Congresswoman Virginia Foxx (R-N.C.) leveled Democrats for their support of a federal minimum wage increase that has been projected to kill millions of jobs.
House Democrats are supporting a bill — H.R. 582 — which would increase the minimum wage from $7.75 to $15 by 2024. As IJR previously reported, the nonpartisan Congressional Budget Office (CBO) found that more than three million jobs could be eliminated if the wage increases took place.
Still, Democrats see it as a win because the remaining workers could see a bigger paycheck. They have taken the bill to the House floor with a vote expected later in the day Tuesday.
Ahead of the vote, Foxx joined Republican leadership during their weekly press conference to explain the “very bad piece of legislation” and how it could devastate working Americans, especially low-income workers that the minimum wage is intended to help.
Watch Foxx’s comments:
“Last week, CBO issued a detailed study, which estimates that almost four million, 3.7 million jobs would be lost from a $15 minimum wage, with a median impact of 1.3 million jobs lost. That same CBO report also estimates that a $15 federal minimum wage would lift 1.3 million individuals out of poverty. So, if we do the math, H.R. 582 would cause at least one job to be lost for every person who moved out of poverty, and in the worst-case scenario as main as three jobs would be lost.”
Foxx also noted that the CBO found that by 2025, this minimum wage increase could result in a net loss of family income of $9 billion. She highlighted the irony of the “Raise the Wage Act” resulting in a net loss for American families.
“In other words, the so-called raise would reduce pay for many American families. Ironically, this bill comes at a time when wages are on the rise with 7.4 million jobs nationwide and unemployment near a 50-year low. Job creators know they must offer competitive wages and benefits to attract and retain workers. Instead of considering this job-killing, income reducing bill, we should advance legislation that empowers communities, creates opportunities, and opens doors for all workers and families.”
Foxx concluded her takedown of the minimum wage bill by calling on Democrats to vote against the legislation.
“It’s bad legislation. It should not pass.”