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#1 User is offline   Natural Selection 

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Posted 09 July 2019 - 09:45 AM

Minimum wage bill could eliminate 1.3 million jobs, CBO says

By SARAH FERRIS and IAN KULLGREN
07/08/2019
Politico

Democrats’ signature policy proposal to raise the federal minimum wage would cost roughly 1.3 million jobs nationwide, even as it boosts wages for 17 million workers and lift 1.3 million families out of poverty, according to a report by the Congressional Budget Office released Monday.

The report — which offers the most detailed analysis to date of the proposed $15 hourly federal wage — is a mixed bag for House Democratic leaders, who are just days away from putting the legislation on the floor.

The Democratic bill, which would phase in the $15 minimum over five years, only recently won enough support from across the caucus to reach a floor vote.

CBO’s finding that a $15 hourly minimum would result in 1.3 million jobs lost was a median estimate. CBO's upper estimate of 3.7 million jobs lost poses another test for Democratic centrists, many of whom were skeptical about the impact on local businesses. (CBO's lower estimate was that the number of jobs lost would be "about zero.")

The nonpartisan agency also predicted a $9 billion drop in “real income” in 2025 — largely the result of a drop in businesses’ income, as well as price increases for goods and services across the economy.

(link to article)

(link to CBO report)
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#2 User is offline   MTP Reggie 

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Posted 09 July 2019 - 09:48 AM

Waiting for lefties to denounce the CBO in 5.. 4.. 3.. 2..
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#3 User is offline   Natural Selection 

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Posted 09 July 2019 - 10:14 AM

A democrat policy that causes 1,300,000 people to lose their job?

That's 1,300,000 votes for Trump in 2020!
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#4 User is offline   Hieronymous 

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Posted 09 July 2019 - 11:19 AM

Can a minimum wage hike lift people out of poverty? I would think that a hike in the minimum wage would also raise the poverty line.
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#5 User is online   Squirrel 

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Posted 09 July 2019 - 11:19 AM

View PostNatural Selection, on 09 July 2019 - 10:14 AM, said:

A democrat policy that causes 1,300,000 people to lose their job?

That's 1,300,000 votes for Trump in 2020!

They are too blind to see it. It will be we need more taxes and welfare to take care of these people. How can you be so greedy you are unwilling to pay more. You should be thankful you have a job and willing to do your part. Think of th kids you monsters
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#6 User is offline   RedSoloCup 

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Posted 09 July 2019 - 11:24 AM

Just another libtard pipe dream.
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#7 User is offline   AntonToo 

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Posted 09 July 2019 - 11:33 AM

Federal minimum wage stands at inflation battered $7.25 since a decade ago.

https://www.washingtonpost.com/resizer/JsQe6OHRHXFPWqWmgae_gaw4mks=/1484x0/arc-anglerfish-washpost-prod-washpost.s3.amazonaws.com/public/GJ56XOIOAJDOTHKLDU6TZFPEMQ.png

$15? How about we get to $10 first?

CBO did a $10 analysis and the job cost is minimal.

This post has been edited by AntonToo: 09 July 2019 - 11:34 AM

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#8 User is offline   MTP Reggie 

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Posted 09 July 2019 - 11:34 AM

View PostHieronymous, on 09 July 2019 - 11:19 AM, said:

Can a minimum wage hike lift people out of poverty? I would think that a hike in the minimum wage would also raise the poverty line.


You hush.
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#9 User is offline   JerryL 

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Posted 09 July 2019 - 11:37 AM

Sorry, but you won’t “lift” anyone out of poverty by arbitrarily raising a wage. You dévalué that wage and ultimately raise prices. The $$ of poverty just goes up.
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#10 User is online   Squirrel 

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Posted 09 July 2019 - 11:44 AM

View PostAntonToo, on 09 July 2019 - 11:33 AM, said:

Federal minimum wage stands at inflation battered $7.25 since a decade ago.

https://www.washingtonpost.com/resizer/JsQe6OHRHXFPWqWmgae_gaw4mks=/1484x0/arc-anglerfish-washpost-prod-washpost.s3.amazonaws.com/public/GJ56XOIOAJDOTHKLDU6TZFPEMQ.png

$15? How about we get to $10 first?

CBO did a $10 analysis and the job cost is minimal.



