Stephanie Young, 202-225-3130
WASHINGTON, DC - House Democratic Whip Steny H. Hoyer (MD) released the following statement today after the Congressional Budget Office (CBO) released a report on the impacts of raising the minimum wage to $10.10:
“Raising the minimum wage for American workers is not only the right thing to do, it is the smart thing to do for our economy as well. Today’s CBO report makes it clear that raising the minimum wage to $10.10 an hour will lift nearly a million Americans out of poverty over the next two years and raise incomes for millions more. It will put billions of dollars into the pockets of American consumers, encouraging the kind of consumer spending that stimulates job growth as our economy continues to recover.
“At the same time, raising the minimum wage will open doors of opportunity for more Americans to benefit from our recovery. Six hundred economists, including seven Nobel Prize winners, recently stated that the weight of economic evidence shows that increases in the minimum wage would have little or no negative effect on the hiring and retention of minimum-wage employees.
“House Democrats will continue to stand up for a higher minimum wage for America’s workers, and I continue to urge Republicans to work with us to pass the Fair Minimum Wage Act without delay.”