Today at the House Republican leadership’s press conference, Rep. Virginia Foxx (R-NC), Republican Leader of the Education and Labor Committee, spoke about the negative impact the Democrats’ minimum wage proposal (H.R. 582) will have on job creators, workers, and families. Below are excerpts and video of her remarks.
"H.R. 582, which more than doubles the federal minimum wage from $7.25 to $15,…is a radical and unprecedented mandate.
"Last week, CBO issued a detailed study which estimates that almost 4 million, 3.7 million, jobs would be lost from a $15 minimum wage…
"The bill hits families and businesses hard. To pay for the artificial wages this bill mandates, job creators are forced to reduce workers hours, eliminate jobs, increase automation, or close their doors for good.
"The CBO backs this up saying there would be a net reduction in family income by 2025 of 9 billion dollars resulting from a $15 minimum wage. 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."
