This is the first time in my career — and as you can tell, I’m over 30 — the first time in my career that there is a consensus among economists left, right, and center that is over- — and including the IMF and in Europe — that the overwhelming consensus is: In order to grow the economy a year or two, three, and four down the line, we can’t spend too much. Now is the time we should be spending. Now is the time to go big.
We can come back — we can come roaring back. It’s estimated that if we — by most economists, including Wall Street firms, as well as — as — as, you know, think tanks — political think tanks — left, right, and center — it is estimated that if we pass this bill alone, we’ll create 7 million jobs this year. Seven million jobs this year. (Applause.)
MR. COOPER: The Congressional Budget Office says that a $15 minimum wage would lift 900,000 people out of poverty but would also cause 1.4 million people their jobs. Is that —
THE PRESIDENT: Yes, but there’s also — if you read that whole thing about Pinocchios and all the rest — there are also an equal number of studies that say that’s not — that wouldn’t have that effect, and particularly as you do it in terms of how gradually you do it. So let’s say — you said you’re going to increase the minimum wage from $7.25 an hour, between now and the year 2025, to $12 an hour, to $13 — you double someone’s pay — and the impact on business would be absolutely diminished, and it would grow the GDP, and it would grow and it would generate economic growth.