Staff Reports
The leading proposal by those left-leaning Democrats to boost the federal minimum wage to a jaw-dropping $17 an hour would certainly give a hefty raise to millions of workers, but don’t break out the party horns just yet. A brand new assessment by the Congressional Budget Office reveals that the Democrats’ sweetheart deal could also give the old heave-ho to about 700,000 hard-working Americans from their jobs. You read that right: out on the street, pink slips waving in the wind.
And who’s taking the hardest hit? Surprise, surprise, it’s the younger, less educated workers who are set to bear the brunt of this economic catastrophe, according to the CBO. So much for being the party of the working class, huh?
Sen. Bernie Sanders’ minimum-wage hike would kill 700,000 jobshttps://t.co/aPQ7OT0rC5 pic.twitter.com/DarJBQs8Ik
— The Washington Times (@WashTimes) December 19, 2023
Now, this bill is sponsored by none other than Sen. Bernard Sanders, the Vermont independent who just can’t seem to get enough of those Bernie Bucks. Backed by a gaggle of Senate Democrats, this plan would jack up the wage little by little over five years, kicking off with a $9.50 price tag in 2024 and finally landing at a mind-boggling $17 in 2029. Like clockwork, it would then be hitched to the overall job market. The current federal minimum wage? A modest $7.25, which some people seem to think is just fine, thank you very much.
The CBO decided to take a peek into the crystal ball and found that, by 2029, when the whole $17 charade would be in full swing, it would spell fortune for 9.7 million folks whose paychecks would otherwise fall short of that figure. But wait for it — a whopping 700,000 individuals who are currently making ends meet under the current $7.25 rate would be facing the grim reality of unemployment under the higher wage. Talk about a tough break!
But never fear, because Sen. Bill Cassidy of Louisiana, the head honcho of the Republicans on Mr. Sanders’ committee, has come swooping in to save the day. He’s leading the pack with a more reasonable proposal to boost the wage to a modest $11-an-hour rate, with the added bonus of businesses being required to use E-Verify to give those illegal immigrants the ol’ boot.
And what about the folks pushing the $17 nonsense? They’re swearing up and down that it would lift some 400,000 families out of poverty. That’s right, folks. Just a sprinkle of that Bernie magic and — poof! No more poverty! But hold onto your hats, because higher wages mean higher prices, and businesses would take a hit too. The CBO says the pain would be felt mostly by the wealthy, but we’re pretty sure everyone’s piggy bank would be feeling a pinch.
But the icing on this cake? The federal government would be shelling out a cool $46 billion in new spending to cover the cost of this grand plan. That’s a whole lot of zeros, if you ask us.
Now, don’t get too worked up about this. With the bitter divide in Congress, and the struggle just to pass basic bills, the likelihood of this minimum wage hike ever seeing the light of day is about as slim as a toothpick. The last time we saw any movement on this front was way back in 2007, and even then it was only because both sides were feeling extra generous — or, more likely, trying to slip in some sneaky spending in the fine print.
So keep your hard hats on, folks, because at the end of the day, it’s much ado about nothing. Rest assured, this whole $17-an-hour dream is nothing more than a fairy tale that we’ll all toss in the recycling bin with yesterday’s news.
