Author Topic: CBO: Minimum Wage Hike to $10.10 Could Cost 500K Jobs  (Read 329 times)

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Offline Rapunzel

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CBO: Minimum Wage Hike to $10.10 Could Cost 500K Jobs
« on: February 18, 2014, 04:36:54 PM »
http://www.breitbart.com/Big-Government/2014/02/18/CBO-Minimum-Wage-Hike-to-10-10-Could-Cost-500K-Jobs

CBO: Minimum Wage Hike to $10.10 Could Cost 500K Jobs

by Tony Lee 18 Feb 2014, 1:07 PM PDT

On Tuesday, the nonpartisan Congressional Budget Office estimated that raising the federal minimum wage to $10.10 an hour could cost 500,000 Americans their jobs.

The current federal minimum wage is $7.25 an hour, and President Barack Obama has pushed congressional Democrats to raise it to $10.10 an hour. Obama has already signed an executive order to raise the minimum wage for federal contractors to $10.10 an hour.

The CBO report estimated, if fully implemented by 2016, "the $10.10 option would reduce total employment by about 500,000 workers" while bringing 900,000 workers out of poverty.

As for the $9 option that has previously been proposed by Obama and some Democrats, the CBO estimated that such a hike would cost 100,000 jobs while bringing 300,000 workers out of poverty.
“The time is now near at hand which must probably determine, whether Americans are to be, Freemen, or Slaves.” G Washington July 2, 1776

Offline Gazoo

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Re: CBO: Minimum Wage Hike to $10.10 Could Cost 500K Jobs
« Reply #1 on: February 20, 2014, 10:21:18 AM »
Do a search for this. CNBC actually reported it and tweeted it. But their title is cushioned.

Other news sites not reporting this. They must be obeying their leader, the one we have not been waiting for.

http://www.cnbc.com/id/101352849
"The Tea Party has a right to feel cheated.

When does the Republican Party, put in the majority by the Tea Party, plan to honor its commitment to halt the growth of the Federal monolith and bring the budget back into balance"?

Offline truth_seeker

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Re: CBO: Minimum Wage Hike to $10.10 Could Cost 500K Jobs
« Reply #2 on: February 20, 2014, 10:59:16 AM »
So what happens to the worker who got raises for merit to reach a $10.10 current pay?

Do you leave him at the same pay level as an inexperienced new hire, or do you increase his pay to keep a margin that reflects his greater value?

#NeverHillary

Offline Gazoo

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Re: CBO: Minimum Wage Hike to $10.10 Could Cost 500K Jobs
« Reply #3 on: February 20, 2014, 11:04:12 AM »
So what happens to the worker who got raises for merit to reach a $10.10 current pay?

Do you leave him at the same pay level as an inexperienced new hire, or do you increase his pay to keep a margin that reflects his greater value?

This is a secondary issue to the beast called hyperinflation.
"The Tea Party has a right to feel cheated.

When does the Republican Party, put in the majority by the Tea Party, plan to honor its commitment to halt the growth of the Federal monolith and bring the budget back into balance"?


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