The Democrats’ Minimum Wage Proposal Could Eliminate Up To A Million Jobs

 

Survey: Most Americans Call Job Losses ‘Unacceptable’ Tradeoff

CBO STUDY: “Once fully implemented in the second half of 2016, the $10.10 option would reduce total employment by about 500,000 workers…” (CBO, February 2014)

• “The overall reduction in employment could be... 1.0 million workers.” (CBO, P.9, February 2014)

BLOOMBERG POLL: “Raising minimum wage to $10.10 would... eliminate 500,000 jobs. Is that an acceptable tradeoff? Unacceptable: 57% Acceptable: 34%” (Bloomberg Poll, 3/11/14)

EMPLOYMENT SURVEY: “Thirty-eight percent of America’s private employers say they will lay off workers if Congress agrees to raise the minimum wage to $10.10, according to a new survey by the nation’s largest privately held staffing firm.” (Express Employment Professionals, Press Release, 3/19/14)

• “Fifty-four percent of employers who are paying their workers the current minimum wage of $7.25 per hour say they would reduce hiring...” (Express Employment Professionals, Press Release, 3/19/14)

 

‘May Be The Difference Between A Job And Unemployment’

JANET YELLEN, Fed Chairwoman: “…There would be some amount of negative impact on employment as a consequence… CBO is as qualified as anyone to evaluate that literature, and I wouldn't argue with their assessment.” (Janet Yellen, Committee Hearing, 2/27/14)

• PRESIDENT OBAMA: “Janet is renowned for her good judgment.” (President Obama, 10/9/13)

PAUL KRUGMAN, Nobel Laureate In Economics: “So what are the effects of increasing minimum wages? Any Econ 101 student can tell you the answer: The higher wage reduces the quantity of labor demanded, and hence leads to unemployment.” (Paul Krugman, Washington Monthly, 9/1/1998)

HUNDREDS OF ECONOMISTS: “One of the serious consequences of raising the minimum wage is that business owners saddled with a higher cost of labor will need to cut costs, or pass the increase to their consumers in order to make ends meet.” (Economists, “A Statement To Federal Policy Makers, 2014)

20 JOBS GROUPS: “For many businesses, this 39 percent increase could truly be the difference between continuing to operate and going out of business. For the employees it attempts to help, it may be the difference between a job and unemployment.” (Letter To U.S. Senators, 3/31/14)

 

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SENATE REPUBLICAN COMMUNICATIONS CENTER