(TheFreedomFlag.com)- President Joe Biden might want to think again about his promise to raise the minimum wage to $15 after the Congressional Budget Office confirmed the Republicans’ prediction that the move would destroy millions of jobs. The office confirmed that as many as 1.4 million jobs could be lost by 2025, in exchange for raising the wages of 900,000 people.
This is the same plan promised by Senator Bernie Sanders during his last presidential run.
A new report from the Congressional Budget Office (CBO) also revealed how increasing the federal minimum wage would increase the federal deficit by more than $54 billion over the next ten years…though, with the COVID relief packages costing trillions of dollars, that number somehow seems conservative these days.
The CBO also confirmed in a report published on Monday that prices for goods and services would increase as a result of the move, with 17 million workers making less than $15 per hour forced to pay more for goods to live.
Despite the damning report from the nonpartisan federal agency, President Joe Biden appears to be committed to the campaign promise. On Sunday, however, he admitted that he didn’t think he would be able to get it passed during the ongoing COVID-19 relief package discussions.
“I’m prepared as the president of the United States on a separate negotiation on minimum wage to work my way up from what it is now,” he admitted, signaling that he might not get to the number he promised.
“No one should work 40 hours a week and live below the poverty wage and you’re making less than $15 an hour, you’re living below the poverty wage,” he added.
For anybody who voted for Biden off the back of promises like this, it might sting twice as much after the new president also backtracked on a promise to deliver $2,000 COVID relief checks.
Despite promising that the checks would be delivered if the Democrats won the runoff races in Georgia in January, Democrats are now considering $1,400 checks…and the deal still isn’t done.
Socialist Senator for Vermont, Bernie Sanders, slammed the CBO report…as you might expect.
“I find it hard to understand how the CBO concluded that raising the minimum wage would increase the deficit by $54 billion,” he said.
The CBO has demonstrated that increasing the minimum wage would have a direct and substantial impact on the federal budget. What that means is that we can clearly raise the minimum wage to $15 an hour under the rules of budget reconciliation. pic.twitter.com/YyTEYkOugX
— Bernie Sanders (@SenSanders) February 8, 2021
“Two years ago, CBO concluded that a $15 minimum wage would increase the deficit by less than $1 million over ten years.”
But that was before the pandemic and during President Donald Trump’s economic boom.