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$15 minimum wage would cost 1.4m jobs but lift workers from poverty, CBO says

$15 minimum wage would cost 1.4m jobs but lift workers from poverty, CBO says

The US Congressional Budget Office said a rise in the federal minimum wage to $15 an hour would lead to the loss of 1.4 million jobs by 2025. However, it also said the move would lift 900,000 workers out of poverty. President Joe Biden has called for raising the federal minimum wage to $15, but admitted that it might not make through the $1.9 trillion spending plan he is pushing through Congress.

Timothy
Timothy
David
David 2 months

Ah. Lift workers from poverty while putting more people in poverty while at the same time increasing the cost for living and the cost of goods making it even harder to... live.

Nathaniel
Nathaniel 2 months

This is going to seriously mess with small business owners, really all this does it get rid of competition for larger companies. Since they can take the hit; but that nice mom and pop hardware store- that’s going under.

Rocky
Rocky 2 months

Unfortunately they forget to mention the lift is extremely temporary because wage hikes (especially unnatural ones) cause proportionate inflation to necessary goods. This keeps the poverty level in line or worse than current levels and often the jobs lag well behind the inflation curve. This is a move that always disproportionately hurts the poor and disadvantaged.

Progressive Conservative
Progressive Conservative 2 months

You people who want to keep wages low while everything else becomes more expensive have been conditioned to be more afraid of the devil you don't know than the one you do. You are working against your own interest. God bless you all.

earl
earl 2 months

I've worked those jobs that will be lost. Let me tell you guys a secret. Those workers that will loose their job, they won't cry about loosing the worst job in the country. Quit trying to cry for them. They can speak for themselves. We are right here.

PappaOwl
PappaOwl 2 months

Not sure how these CBO scores are calculated but I wonder if a smaller amount like, $10.00 an hour would have a better result.

Barry MC
Barry MC 2 months

If you guys pay attention to what Biden says, he often specifies "people working 40 hours" so I would not be surprised if it ends up only being a requirement for people working full time, and part time is on the old restrictions. Anyone with a little sense knows this would mean people don't get to work 40 hours anymore. So now instead of working 40 hours at 8 bucks an hour, they only get 30.

Qanonsense
Qanonsense 2 months

No minimum wage + UBI = good for businesses and good for citizens.

Sean
Sean 2 months

The regular argument for everything will go up in price! Everything has been and will continue to go up. The issue is wages don't increase as fast as the cost of living. Lost jobs? How many of those are people's 2nd or 3rd job? Just some food for thought 🤔😎✌️.

bobby_5150
bobby_5150 2 months

So, a net negative. Good job, Joe.

Slevin Kelevra
Slevin Kelevra 2 months

"I'm sorry, Jim, but we've for to let you go but, on the bright side, Bob got a HUGE raise. Hope that makes you feel better. Good luck!"

Point
Point 2 months

Luckily it is easier to make jobs than lifting people out of poverty

truth seeker
truth seeker 2 months

I think someone has fell and bumped their head.

Josh
Josh 2 months

Good economics is bad politics Bad economics is good politics

IvoryDove
IvoryDove 2 months

Why not become better educated/trained and more productive instead?

Duncan
Duncan 2 months

Cut 1.4 million jobs to save 900,000...🤪 maffs.

michael
michael 2 months

Maybe if they paired it with medicare for all, companies would no longer have the expense of providing it. 30% of labor costs is providing healthcare.

michael
michael 2 months

And what guarantee is there that we would keep those jobs anyway? How often have we made money available to companies so they could retain their employees but they fire them anyway. Shall we keep our labor force on starvation wages to appease the corporations that have stolen trillions of profit from workers through the stagnation of the minimum wage?

wilhemena
wilhemena 2 months

anyone else see something wrong in the logic of net job loss being a solution?

Seekster
Seekster 2 months

They tried so hard to spin this report into something positive but its clear that the report indicates that the number of people who will lose their jobs and likely become impoverished will exceed the number who are lifted out of poverty by this short sighted minimum wage increase.

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