By Duncan Smith
It’s official…the GOP is now the working Americans’ party.
Democrats used to be the “party of the working man” (and later “working woman”).
They’re not anymore.
Oh, sure, they keep telling people they are but they’re really not. They’re what the Republicans used to be accused of being — ‘the party of the rich.’
Hollywood types, professional sports athletes, academic elitists, big tech autocrats, Wall Street financial titans, bankers, lawyers, corporate CEOs…all heavily support Democrats and their increasingly left-wing political and social agendas.
Meanwhile, under President Donald Trump, the Republican Party became the party of Mr. and Mrs. Working Class American, as he expanded the party’s base and ethnicity during his tenure.
Democrats continue to alienate them, however, while pretending to support them — like with calls to raise the minimum wage nationally to $15 an hour.
Oh, that sounds so good — ‘what working-class champs those Democrats are!’ ‘They really care!’
But do they?
Hell, no, they don’t. Because if Democrats did like working-class Americans, they wouldn’t kill their jobs with such an obscene demand on private businesses (that few of them have ever run).
President-elect Joe Biden’s effort to raise the federal minimum wage from $7.25 to $15 per hour is estimated to kill as many as 3.7 million jobs, according to a recent nonpartisan analysis by the Congressional Budget Office.
Based on the CBO’s median estimate,1.3 million workers who would otherwise be employed would be jobless in an average week in 2025, an 0.8% reduction. However, the CBO also noted that a federal minimum wage of $15 per hour would increase the wages of 17 million workers in an average week in 2025.
While the $15 federal minimum wage would boost workers’ earnings, the CBO says that some of the higher earnings would be offset by higher rates of joblessness.
And this, in the age of COVID-19-related layoffs due to mandated business closures — many of which are not coming back.
If states want to pass a higher minimum wage, they are free to do so — and several have.
But even then, who are voters (and governments) to tell business owners who are risking their own money what to pay people?
That has never made any sense.
As to Biden’s nationwide proposal, it’ll probably get through his Democrat-controlled Congress. And more jobs will be priced out of existence — not to mention the loss in business income and the price increases for all goods that will come on top of that.
So, fewer jobs, fewer businesses, less hiring, and higher prices. What a perfect recipe for a national economic decline.
President Trump is Breaking Down the Neck of the Federal Reserve!
He wants zero rates and QE4!
You must prepare for the financial reset