Democrats Threaten Nearly 4 Million Jobs, Many of Them Women, with Minimum Wage Mandate
Recently I released the following statement after voting against H.R. 582, the Raise the Wage Act, which passed the House of Representatives 231-199:
The Democrat minimum wage mandate threatens the jobs of nearly four million American workers – many of whom are minorities, women, and those without high school diplomas.
Thanks to Republican-led tax reform, the economy is booming in ways we haven’t seen in decades. This mandate will stop our growing economy in its tracks – undoing the positive impacts of these policies and forcing businesses to cut hours, raise prices, and ultimately eliminate jobs. By advancing this bill, Democrats are ignoring common-sense economics and jeopardizing the jobs of millions of vulnerable American workers.
Background: The nonpartisan Congressional Budget Office reported that H.R. 582 would:
- Erase 3.7 million jobs.
- Cause a loss of $53 billion in real income for small businesses and workers.
- Cut family income for four out of 10 minimum wage workers.
Additionally, the National Federation of Independent Business reported that H.R. 582 would result in:
- A $2 trillion reduction in economic output.
- A $980 billion reduction in real GDP.
- A $103 billion reduction in personal disposable income.