Joe Biden’s Minimum Wage Plan Will Kill 2 Million Jobs

(JustPatriot.com)- Democratic candidate Joe Biden has as an economic plan in mind.

And if he wins the election and is able to enact his plan’s priorities, it could kill up to 2 million jobs.

A recent analysis from the Employment Policies Institute found that within the first six years, Biden’s plan to increase the federal minimum wage to $15 per hour could eliminate more up to 2 million jobs. That number is more than double the current federal minimum wage of $7.25 per hour.

On his website, Biden touts his $15-per-hour plan as one that would help “get state and local laws increasing the minimum wage across the finish line.” He says it’s “well past time we increase the federal minimum wage to $15 across the country.”

But, what Biden and many liberals never seem to take into consideration is that plans to increase the minimum wage — especially to levels as high as $15 — would end up hurting the people they most aim to help. In response to a huge increase in the minimum wage, many businesses would either lay off workers or simply reduce the number of jobs they had at entry-level positions altogether.

Most of these cuts would come to entry-level positions for non- or low-skilled workers. The EPI analysis found that 1 million of these job losses would come in the accommodation, food services, recreation, entertain and arts sectors. The report also found that the majority of people who would lose these jobs would be women.

The states that would be hardest hit by a change are Texas (which would lose roughly 370,000 jobs), Florida, North Carolina, Georgia, Ohio and Pennsylvania.

As the report says:

“Not only are 59% of minimum wage jobs held by women and slated to be affected by these wage increases, this means that 1.2 million jobs held by women will be lost by 2027 due to this policy, accounting for 61% of total losses.”

Instead of helping, Biden’s minimum wage plan would exacerbate the economic problems that small businesses throughout the country are experiencing during the coronavirus pandemic. Michael Saltsman, the managing director of EPI, said:

“Business owners across the country are already facing a great loss after the economic downturn caused by the coronavirus. Increasing labor costs through a federal $15 minimum wage would only bring businesses — and the people they employ — closer to the point of no return.”

The EPI report doesn’t include an analysis in areas that have already increased the minimum wage to $15 per hour. For example, Seattle and San Francisco each have minimum wages above that number. Seven states have laws already in place that will increase the minimum wage to $15 by 2025 or before.

In addition to hurting women, the higher minimum wage would eliminate almost 10% of all jobs held by Hispanic workers and 9% held by black workers.

As the report states:

“Federal and state policymakers must take into account the impact of enacting a $15 federal minimum wage, especially as placing the burden of steeply rising labor costs on employers on top of COVID-19 struggles will cause businesses to reduce their employment or close altogether.”