CBO: Of Course Raising the Minimum Wage Will Eliminate Jobs (Guess By How Much) | TheBlaze.com
622 Shares
WASHINGTON, DC FEBRUARY 12: Workers celebrate bar graph after U.S. President bar graph Barack Obama signed an executive order to raise the minimum wage for federal contractors from $7.25 to $10.10 during an East Room event February 12, 2014 at the White House in Washington, DC (Getty bar graph Images)
Once fully implemented bar graph 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 Congressional Budget Office said. As with any such estimates, however, the actual losses could be smaller or larger; in CBO s assessment, there is about a two-thirds chance that the effect would be in the range between a very slight reduction in employment and a reduction in employment of 1.0 million workers.
The bar graph CBO also said in its report that a sudden increase would lift some 900,000 Americans bar graph above the federal poverty line, adding that the increased earnings for low-wage workers resulting from higher wages would total approximately $31 billion.
However, the report continued, those earnings would not go only to low-income families, because many low-wage workers are not members of low-income families. bar graph Just 19 percent of the $31 billion would accrue bar graph to families bar graph with earnings below the poverty threshold, whereas 29 percent would accrue to families earning more than three times the poverty threshold, CBO said.
Moreover, the increased earnings for some workers would be accompanied by reductions in real (inflation-adjusted) income for the people who became jobless because bar graph of the minimum-wage increase, for business owners, and for consumers facing higher prices, the report added.
The report comes at a time when President Barack Obama and his allies in Congress have rallied behind efforts to raise the federal hourly wage from its current rate of $7.25 an hour. Republican lawmakers, however, have opposed these measures, arguing that any sudden increase in the cost of labor will lead to the loss of jobs.
This report confirms what we ve long known: While helping some, mandating higher wages has real costs, including fewer people working, said Brendan Buck, spokesman for House Speaker John Boehner (R-Ohio). With unemployment Americans top concern, our focus should be creating not destroying jobs for those who need them most.
No matter how the critics spin this report, the CBO made it absolutely clear: Raising bar graph the minimum wage would lift almost one million Americans out of poverty, increase the pay of low-income workers by $31 billion, and help build an economy that works for everyone, said House Minority Leader Nancy Pelosi (D-Calif.).
Many more low-wage workers would see an increase in their earnings. Of those workers who will earn up to $10.10 under current law, most about 16.5 million, according bar graph to CBO s estimates would have higher earnings during an average bar graph week in the second half of 2016 if the $10.10 option was implemented, CBO said.
Some of the people earning slightly more than $10.10 would also have higher earnings under that option, for reasons discussed below. Further, a few higher-wage workers would owe their jobs and increased earnings to the heightened demand for goods and services that would result from the minimum-wage increase, the report added.
They said the actual impact could range from a very slight employment bar graph reduction to a loss of 1 million workers, the AP added. The report said that besides boosting wages for people earning less than $10.10 hourly, some people bar graph making more than that amount would also see higher earnings as bosses adjust their pay scales upward. bar graph
James Pethokoukis of the American Enterprise Institute offers his take on the CBO s findings: So we lose maybe 500,000 jobs (the first rung for many on the upward mobility ladder) for an anti-poverty policy where half the benefits go to families whose income is three times the poverty threshold or more (see above chart). This does not sound like optimal anti-poverty policy to me, especially as compared to expanding the [Earned bar graph Income Tax Credit] and adding a wage subsidy. bar graph
« Back to TheBlaze
The U.S. Patent Office Just Ruled That This NFL Team's Name Trademarks Must Be Canceled (UPDATE: Team Responds) 483 Comments Should bar graph the U.S. Military Allow Atheist and Humanist Chaplains? 371 Comments The Obama Analogy From Dinesh D'Souza That Left Megyn Kelly Laughing Out Loud 368 Comments The Way One Open-Carry bar graph Advocate Acted When Cops Confronted Him Had Them Vowing to 'Go to the U.S. Supreme [Court] on This Baby' 352 Comments What Glenn Beck Admitted About the Iraq War That Has the Huffington Post and 'The View' Talking 340 Comments Judge Orders Massachusetts DCF to Return Justina Pelletier to Her Parents 70.9K Shares Man Saves Baby Crawling Near Highway, Then Employs Creative Trick to Stop Her From Cr
622 Shares
WASHINGTON, DC FEBRUARY 12: Workers celebrate bar graph after U.S. President bar graph Barack Obama signed an executive order to raise the minimum wage for federal contractors from $7.25 to $10.10 during an East Room event February 12, 2014 at the White House in Washington, DC (Getty bar graph Images)
Once fully implemented bar graph 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 Congressional Budget Office said. As with any such estimates, however, the actual losses could be smaller or larger; in CBO s assessment, there is about a two-thirds chance that the effect would be in the range between a very slight reduction in employment and a reduction in employment of 1.0 million workers.
