A plan backed by President Obama to increase the minimum hourly wage from $7.25 to $10.10 would cost the United States 500,000 jobs in just two and a half years, according to the Congressional Budget Office.
The CBO, which earlier this month released the startling finding that 2.5 million workers would scale back their hours or stop working because of Obamacare, is proving once again that it is a repository of reliable data while the White House is a suppository of useless information.
Writing just six days ago in blog post on the White House website, Council of Economic Advisors Chairman Jason Furman claimed raising the minimum wage would have a negligible impact on jobs.
Finally, as one recent review of minimum wage research published since 2000 concluded, “The weight of that evidence points to little or no employment response to modest increases in the minimum wage.”
Furman neglected to mention that the Center for Economic Policy Research, which performed the “review,” is a left-wing think tank which last year released a study showing that if people would only work less it would cool global warming.
So Furman did some damage control blogging today, emphasizing that “16.5 million people making less than $10.10 per hour would get a raise if the minimum wage is increased.”
Okay. So maybe those who lose their jobs can move in with them.
Furman’s first blog post was followed by a scurrilous weekly address Saturday by President Obama, who was in full class warfare, truth-bending mode:
While those at the top are doing better than ever, average wages have barely budged. Too many Americans are working harder than ever just to get by, let alone get ahead. And that’s been true since long before the recession hit.
That’s why we’ve got to build an economy that works for everybody, not just a fortunate few.
A fortunate few? Fortunate to have had the good sense to work their asses off.
An overwhelming majority of Americans support raising a minimum wage that’s worth about 20% less than when Ronald Reagan took office.
This one really caused me to reach for the smelling salts. Or some Fiji Water – on the advice of the first lady – anything to keep me passing out from the shock and awe of Obama’s dishonesty.
Obama tries to invoke Reagan, suggesting Republicans should support him. But notice what he actually said . . . when Ronald Reagan took office.
WHO HAD JUST BEEN PRESIDENT WHEN REAGAN TOOK OFFICE? AND HOW WERE THINGS GOING UNDER JIMMY CARTER?
Sorry, drank a little too much water.
Obama is actually making a favorable mention of Jimmy Carter’s economic policy. I guess it makes sense when you think about it.
Under Reagan, the minimum wage remained at the same dollar value – declining steadily in real terms – while the economy boomed.
This next one made me laugh so hard I nearly detached my gall bladder. I’m serious.
It will give more businesses more customers with more money to spend – and that means growing the economy for everyone.
Now let’s think about this. Because, really, Obama doesn’t seem to understand who PAYS the increased minimum wage. He thinks it just magically materializes, or comes from rich people who have stashed stolen millions on their golf bags.
IT’S PAID BY BUSINESSES. So the money paid by businesses comes back to them in spending from the people they gave the money to. THE SAME MONEY. And that’s supposed to help businesses?
Does spitting in the wind add to your reservoir of saliva?
The opponents of raising folks’ wages have deployed the same old arguments for years, and time and again, they’ve been proven wrong.
In fact, increases in the minimum wage have coincided with three of the last four recessions, including the hikes in 2007, 2008, and 2009 that accompanied the current slowdown.
Here, just to torture you, is Obama’s commentary on the minimum wage. Hold onto your gall bladder.