Why not 1 million an hour anton then? That’s as logical as your #. Would that hurt the country? It’s jus a bit bigger and a number? Or would a candy bar then just cost 5 million ? How about we let supply and demand work? See you hate a proven concept. If you have worked anywhere over 1 yr and are not making 10$ an hr it’s because your worthless. But hey free stuff for all. Hell of he kids mowing lawns get 10$ an hour. But fight the fight
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#11 User is online   Squirrel 

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Posted 09 July 2019 - 11:46 AM

Oh I figured out Anton’s let’s raise minn wage it’s because then we would also have to raise welfare for someone doing nothing. Is that hat it anton
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#12 User is offline   stick 

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Posted 09 July 2019 - 11:56 AM

View PostAntonToo, on 09 July 2019 - 11:33 AM, said:

Federal minimum wage stands at inflation battered $7.25 since a decade ago.

https://www.washingtonpost.com/resizer/JsQe6OHRHXFPWqWmgae_gaw4mks=/1484x0/arc-anglerfish-washpost-prod-washpost.s3.amazonaws.com/public/GJ56XOIOAJDOTHKLDU6TZFPEMQ.png

$15? How about we get to $10 first?

CBO did a $10 analysis and the job cost is minimal.


Let's skip all of that and just make it $25. That way we are getting ahead of the game...

You DO realize that the states have the ability to determine their own MW policy, right? It SHOULD be higher where the cost of living is higher than the national average, but the states and municipalities should figure that out themselves.

BTW, the MW is more than $10/hr all over the country. You should get out more.
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#13 User is online   Squirrel 

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Posted 09 July 2019 - 12:02 PM

I want 800$ an hour and demand it . I deserve it because,,, well I want it people are mean to me at the drive time through window and I want a house with a pool . I deserve a pool quit holding me down. I would also like a plane to ergo even deserv s a plane I’ve seen them. Let’s just let ok at cause and effect anton. How do you think this new money would effect prices? Do you think people with more then minn wage skills would need to be paid more to be retained? Do you think the cost would be passed down to services or items bought? If not why don’t you? If you do what did you just achieve other then raising the poverty level? Please teach me how your math and logic works. Then look at history

This post has been edited by Squirrel: 09 July 2019 - 12:08 PM

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#14 User is online   zurg 

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Posted 09 July 2019 - 12:10 PM

View PostAntonToo, on 09 July 2019 - 11:33 AM, said:

$15? How about we get to $10 first?

CBO did a $10 analysis and the job cost is minimal.

Why is your first thought always “control” and “by government”?

Why not let the market show where it should be? The market is people voting continuously, every day.
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#15 User is online   Wag-a-Muffin (D) 

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Posted 09 July 2019 - 12:16 PM

I don't care what the outcome is, a $25 an hour minimum wage makes me feel like I'm more compassionate than people who oppose it.

Spoiler

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#16 User is offline   Natural Selection 

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Posted 09 July 2019 - 12:30 PM

View PostAntonToo, on 09 July 2019 - 11:33 AM, said:

CBO did a $10 analysis and the job cost is minimal.


What democrat Presidential candidate is proposing $10 hour?

You socialists are a one-trick pony. Redistribution is all you've got. Not only do you want to redistribute the rewards of those who earned it, but now you people even want poor people to sacrifice their jobs so their wages can be redistributed to other poor people.

Here's a thought. Instead of raising the wages of unskilled people, how about raising their skill levels? And while we're at it, let's stop admitting unskilled people to the United States. They are only adding to the problem.
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#17 User is offline   AntonToo 

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Posted 09 July 2019 - 01:45 PM

View PostHieronymous, on 09 July 2019 - 11:19 AM, said:

Can a minimum wage hike lift people out of poverty? I would think that a hike in the minimum wage would also raise the poverty line.


Yes it can, lets read togather the CBO report:


$15/h option will:

In an average week in 2025, the $15 option would boost the wages of 17 million workers who would otherwise earn less than $15 per hour. Another 10 million workers otherwise earning slightly more than $15 per hour might see their wages rise as well.But 1.3 million other workers would become jobless, according to CBO’s median estimate. The number of people with annual income below the poverty threshold in 2025 would fall by 1.3 million.

So to sum up effects - 25,000,000 people would see higher pay, 1.3 million would be out of a job and 1.3 million would be lifted out of poverty.

https://www.cbo.gov/...mumWage2019.pdf

View PostNatural Selection, on 09 July 2019 - 12:30 PM, said:

What democrat Presidential candidate is proposing $10 hour?


They can propose whatever they want doesn't mean it will actually happen.

