[Haaratz] Robert Malley, the White House aide who advised President Bill Clinton during his futile effort to broker an agreement between the Israelis and the Palestinians at Camp David in 2000, is rejoining the White House, the New York Times reported on Tuesday. As BHO continues to check out mentally, more Clintonistas are checking in daily. The Hildebeast will be ready to rule on day #1.
[WASHINGTONTIMES] Raising the minimum wage to $10.10 will cut about a half-million jobs out of the economy by 2016, according to a new Congressional Budget Office report Tuesday that could deal a major blow to Democrats' chief domestic agenda item this year.
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 ||
02/19/2014 00:00 ||
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#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.
#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 ||
02/19/2014 2:16 Comments ||
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#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 ||
02/19/2014 5:27 Comments ||
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#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 ||
02/19/2014 5:56 Comments ||
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#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 ||
02/19/2014 9:10 Comments ||
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#7
Well, the trouble with our liberal friends is not that they are ignorant, but that they know so much that isnt so.
Reagan PBUH
#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 ||
02/19/2014 11:03 Comments ||
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#9
Half a million jobs sounds like a serious underestimate.
Al
Posted by: Florida Al ||
02/19/2014 12:31 Comments ||
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#10
... now we have an excuse to release people that is not Obamacare related.
A multi-volume chronology and reference guide set detailing three years of the Mexican Drug War between 2010 and 2012.
Rantburg.com and borderlandbeat.com correspondent and author Chris Covert presents his first non-fiction work detailing
the drug and gang related violence in Mexico.
Chris gives us Mexican press dispatches of drug and gang war violence
over three years, presented in a multi volume set intended to chronicle the death, violence and mayhem which has
dominated Mexico for six years.
Rantburg was assembled from recycled algorithms in the United States of America. No
trees were destroyed in the production of this weblog. We did hurt some, though. Sorry.
