Forget a market-driven economy. The Democrat-led House just voted 231-199 to double the federal minimum wage to $15 per hour, with just six Democrats voting against the “Raise the Wage Act.” This bill itself will incrementally raise the minimum wage-the first increase in a decade, if passed-over the next seven years. Yet, the Congressional Budget Office estimates that 1.3 million people could lose their jobs, while other scenarios predict as many as 3.7 million could get a pink slip. Translation: redistribution of wealth never ends well.
Here’s more from Washington Examiner…
The Democrat-led House voted to raise the federal minimum wage to $15 per hour, more than double the current rate of $7.25, and the first proposed increase in a decade.
The legislation, approved 231 to 199, now goes to the Republican-led Senate, which is not expected to take it up. Six Democrats voted against the bill, while three Republicans voted in favor of it.
The bill, the Raise the Wage Act, would increase the minimum wage in increments over seven years.
The new wage floor was originally intended to be phased in over five years, but it was amended this week at the urging of centrist Democrats to have an extra year.