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?