislation that would implement his goal of driving the minimum wage far above its current $7.25 level.
But it quickly scheduled an afternoon conference call for reporters with Council of Economic Advisers Chairman Jason Furman, and published a blog post so lengthy that it suggests the White House had advance notice of the CBO’s findings.
A conservative policy group, the Employment Policies Institute, has predicted the CBO’s findings for years, saying that a $10.10 minimum wage would kill between 360,000 and 1 million jobs, mostly those of young, low-skill workers who would be the first to go if employers were forced to pay higher salaries out of the same pool of money.
Like everything else predicted about the progressive movement: the destruction of the black family, the ruination of the public education system, the job-killing effect of gargantuan environmental regulations, this too will be ignored – hell, they’ll never hear about it on their daily 30-second news fix – and they’ll continue on voting Democrat, hating the Tea Party meanies and wondering why their country keeps going to hell.