CaféAuLait
This Space for Rent
Minimum Wage Hike Could Cost 500K Jobs, CBO Reports
Minimum Wage Hike Could Cost 500K Jobs, CBO Reports - ABC News
So what happens to those without a job? How do we support those families the CBO labels as poor and those that will not have a job as the low wage jobs will disappear? It's great the move will help 960,000 families, but hurting more than half that and future jobs is not good.
According to CBO, increasing the minimum wage would have two chief effects on low-wage workers: First, about 16.5 million workers would receive higher pay that would increase their familys income, and about 900,000 of those families could earn a big enough increase to eclipse the federal poverty threshold.
But CBO also forecasts some negative consequences from the proposed increase. Some jobs for low-wage workers would probably be eliminated, the report finds, and the income of most workers who lose jobs would fall substantially while the share of low-wage workers who were employed would also probably decrease.
CBO projects that if the presidents proposal to increase the minimum wage to $10.10 was fully implemented by the second half of 2016, it would reduce total employment by about 500,000 workers, or 0.3 percent.
Minimum Wage Hike Could Cost 500K Jobs, CBO Reports - ABC News
So what happens to those without a job? How do we support those families the CBO labels as poor and those that will not have a job as the low wage jobs will disappear? It's great the move will help 960,000 families, but hurting more than half that and future jobs is not good.