There’s a very refreshing Fact Checker piece in the Post today. It’s about whether President Biden (I love typing that) accurately represented the proposal to raise the minimum wage to $15 when he said “the whole economy rises” if we do that.
They gave him two Pinocchios. I love it.
No, I don’t love that my guy said something that earned two Pinocchios. I love that we’re back to checking a president’s accuracy in speaking about a technical matter of policy, rather than wild, hostile lies arising from his own deeply disturbed, evil personal impulses.
As to the issue… this is one of those issues that people get very excited about, on one side or the other, but I’ve never been able to make up my mind about it. That’s because both sides present pretty compelling arguments.
That, by the way, is what the Fact Checker gave Joe the two Pinocchios for — stressing the upside as though it were settled fact, when there is plenty of reason to believe otherwise. In Joe’s defense, there is a large body of studies and arguments from experts that supports what he says. (And that’s what you do when you’ve decided to pursue a course and you’re trying to get people to go along — you cite the evidence for it.) The problem is that there remains a large body that says the opposite. It’s about the conflicting conclusions drawn by different economists.
The Congressional Budget Office does a pretty good job of summing up the dilemma:
On one hand, the CBO estimated that raising the minimum wage to $15 an hour by 2025 would cost 1.4 million jobs and increase the deficit by $54 billion over 10 years.
But it also estimated the policy would lift 900,000 people out of poverty and raise income for 17 million people — about 1 in 10 workers. Another 10 million who have wages just above that amount could potentially see increases, as well, the CBO reported.
On the one hand, and on the other hand.
It’s a toughie. And I’ve never been able to join enthusiastically with those who take either position: Those who want to lift 900,000 out of poverty, or those who wouldn’t do it because it might put 1,400,000 people out of work completely.
So I don’t know.