Lanhee Chen: $15 Minimum Wage May Do More Harm Than Good

The Democrat-controlled House of Representatives recently passed legislation to raise the minimum wage from $7.50 to $15 nationwide.

While that might sound good to some, the reality is that such an increase may put up to 3.7 million people out of work, according to the nonpartisan Congressional Budget Office.

Particularly hard hit will be employees at small businesses, which are less likely to have the resources or profits to cover the proposed doubling of the minimum wage. While Democratic lawmakers had an opportunity to exempt the smallest of businesses from their bill, they declined to do so.

The proposed increase in the minimum wage may also have the effect of hurting teenagers or those who may just be getting started in the workplace.

Increasing the minimum wage may seem like a good idea. But like many of the ideas that progressive politicians are trumpeting, it’s likely to do more harm than good.