Van Hollen Statement on CBO Report on Minimum Wage

Statement

Today Maryland Congressman Chris Van Hollen, Ranking Member of the House Budget Committee, issued the following statement on the new Congressional Budget Office (CBO) report on raising the minimum wage:

"Today's CBO report confirms that raising the minimum wage is in the best interest of our country. An increase would give a direct raise to 16.5 million hardworking Americans, and millions more would receive an additional wage boost from the ripple effect. The President has taken the first step in raising the minimum wage for those working on new federal contracts, and Congress should act immediately to do the same for all workers.

"The CBO acknowledges that its findings on job growth are very uncertain. A recent letter from more than 600 economists found that the pros far outweigh the cons, and suggested that a minimum wage increase would boost consumer demand and help on the jobs front. The increase in jobs from more consumer demand was also confirmed by recent studies from the Federal Reserve Bank of Chicago, the Economic Policy Institute, and the Center for Economic and Policy Research. The verdict is clear -- increasing the minimum wage will help millions of hardworking families. It's time America got a raise."

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