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.”
- US – The White House economic case for raising the minimum wage
- Minimum Wage Estimated Impacts in US / CBO Director defends position (jobmarketmonitor.com)
- Minimum Wage Increase in US / The CBO’s estimates of the effects on employment and family income (jobmarketmonitor.com)