The bar graph CBO also said in its report that a sudden increase would lift some 900,000 Americans bar graph above the federal poverty line, adding that the increased earnings for low-wage workers resulting from higher wages would total approximately $31 billion.
However, the report continued, those earnings would not go only to low-income families, because many low-wage workers are not members of low-income families. bar graph Just 19 percent of the $31 billion would accrue bar graph to families bar graph with earnings below the poverty threshold, whereas 29 percent would accrue to families earning more than three times the poverty threshold, CBO said.
Moreover, the increased earnings for some workers would be accompanied by reductions in real (inflation-adjusted) income for the people who became jobless because bar graph of the minimum-wage increase, for business owners, and for consumers facing higher prices, the report added.
The report comes at a time when President Barack Obama and his allies in Congress have rallied behind efforts to raise the federal hourly wage from its current rate of $7.25 an hour. Republican lawmakers, however, have opposed these measures, arguing that any sudden increase in the cost of labor will lead to the loss of jobs.
This report confirms what we ve long known: While helping some, mandating higher wages has real costs, including fewer people working, said Brendan Buck, spokesman for House Speaker John Boehner (R-Ohio). With unemployment Americans top concern, our focus should be creating not destroying jobs for those who need them most.
No matter how the critics spin this report, the CBO made it absolutely clear: Raising bar graph the minimum wage would lift almost one million Americans out of poverty, increase the pay of low-income workers by $31 billion, and help build an economy that works for everyone, said House Minority Leader Nancy Pelosi (D-Calif.).
Many more low-wage workers would see an increase in their earnings. Of those workers who will earn up to $10.10 under current law, most about 16.5 million, according bar graph to CBO s estimates would have higher earnings during an average bar graph week in the second half of 2016 if the $10.10 option was implemented, CBO said.
Some of the people earning slightly more than $10.10 would also have higher earnings under that option, for reasons discussed below. Further, a few higher-wage workers would owe their jobs and increased earnings to the heightened demand for goods and services that would result from the minimum-wage increase, the report added.
They said the actual impact could range from a very slight employment bar graph reduction to a loss of 1 million workers, the AP added. The report said that besides boosting wages for people earning less than $10.10 hourly, some people bar graph making more than that amount would also see higher earnings as bosses adjust their pay scales upward. bar graph
James Pethokoukis of the American Enterprise Institute offers his take on the CBO s findings: So we lose maybe 500,000 jobs (the first rung for many on the upward mobility ladder) for an anti-poverty policy where half the benefits go to families whose income is three times the poverty threshold or more (see above chart). This does not sound like optimal anti-poverty policy to me, especially as compared to expanding the [Earned bar graph Income Tax Credit] and adding a wage subsidy. bar graph
« Back to TheBlaze
The U.S. Patent Office Just Ruled That This NFL Team's Name Trademarks Must Be Canceled (UPDATE: Team Responds) 483 Comments Should bar graph the U.S. Military Allow Atheist and Humanist Chaplains? 371 Comments The Obama Analogy From Dinesh D'Souza That Left Megyn Kelly Laughing Out Loud 368 Comments The Way One Open-Carry bar graph Advocate Acted When Cops Confronted Him Had Them Vowing to 'Go to the U.S. Supreme [Court] on This Baby' 352 Comments What Glenn Beck Admitted About the Iraq War That Has the Huffington Post and 'The View' Talking 340 Comments Judge Orders Massachusetts DCF to Return Justina Pelletier to Her Parents 70.9K Shares Man Saves Baby Crawling Near Highway, Then Employs Creative Trick to Stop Her From Cr
No comments:
Post a Comment