(p. B5) WASHINGTON — Raising the federal minimum wage to $15 an hour — a proposal included in the package of relief measures being pushed by President Biden — would add $54 billion to the budget deficit over the next decade, the Congressional Budget Office concluded on Monday [Feb. 8, 2021].
. . .
Critics of the plan noted a different element of the report: its forecast that raising the minimum wage to $15 would eliminate 1.4 million jobs by the time the increase takes full effect.
“Conservatives have been saying for a while that a recession is absolutely the wrong time to increase the minimum wage, even if it’s slowly phased in,” said Brian Riedl, a senior fellow at the Manhattan Institute. “The economy’s just too fragile.”
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(Note: ellipsis, and bracketed date, added.)
(Note: the online version of the story has the date Feb. 8, 2021, and has the title “Minimum Wage Hike Would Help Poverty but Cost Jobs, Budget Office Says.”)
The nonpartisan Congressional Budget Office report mentioned above is: