By all indications things are getting worse not better in the US economy. The government has continued to meddle in the marketplace and keeps coming up a loser. Now Barack Obama is intent upon seeing a significant increase in the minimum wage. And what will that do? it will cost more jobs.
From Jim Hoft:
But, it gets worse…
Obamacare will cost 2.5 million jobs.
And, the CBO reported today that Obama’s minimum wage hike will cost the country another 500,000 jobs.
The Daily Mail reported:
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.
Looking at Hoft's report, one would almost think that the plans of this administration were designed to hurt the economy.
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