Raising the federal minimum wage in a bad economy is like America taking a bite out of an apple that has a worm in it. The president’s personal guarantee is about as reliable as the value of a wooden nickel and now according to the chief of the Congressional Budget Office (CBO) he has the numbers to prove it!
According to Fox News, the president’s executive order to bypass congress and implement an executive order to increase the minimum wage from “$7.25 to $10.10 would cost the U.S. economy 500,000 jobs.” This startling revelation comes on the heels of another CBO recent study which announced that Obamacare would cost the nation’s economy 2.5 million lost jobs.
Congressional Budget Office Director Douglas Elmendorf and his office have received withering pushback from liberal supporters of Obama as well as the White House itself. They refuse to accept the nonpartisan numbers that add up to economic calamity for a nation that continues to limp along due to Obama’s economic disconnect.
Nancy Pelosi, D-Calif., was off put by the CBO’s report and suggested that the report was erroneous in its conclusion and stated, “America’s top economists, predict that a wage hike would actually stimulate the economy, raise demand and job growth, and provide help in job creation,” reported Fox News.
The CBO budget director disagrees with Pelosi who also assured the nation as House Majority Leader in 2010 that Obamacare would stimulate new jobs as well as offer health protection for everyone…guaranteed! Elmendorf stands by the sound economic conclusions asserting, “We think our estimates are completely consistent with the latest thinking in the economic profession,” according to Fox News.
The White House Economic gurus are even suggesting that the impact of raising the minimum wage from its current $7.25 to $10.10 would have zero impact. Jason Furman, Chairman of the White House Council of Economic Advisers commented, “Zero is a perfectly reasonable estimate of the impact of the minimum wage on employment,” reported USA Today.
In fact the U.S. Senate under the ever nervous watchful political eye of Senate Majority Leader Harry Reid D-Nev., is planning to bring the president’s proposed minimum wage hike of $10.10 to a vote in March. With his finger and nose to the political winds of 2014, Majority Leader Reid is hoping that this effort in the senate will pull the targeted democrat senate seats of 2014 out of the political frying pan.
He just may have something there, because according to USA Today, a recent Gallup poll suggested that a majority of the American people support some sort of wage hike for workers. The poll released Monday showcased the nervousness in America and mentioned that “that nearly one in four Americans say that jobs and unemployment are their top concern,” reported USA Today.
Copyright © 2014 Kevin Fobbs. If you like this article you can subscribe above to receive email updates whenever Kevin Fobbs publishes on Examiner.com.