$15/h before 2030 would probably require heavy Democrat majority, while $10-11 is well precedented (it's what it was in real terms in the 60's) and is estimated to have zero-to-mild impact on jobs. Thats where I'm at.


View PostNatural Selection, on 09 July 2019 - 12:30 PM, said:

You socialists are a one-trick pony.


Don't know who you are talking to there but it ain't me.

This post has been edited by AntonToo: 09 July 2019 - 01:46 PM

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#18 User is offline   mjperry51 

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Posted 09 July 2019 - 02:11 PM

View PostAntonToo, on 09 July 2019 - 01:45 PM, said:

Yes it can, lets read togather the CBO report:


$15/h option will:

In an average week in 2025, the $15 option would boost the wages of 17 million workers who would otherwise earn less than $15 per hour. Another 10 million workers otherwise earning slightly more than $15 per hour might see their wages rise as well.But 1.3 million other workers would become jobless, according to CBO's median estimate. The number of people with annual income below the poverty threshold in 2025 would fall by 1.3 million.

So to sum up effects - 25,000,000 people would see higher pay, 1.3 million would be out of a job and 1.3 million would be lifted out of poverty.

https://www.cbo.gov/...mumWage2019.pdf



They can propose whatever they want doesn't mean it will actually happen.

$15/h before 2030 would probably require heavy Democrat majority, while $10-11 is well precedented (it's what it was in real terms in the 60's) and is estimated to have zero-to-mild impact on jobs. Thats where I'm at.




Don't know who you are talking to there but it ain't me.


Is this the same CBO that badly missed the mark on the ACA??
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#19 User is online   Squirrel 

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Posted 09 July 2019 - 02:16 PM

View PostAntonToo, on 09 July 2019 - 01:45 PM, said:

Yes it can, lets read togather the CBO report:


$15/h option will:

In an average week in 2025, the $15 option would boost the wages of 17 million workers who would otherwise earn less than $15 per hour. Another 10 million workers otherwise earning slightly more than $15 per hour might see their wages rise as well.But 1.3 million other workers would become jobless, according to CBO’s median estimate. The number of people with annual income below the poverty threshold in 2025 would fall by 1.3 million.

So to sum up effects - 25,000,000 people would see higher pay, 1.3 million would be out of a job and 1.3 million would be lifted out of poverty.

https://www.cbo.gov/...mumWage2019.pdf



They can propose whatever they want doesn't mean it will actually happen.

$15/h before 2030 would probably require heavy Democrat majority, while $10-11 is well precedented (it's what it was in real terms in the 60's) and is estimated to have zero-to-mild impact on jobs. Thats where I'm at.




Don't know who you are talking to there but it ain't me.

So what you can’t address or ignore . You give 15$ an hour now to unskilled new labor. Does the person there get a raise? Does. The middle class worker with skills deserve to be paid more? Who’s sucking up the cost of your magic money? Will prices go up or will people be laid off? As I said I’d like 800$ an hour. In high school gues what my supervisor at McDonald’s was 17 he probably made over 10$ an hour in the 80’s. If your making less then 10$ an hour in this age it’s because your a dumb ass. Mowing lawns pays more then that. But please explain where your magic money is coming from. Then explain 1 step down how does this effect the wages of skilled people, now let’s go to step 3 who pays for it? Surprise costs go up and we have the same conversation. So at the end you want. He 800$ an hour. But I’m sure you can explain why that is wrong
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#20 User is offline   GrimV 

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Posted 09 July 2019 - 02:24 PM

View PostAntonToo, on 09 July 2019 - 01:45 PM, said:

Yes it can, lets read togather the CBO report:


$15/h option will:

In an average week in 2025, the $15 option would boost the wages of 17 million workers who would otherwise earn less than $15 per hour. Another 10 million workers otherwise earning slightly more than $15 per hour might see their wages rise as well.But 1.3 million other workers would become jobless, according to CBO’s median estimate. The number of people with annual income below the poverty threshold in 2025 would fall by 1.3 million.

So to sum up effects - 25,000,000 people would see higher pay, 1.3 million would be out of a job and 1.3 million would be lifted out of poverty.

https://www.cbo.gov/...mumWage2019.pdf







Econ 101 Question: What happens to prices when more money is chasing a scarce resource?

Hint: If demand increases while supplies remain constant, prices tend to....what, Anton?

What happens to prices?

More importantly, what happens to the purchasing power of the dollar?
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