Read the Beforeitsnews.com story here. Advertise at Before It's News here.
Profile image
By The Pirate's Cove (Reporter)
Contributor profile | More stories
Story Views
Now:
Last hour:
Last 24 hours:
Total:

Dems $15 Minimum Wage Hike Will Kill 1.4 Million Jobs

% of readers think this story is Fact. Add your two cents.


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

surprise surprise surpriseA 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!



Source: https://www.thepiratescove.us/2021/02/08/dems-15-minimum-wage-hike-will-kill-1-4-million-jobs/


Before It’s News® is a community of individuals who report on what’s going on around them, from all around the world.

Anyone can join.
Anyone can contribute.
Anyone can become informed about their world.

"United We Stand" Click Here To Create Your Personal Citizen Journalist Account Today, Be Sure To Invite Your Friends.

Please Help Support BeforeitsNews by trying our Natural Health Products below!


Order by Phone at 888-809-8385 or online at https://mitocopper.com M - F 9am to 5pm EST

Order by Phone at 888-388-7003 or online at https://www.herbanomic.com M - F 9am to 5pm EST

Order by Phone at 888-388-7003 or online at https://www.herbanomics.com M - F 9am to 5pm EST


Humic & Fulvic Trace Minerals Complex - Nature's most important supplement! Vivid Dreams again!

HNEX HydroNano EXtracellular Water - Improve immune system health and reduce inflammation

Ultimate Clinical Potency Curcumin - Natural pain relief, reduce inflammation and so much more.

MitoCopper - Bioavailable Copper destroys pathogens and gives you more energy. (See Blood Video)
Oxy Powder - Natural Colon Cleanser!  Cleans out toxic buildup with oxygen! 
Nascent Iodine - Promotes detoxification, mental focus and thyroid health.
Smart Meter Cover -  Reduces Smart Meter radiation by 96%!  (See Video)

Immusist Beverage Concentrate - Proprietary blend, formulated to reduce inflammation while hydrating and oxygenating the cells.

Report abuse
Loading...

    Comments

    Your Comments
    Question   Razz  Sad   Evil  Exclaim  Smile  Redface  Biggrin  Surprised  Eek   Confused   Cool  LOL   Mad   Twisted  Rolleyes   Wink  Idea  Arrow  Neutral  Cry   Mr. Green

    Total 1 comment
    • thatdogwillbite

      What did you expect?

    MOST RECENT
    Load more ...

    SignUp

    Login

    Newsletter

    Email this story
    Email this story

    If you really want to ban this commenter, please write down the reason:

    If you really want to disable all recommended stories, click on OK button. After that, you will be redirect to your options page.