Democrat presidential nominee Joe Biden has been proclaiming his plans to enact a $15 federal minimum wage throughout his campaign. However, it’s clear the Democrat has never stopped to think about the exact costs this would have on employers and employees. To believe that every small business owner can suddenly afford to, in some cases nearly double workers wages without it taking a toll on their business is ridiculous.
A new report shows exactly how much Biden’s $15 minimum wage will cost, and the result is a loss of 2 million American jobs. Not only will there be massive job cuts but those most impacted by are sure to be minorities and workers in entry-level or low-skill jobs, the very groups Biden is relying on to get him elected and he has sworn to protect.
In a report fro the Washington Free Beacon:
“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,” the report says.
EPI managing director Michael Saltsman said the Biden-backed policy would only exacerbate the financial woes of small businesses amid the pandemic.
“Business owners across the country are already facing a great loss after the economic downturn caused by the coronavirus,” Saltsman told the Washington Free Beacon. “Increasing labor costs through a federal $15 minimum wage would only bring businesses—and the people they employ—closer to the point of no return.”
“Federal and state policymakers must take into account the impact of enacting a $15 federal minimum wage, especially as placing the burden of steeply rising labor costs on employers on top of COVID-19 struggles will cause businesses to reduce their employment or close altogether,” the report states.
The loss of 2 million American jobs is not enough to make Biden blink, meanwhile, Donald Trump is working tirelessly to bring the economy back to what was prior to the Coronavirus pandemic and working to create new jobs. Biden claims he wants what’s best for the American people but clearly he does not care about the long-term effects his Leftist policies will have on millions of hard-working American families.