If you read the article, you’ll see that 500,000 jobs gone is the lower end of the CBO estimate. The upper end is 1million. ( https://theridgewoodblog.net/cbo-says-minimum-wage-bill-would-cost-jobs-boost-income/ )
How can Jason Furman, who claims to be an economist, be anything other than a government shill? The supply and demand theory that is the basis of economics says that when you raise the price of something by 40%, demand for it will surely fall. Surely, he knows better.
The ones who will be hurt the most by this are minority youth trying to enter the workforce. Look for inner city youth unemployment to rise significantly and hundreds of thousands more to land on the dole. Maybe that’s the goal here.
If you can’t pull better than a minimum wage job you’re the one whose going to lose here. Big government cannot dictate what businesses will do. So they force businesses to pay more. What happens? Employees are dismissed and those remaining are required to do more.