Federal Reserve Chairwoman Janet Yellen in Senate testimony subtly slapped the White House, which criticized a recent Congressional Budget Office report on the minimum wage, saying it didn’t represent a consensus among economists.
The CBO report said raising the minimum wage would lift 900,000 people out of poverty, but would also lead to the elimination of 500,000 jobs. Republicans seized on the job loss estimates to attack the White House proposal.
The White House said the job loss estimates were overstated.
Ms Yellen said the CBO “is as qualified as anyone to evaluate the literature …. I wouldn’t want to argue with their assessment.”
via Yellen Backs Minimum Wage Report Criticized by White House – Real Time Economics – WSJ.
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