One of the things that Democrats are really bad at is understanding basic economics.
Joe Biden seems to have that bad trait in abundance. Of course, he seems to have trouble understanding a lot of basic concepts.
But the media spin on his latest bad move takes the cake. Biden is of course on the Democrats’ minimum wage train. So this is how media is framing it, claiming that he could lift one million people out of poverty.
Biden minimum wage proposal could lift more than 1 million workers out of poverty https://t.co/GyTmhkRoYz
— CBS News (@CBSNews) January 16, 2021
Wow! Biden’s going to save so many people from poverty! Thank you, Democrats, you are so caring! Grandpa really cares about us!
Except not so much. Because the reality is that such a move is likely to throw even more people out of work at a time when Democrats have done all they can, crippling the economy with virus restriction rules. But they buried the lede that you don’t see in the tweet or the headline, all the way down to paragraph eight.
The CBO also estimated the move would cost 1.3 million American jobs, a claim long made by conservative economists. Mr. Biden’s call to boost the minimum wage to $15 an hour “is the absolute last thing that unemployed workers need right now,” Michael Farren, an economist with the right-leaning Mercatus Center at George Mason University, said in an email. “After all, they can’t benefit from higher wages if those higher wages result in slower job growth.”
So not only would such a thing mean that people would be thrown out of their jobs because businesses that are already on the edge if they managed to survive so far would have to pare back even more.
Then on top of that, the businesses would have to raise costs of their products so everyone would end up having to pay more for everything for the businesses to make up the difference in accommodating the federal government’s intrusion at a time where many are already stretched economically.
It isn’t like this hasn’t been tried (and failed) before, revealing exactly what we said would happen and that it actually hurts the people that it’s supposed to help the most, those that have fewer job skills and fewer options. But hey, why let facts stand in the way when you’re trying to pander to the left?
We need to pull a million people slightly over this arbitrary poverty line so we can put 1.3 million out of work & into poverty. Great work Joe & CBS! pic.twitter.com/3W9b7VTfB2
— TheRightWingM 🇺🇸 (@TheRightWingM) January 16, 2021
Same study (CBO) said it would destroy at least 1.3M jobs. Thank you for presenting this tradeoff with appropriate nuance, CBS. Very professional. https://t.co/JRQZaKkHFR
— Phil Kerpen (@kerpen) January 16, 2021
— Reverend Doctor Jill Biden Derek Hunter (@derekahunter) January 16, 2021
Exactly how dumb is this?