CBO Report: Raising minimum wage likely to reduce overall employment by 200k-500k jobs

[madville]

Small price to pay even if it did happen, the jobs would eventually come back probably once businesses adjust their prices and the payroll levels out.


"Effects of the $10.10 Option on Employment and Income
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."

The report is on the front page of CBO.gov

[Politicalboi]

1. How frightening

Let's just work for $3.00 an hour so everyone will be working and happy.

If not for Raygun we would be making over $20.00 an hour, and these fools can't make a $10.10 wage and still be in business in 2 fucking long years. I say long years, because if you're making $8.00 an hour for another 2 years is punishment. It should be NOW! And we should get reparations for the years of money lost.

[JaneyVee]

2. Except more money in people's pockets would lead to more demand

Which would require hiring more workers.

[One_Life_To_Give]

3. Interesting

http://www.cbo.gov/publication/44995

Not sure I buy the long term deficit increase.

[madville]

5. It would increase Social Security contributions

Probably a few billion at least

[Tierra_y_Libertad]

4. The comfort of the rich depends on a plentiful suppy of the poor. - Voltaire

[fascisthunter]

6. To Build a Mound, you Must Dig a Hole