RSSImagine That … CBO Says Raising the Minimum Wage will Cost From 500,000 to 1,000,000 Jobs
What a shocker, President Barack Obama’s minimum wage economic policies look to destroy more jobs …
The Congressional Budget Office (CBO) released a report on the economic effects of Barack Obama’s proposal to increase the minimum wage from its present $7.25 per hour to $10.10. The CBO looked at two options. One, raise the minimum wage in three steps to $10.10 by 2016, and Two, raise it in two steps to $9.00 by 2016. In either option, the US economy either loses some jobs or many jobs, but make no mistake, they will lose jobs. The CBO announced that an increase in the minimum wage will cost between 500,000 and one million jobs. Basically, Obama and Democrats boasting about raising the minimum wage is nothing more than a distraction to their current political nightmare.
Well this does not fit the Obama/Democrat Talking points …
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 (see the table below). 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.
As summed up by the PJ Tatler, the report in that there is one positive impact to raising the minimum wage, although one groups silver lining is another’s silver bullet. Is it really worth raising some out of poverty at the expense of even more people losing their jobs completely?
The CBO does find one positive impact: Raising the minimum wage would move some 900,000 Americans out of poverty.
But that would come at the cost of potentially sending a million workers out of jobs altogether. That’s hardly the goal that Obama and the Democrats are selling.
The Washington Times discusses Three ways that the CBO contradicts Obama on minimum wage. Imagine that, Obama lying?
- Obama: “The opponents of the minimum wage have been using the same arguments for years, and time and again they’ve been proven wrong. Raising the minimum wage is good for business, and it’s good for workers, and it’s good for the economy.”
- Obama: “Rais[ing] the federal minimum wage to $10.10 wouldn’t just raise wages for minimum-wage workers, its effect would lift wages for about 28 million Americans.”
- Obama: Raising the minimum wage to $10.10 per hour, “would lift millions of Americans out of poverty immediately.”
I have to ask the following parting question: How is it that Obama and his minions can tell us what the positive benefits will be to raising the minimum wage, but they can’t tell us to the person how many are 100% enrolled in Obamacare and have paid their first premiun when the data is on a database in front of them?
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5 Responses to “Imagine That … CBO Says Raising the Minimum Wage will Cost From 500,000 to 1,000,000 Jobs”
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Union wages are tied to the minimum wage. All union contracts have a built-in wage increase when the minimum is raised. This why the claim of 28 million would get raises. Of course, anything from the mouth of Obama is a lie.
This is nothing but payback for Obama’s union buddies. About 95% of donations of the unions political funds go to the Democrat party. The Democrats need more money for elections.
The man either understands what he is doing, or he doesn’t.
If he truly does not have a basic understanding of economics, and the laws of supply and demand, then he really is one of the most pathetically incompetent presidents this nation has had the misfortune of electing, twice, into office.
If he does understand what he is doing, then he is a man who wishes to circumvent the Constitution, and wishes to harm to millions of hard-working Americans by taxing them to death, and eliminating the rest of them from the work force.
Either way, we’re screwed.
Aside from the loss of jobs, this is simply a tax on the US taxpayer. Eventually a cycle of inflation will put everyone back in the same economic position they were in to begin with. We’ve seen it before. The price of everything will go up, salaries will rise, etc., except that now everyone is making 39% more, and the government is taxing that 39%, while the real buying power is less. Take your salary, multiply it by 39% (your eventual wage increase) and then apply your tax rate to see how much more you will pay. Now consider that your salary would buy (after inflation) just as much as it is buying now, less the extra tax!
Oh, and lets not forget all the votes this buys from those too ignorant to realize they are being manipulated.
Well, he surely knows what he is doing on how to destroy America. He’s got an ugly background of nothing but how to use an alias, how to be a communist, how to be a monster, muslim maniac and do as much harm as he can. He defies and completely ignores the Constitution. He’s a head full of evil and a mouth full of lies.
Impeachment…………!!!!!!!!!!!
[...] and Kelly both showed Obama’s and Democrat hypocrisy when it comes to dismissing the CBO’s evaluation of the minimum wage plan because it goes against their [...]