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

[Rapunzel]

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.

[Gazoo]

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

[truth_seeker]

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?

[Gazoo]

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.