Yellen Contradicts Herself On Minimum Wage, Job Creators Network Reacts
On Tuesday, Treasury secretary nominee Janet Yellen claimed that a $15 minimum wage would result in “minimal” job loss. However, in 2014, Yellen backed a report that found a $10.10 federal minimum wage could kill half a million jobs. The Washington Free Beacon has the full story (link).
“The first acts of the Biden administration are job eliminators rather than job creators,” says Alfredo Ortiz, President and CEO of the Job Creators Network (JCN). “Ms. Yellen had it right the first time – a higher minimum wage is a job eliminator. The non-partisan Congressional Budget Office says that a $15 minimum wage would eliminate 1.3 million jobs. Ms. Yellen endorsed the CBO’s research in 2014. Nothing has changed since then. America’s small businesses cannot afford a $15 minimum wage during the height of a pandemic and economic emergency. This will be a catastrophe at a time when we can least afford it.”