Congressman Biggs’ Statement on the CBO's Minimum Wage Report
GILBERT, ARIZONA – This week, the Congressional Budget Office released its report for the Effects on Employment and Family Income of Increasing the Federal Minimum Wage. This report specifically examines how increasing the federal minimum wage to $10, $12, or $15 per hour by 2025 would affect employment and family income.
Some disturbing revelations from the report include:
- 1.3 million to 3.7 million employees could be unemployed by 2025 under a $15 minimum wage;
- Businesses would see lower income;
- Total family income would fall by $9 billion by 2025.
Congressman Biggs issued the following statement:
“The United States is currently enjoying an economic resurgence that rivals any in our modern history. Unemployment is under 4%. Thousands of jobs are being created each month. Wages are rising. Consumer confidence is growing. And optimism for small businesses is very high. Yet, instead of joining President Trump and Republicans to sustain this economic momentum, Democrats are charging toward one-size-fits-all minimum wage policies that will reverse the progress we’ve made on the American economy and cause family income to instead fall.
“When Congress passed the ‘Tax Cuts and Jobs Act’ in 2017, millions of Americans received some kind of a bonus or wage increase from their companies. Many businesses were able to expand, creating more jobs for people across the nation. The vast majority of Americans took home more pay in their paychecks. This – and other pro-growth policies – are how we further the prosperity of everyday Americans – not by mandating intrusive and job-killing government regulations on economic drivers. I call on my colleagues from across the aisle to see the economic dangers of their current proposals and assist Republicans in continuing a pro-growth agenda for our constituents that actually grow family and business income and increase employment.”
Congressman Andy Biggs is a second-term Representative from Arizona’s Fifth Congressional District, representing parts of Chandler, Gilbert, Mesa, and Queen Creek. Congressman Biggs is a member of the House Judiciary and Science, Space, and Technology committees. He lives with his wife, Cindy, in Gilbert.