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CBO releases estimates on employment effects of proposed min wage increases
Posted on 2/18/14 at 1:30 pm
Posted on 2/18/14 at 1:30 pm
if it's raised to $9/hour, they project 100,000 fewer employed workers in 2016. if it's raised to $10.10/hour, they project 500,000 fewer.
their exact scenario:
their estimates:
LINK
their exact scenario:
quote:
A “$10.10 option” would increase the federal minimum wage from its current rate of $7.25 per hour to $10.10 per hour in three steps—in 2014, 2015, and 2016. After reaching $10.10 in 2016, the minimum wage would be adjusted annually for inflation as measured by the consumer price index.
A “$9.00 option” would raise the federal minimum wage from $7.25 per hour to $9.00 per hour in two steps—in 2015 and 2016. After reaching $9.00 in 2016, the minimum wage would not be subsequently adjusted for inflation.
their estimates:
quote:
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, CBO projects...
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, CBO rojects.
LINK
17
Posted on 2/18/14 at 1:32 pm to 90proofprofessional
Judging by their past successful calculations, you can assume that the actual number will be many times that amount.
Posted on 2/18/14 at 1:33 pm to 90proofprofessional
It's really bad that they are estimating a number that high.
Posted on 2/18/14 at 1:35 pm to 90proofprofessional
Then we'll need to import many, many more 'undocumented guest workers' to do the work that Americans refuse to do.
Meet the new boss...
Meet the new boss...
Posted on 2/18/14 at 1:35 pm to Scruffy
quote:
you can assume that the actual number will be many times that
i didn't paste their 66% confidence intervals. they're...not small
Posted on 2/18/14 at 1:37 pm to 90proofprofessional
quote:The Dems will soon claim they are helping those people by freeing them from having to go to work.
if it's raised to $10.10/hour, they project 500,000 fewer.
Posted on 2/18/14 at 1:37 pm to Scruffy
quote:
Judging by their past successful calculations, you can assume that the actual number will be many times that amount.
These numbers are always rosier than the reality.
Posted on 2/18/14 at 1:38 pm to 90proofprofessional
What a boom for poets. Job lock would have denied us Walt Whitman.
Posted on 2/18/14 at 1:56 pm to LSURussian
quote:
The Dems will soon claim they are helping those people by freeing them from having to go to work.
The evil genius is that they are creating their own constituency... (not sure I spelled that correctly...)
Posted on 2/18/14 at 2:41 pm to 90proofprofessional
Thanks Obama!
Posted on 2/18/14 at 3:03 pm to 90proofprofessional
They should have also analyzed how the cost of living would increase for everyone.
Posted on 2/18/14 at 3:13 pm to 90proofprofessional
quote:More freedom from job-lock
if it's raised to $9/hour, they project 100,000 fewer employed workers in 2016
Posted on 2/18/14 at 3:19 pm to 90proofprofessional
(no message)
This post was edited on 2/25/14 at 1:02 am
Posted on 2/18/14 at 3:27 pm to 90proofprofessional
They are just helping those people get out of Job Lock.
Posted on 2/18/14 at 3:36 pm to dewster
The most glaring thing i would take for this report is that raising the minimum wage is estimated to lift 900,000 people out of poverty
i thought repubs wanted less people relying on gov't welfare to get by?
i thought repubs wanted less people relying on gov't welfare to get by?
Posted on 2/18/14 at 3:38 pm to 90proofprofessional
They are replacing workers at restaurants with iPads and these same people want a minimum wage raise.
We do not need a CBO report to tell us when costs go up people are replaced with technology or other efficiencies.
Let's just say that everyone keeps their job though. Then more people have more money. What happens then? They buy more? What happens then? Prices go up? What happens then? Having a little more is now meaningless.
We do not need a CBO report to tell us when costs go up people are replaced with technology or other efficiencies.
Let's just say that everyone keeps their job though. Then more people have more money. What happens then? They buy more? What happens then? Prices go up? What happens then? Having a little more is now meaningless.
Posted on 2/18/14 at 3:41 pm to MJM
quote:
The most glaring thing i would take for this report is that raising the minimum wage is estimated to lift 900,000 people out of poverty
for how long? once inflation catches back up they will be right back in poverty - and there will be fewer jobs. yeah, real win-win there huh?
Posted on 2/18/14 at 3:42 pm to MJM
quote:$280 a month is all it takes to lift someone out of poverty?
minimum wage is estimated to lift 900,000 people out of poverty
Posted on 2/18/14 at 3:42 pm to 90proofprofessional
I wonder how deep most media outlets are going to bury this story.
Posted on 2/18/14 at 3:57 pm to dante
quote:
$280 a month is all it takes to lift someone out of poverty?
$1 is enough to lift someone out, its just an arbitrary number.
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