Washington, D.C. – Democratic Leader Nancy Pelosi released the following statement today after the Congressional Budget Office released a new report on the economic effects of raising the minimum wage to $10.10 per hour:
“No matter how the critics spin this report, the CBO made it absolutely clear: raising the minimum wage would lift almost one million Americans out of poverty, increase the pay of low-income workers by $31 billion, and help build an economy that works for everyone. Analysts and experts agree that setting a higher minimum wage would mean a pay raise for nearly 25 million people, putting more money in the pockets of millions of consumers, strengthening the economic security of working families, and closing the opportunity gap for those struggling most to make ends meet.
“There is little new in the CBO’s arguments about the impact of increasing the minimum wage on employment. In fact, its conclusions contradict the consensus among hundreds of America’s top economists, who predict that a wage hike would actually stimulate the economy, raise demand and job growth, and provide help in job creation. What’s more, in past years, the CBO itself has acknowledged the uncertainty of its own predictions and ignored new perspectives in the wide array of analysis on the minimum wage.
“It’s time to give America a raise. Democrats are simply asking the House Republican leadership to bring the Harkin-Miller bill up for a vote. We believe it would garner bipartisan support, energize the economy, create good-paying jobs, restore fairness to the American people, and build ladders of opportunity for all.”