Today, Education and the Workforce Committee Chairwoman Virginia Foxx (R-NC) expressed her strong opposition to the Raise the Wage Act of 2023, following the release of a Congressional Budget Office (CBO) report. In her statement, Foxx criticized the proposed legislation, calling it a "bureaucrat's daydream" that would have detrimental effects on the American economy.

Foxx stated, "Bad ideas take their first breath in the Democrat-controlled Senate—that much is clear. S. 2488 might have a glossy exterior and a poll-tested title, but it’s nothing more than a bureaucrat’s daydream of lighting taxpayer dollars, and the entire American economy, on fire."

The CBO report highlighted several concerns with the Raise the Wage Act, including projected job losses of up to 1.4 million. Foxx emphasized this point, stating that the legislation would have a negative impact on employment opportunities for millions of Americans.

Furthermore, the report estimated that the bill would add between $46 and $59 billion to the federal deficit over the next decade. Foxx criticized this aspect, arguing that the added burden on taxpayers is unnecessary and irresponsible.

Foxx also raised concerns about the potential effect on interest rates, stating, "With ballooning interest rates to boot, the best place for this scheme to go is the paper shredder—not the People’s House and certainly not the President’s desk."

In conclusion, Chairwoman Virginia Foxx strongly condemned the Raise the Wage Act of 2023, citing the CBO report's findings of projected job losses and increased federal deficit. She urged lawmakers to reject the legislation, emphasizing the negative impact it would have on the American economy and the financial burden it would place on taxpayers.

To find out more, go to this link: https://edworkforce.house.gov/news/documentsingle.aspx?DocumentID=409909