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| Minimum wage hike would kill a half-million jobs: CBO | |
| 2014-02-19 | |
A majority of low-wage workers would see their pay rise thanks to the increase and would be substantially better off, including many who would be lifted above the poverty line. But a minority would also lose jobs as businesses choose to invest elsewhere, the CBO said in its analysis of a proposal very similar to the one congressional Democrats have offered. "Once fully implemented in the second half of 2016, the $10.10 option would reduce total employment by about 500,000 workers, or 0.3 percent," the nonpartisan scorekeepers said, adding that there is substantial uncertainty and the loss could be anywhere from "very slight" to as much as 1 million jobs. The $10.10 minimum wage increase the CBO looked at involved raising the rate in three steps from $7.25 an hour now to the full $10.10 on July 1, 2016. That increase would also be indexed to inflation thereafter, and workers whose wages are based on tips would also see an increase. | |
| Posted by:Fred |
| #11 Additionally, a higher minimum wage "drives up our union contract wages," Brown added. "We want to bring up the bottom." http://www.peoplesworld.org/missouri-activists-unions-say-yes-to-cost-of-living/ ..but its for the children.. |
| Posted by: BrerRabbit 2014-02-19 20:28 |
| #10 ... now we have an excuse to release people that is not Obamacare related. |
| Posted by: Omavising Ebbemp9815 2014-02-19 20:18 |
| #9 Half a million jobs sounds like a serious underestimate. Al |
| Posted by: Florida Al 2014-02-19 12:31 |
| #8 actually, much of the imapact of raising the MinWage ends up reducing hours, say from 30/wk to 29/wk or to 25/week I don't think this is counted in the COB report because the people running the econometric models haven't had the data to calibrate their models and the policy wonks wouldn't understand it in any case |
| Posted by: lord garth 2014-02-19 11:03 |
| #7 Well, the trouble with our liberal friends is not that they are ignorant, but that they know so much that isnÂ’t so. Reagan PBUH |
| Posted by: Bright Pebbles 2014-02-19 10:06 |
| #6 Actually, according to the Democrats, anything that cuts jobs is a GOOD thing. Maybe they should raise the minimum wage to $50/Jr. That would eliminate lots of jobs. |
| Posted by: Rambler in Virginia 2014-02-19 09:10 |
| #5 More jobs for undocumented Americans. |
| Posted by: g(r)omgoru 2014-02-19 06:10 |
| #4 And while we're at it, make it a crime for any union to attempt to negotiate a contract where the pay rate is indexed in any way to the minimum wage. |
| Posted by: no mo uro 2014-02-19 05:56 |
| #3 If the workers want the same minimum wage as in 1970, plus inflation, give it to them. Then remove all the environmental and OSHA regulations, education requirements, diversity and sensitivity training, reporting mandates, paperwork requirements, and other added government forced expenses to their employers that have been added to their employers since 1970 as well. After all, all of those things are a de facto form of compensation for the workers. Or, you could just accept the fact that when you add those things to the current minimum wage the true rate of compensation more or less exactly what it was in 1970. Your "pay", in real-world terms, is whatever is the total cost to your employer to keep your job in existence. Whether or not you see that money in your paycheck or on your W-2 matters not. It's still pay, in real terms. |
| Posted by: no mo uro 2014-02-19 05:27 |
| #2 CBO - Can't Believe Observations. Are these the folks that came out with bad news re:ObamaCare only to back peddle-faster than an All-Pro cornerback? Give it few days and they'll issue a "correction." |
| Posted by: Bangkok Billy 2014-02-19 02:16 |
| #1 Raise the minimum wage to $8.00 per hour and tie it to an annual Max 2% COLA. Just get rid of the issue. |
| Posted by: Kojo Spinelet6673 2014-02-19 00:39 |