Following the release of the Economic Report of the President, which includes a section on the rise of automation and the risks to low-wage jobs, FreedomWorks Senior Economic Contributor Stephen Moore commented:
“These job losses shouldn’t come as a surprise. When heavy regulations and costly minimum wage requirements increase the cost of doing business, employers, large and small, are going to invest in innovative ways to reduce overhead. After all, machines won’t march out into the street and demand that businesses pay $15 per hour at protests organized by labor unions, which support government-mandated wage hikes because many of their contracts are tied to the minimum wage.”
“Despite what Barack Obama, Hillary Clinton, and Bernie Sanders would have Americans believe, regulations and minimum wage requirements come at a cost, and those costs are passed to consumers, result in job cuts, or cause businesses to fold. It’s simple economics, and it’s so basic that even Democrats can understand it.”
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