They think it will lift 900K out of poverty or something. Of course, how many of those remaining jobs will be given to illegal aliens?
CBO: $15 minimum wage hike would cost 1.4M jobs, lift 900K out of poverty
A new Congressional Budget Office report says the Raise the Wage Act – the bill to gradually raise the federal minimum wage to $15 an hour by 2025 – would increase the cumulative deficit by $54 billion over 10 years.
Supporters of the minimum wage increase have hoped the report could bolster the case for including the measure in the next COVID-19 relief package.
The report analyzed the impact of the legislation if it were enacted at the end of March. The report found the wage hike would cost 1.4 million jobs by 2025. It would also lift 900,000 people out of poverty and increase wages for 17 million people. The CBO said a wage hike would also benefit many of the 10 million people who currently make slightly more than the minimum wage.
Most likely, it would kill 2-3 million jobs, since the CBO is rather conservative in their estimates. And help half that number, because, in the real world, people’s hours would be limited, OT will be restricted, many full time jobs will become under 30 hours to avoid having to pay health insurance. CBO estimates tend to be on static situations, rather than what actually happens. Like with California companies leaving the state as they raise their minimum wage, even going to Mexico.
The CBO says the wage hike would lead to higher prices for goods and services, which would contribute to an increase in federal spending. While spending on nutrition programs would fall, spending for unemployment benefits, health care programs and Social Security would rise due to increased costs.
The CBO says Medicaid spending would increase, in part, because so many care workers would receive raises.
Wait, I’m shocked that the cost of goods and services would go up to offset the wage increase, which would reduce the power of that wage increase. Welcome to Economics 101, pal!
Can everyone see my “Shocked!” face?
No Democrat has ever passed that class.
Why do Democrats hate poor people and small businesses?
It will kill a lot more than that. Take it from a small businessman the immediate destruction may be 1.4 million jobs but that does not include the unseen jobs.
The immediate impact does not take into consideration all those millions of jobs that will never be created in the first place because the wage is too high to justify it.
Sadly minimum wage laws mostly affect minimum ability Americans so the people most in need of the free training entry level jobs provide get screwed by the Democommies first. You remember as a kid going for that first job and the asked what experience you had? You said how can I get experience if no one will hire me. The economic impact on entry level service jobs will be especially severe with employers choosing not to hire rather than hire at a rate they can’t afford.
That’s what happens when we select rather than elect a leader. (can’t call him president since he wasn’t elected). The little dictator in chief is eliminating jobs today and for the future faster than even a guy like Trump could replace them. And notice how they don’t care about those minorities any more?
I see where Rachael Madcow, who spent the last four years contesting the results of the 2016 election, now suggests that all people who challenge the results of an election should be in jail. Sounds like an Elwood/Hairy clone.
So here we are where it’s no longer “patriotic” to have a protest and people who know the election was stolen (which at this point in time and after all the evidence and Time Magazines mea culpa) should be “re-educated” or as some have suggested executed.
The Demofascists are scared shitless because they know we know they stole the election.
Many QAnoners are seeking counseling/deprogramming to treat their delusions and PTSD-like symptoms.
Might be worth a try, dude.
Climate hysteria has little to do with climate; this has always been about control. Large numbers of unemployed people, higher and higher gas, electricity and food prices equals more and more dependent on government handouts just to survive… and doing what they are told.
Liberal economics, 101.
The snippets sent out by the media touting the benefits of the minimum wage hike are just reinforcement for the stupid. Those who lap up this pablum are the product of a pathetic education system.
Have the J school drones who type this crap up ever had a real job? They fail to mention a few details in their want for raises for the oppressed. Do they know that the employers share for Social Security and Medicare increases (along with the employees share)? Do they know that the Unemployment taxes paid by their employer go up? Most Workmans Comp insurance is paid as a percentage of payroll, nice hike for the insurance company. What about all those labor contracts that have a clause for increasing skilled employees wages the same percentage as the minimum wage hike? Inflation and less need for unskilled labor here we come. In the end, they lose again.
I read a sob story about a woman who has 6 kids and has been working at McDonalds for 20 years. There is a lack of ambition.