CBO Projects 3.7M Jobs Loss From Biden’s Economic Plan As Janet Yellen Causes $100B Crypto Crash?!
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President-elect Joe Biden’s proposal to raise the minimum wage to $15 an hour could destory up to 3.7 million jobs, the Congressional Budget Office estimated.
The CBO said that some of the higher earnings from the $15 federal minimum wage could be offset by higher rates of joblessness.
The report found that 1.3 million workers who would typically be employed would be without jobs in an average week in 2025. A new federal minimum wage would also increase the pay of 17 million workers in an average week in 2025.
The increase in earnings would mostly affect low-income families, while a loss of business would affect higher-income families.
Sen. Tim Scott, R-S.C., slammed President-elect Joe Biden’s Treasury Secretary nominee, Janet Yellen, for giving a ‘disappointing’ answer Tuesday on the impact a $15 federal minimum wage would have on small businesses that are already struggling during the coronavirus pandemic.
Bitcoin tumbled below $30,000 on Thursday, as the cryptocurrency continued its 2021 slide after quadrupling in value last year.
The digital currency dropped 17% to $29,246.77, wiping out about $100 billion from the market, according to data from CoinDesk. It’s now down more than 30% since peaking at $41,940 earlier this month.