WASHINGTON, D.C. – House Republican Leader Kevin McCarthy (CA-23) released the following statement on the new Congressional Budget Office report on the effects of raising the minimum wage:
“Today’s Congressional Budget Office report reaffirms that a $15 minimum wage would kill American jobs and harm Americans struggling to make ends meet. Under the new Democrat-socialists’ plan, average family income would be reduced and as many as 3.7 million jobs could be lost. To put the impact into perspective, the job loss of this minimum wage increase is nearly equivalent to eliminating all jobs added to the economy since November 2017. At the same time, 42 percent of families currently earning at the minimum wage would see a net reduction in family income.
“Since 2017, Americans of all stripes have benefited from Republican polices of tax and regulation reform, and a renewed emphasis on the American worker. Today, Americans enjoy a booming economy, historically low unemployment, and notable wage growth.
“We must not jeopardize those gains through greater government control.”