One of President Biden’s economic advisors, Jared Bernstein, is seemingly unfazed by any projected job losses associated with Biden’s proposed $15 per hour minimum wage.
The non-partisan Congressional Budget Office estimates that the proposed increase in the federal wage will result in 1.4 million jobs being lost by 2025, though it does anticipate a reduction in the number of Americans living below the poverty line.
When asked how he could reconcile those 1.4 million job losses, Bernstein said, “The part you just read leaves out, by far, the most important number in that study. Which is that 27 million people get a wage increase by raising the minimum wage to $15 by 2025.”
Of course, if there are fewer jobs available, then the economy and the workers would still ultimately suffer.