Toddsterpatriot
Diamond Member
ToddsterPatriot, referring to How Increasing the Federal Minimum Wage Could Affect Employment and Family Income | Congressional Budget Office (cbo.gov) How Increasing the Federal Minimum Wage Could Affect Employment and Family Income | Congressional Budget Office (cbo.gov) , “Raise the Wage Act, as passed” option, graph of “Average Percentage Change in Real Family Income, by Income Group”:A net income reduction of 1/3 of the highest income families as a trade-off for:Toddsterpatriot yes, 5.3% and $600 was the NET GAIN after wages replaced non-wage incomes such as public assistance and unemployment insurance benefits. ...... What was the largest increase in family incomes from more than doubling minimum wage?
Was it 5.3%? Was it about $600? Not much of an increase in income considering the jump from $7.25 to $15. ...
net increased wage rates among USA’s wage earners and the wages of their families and reductions of their incidences and extents of poverty,
Don't forget, 1.3 million fewer jobs, lower income for business owners and higher prices [lower real wages] for everyone.
The graph indicates only 2025 highest income families are projected to experience any net reductions of real family total incomes (rather total wages. Those incomes are reduced by less than 1/5 of a percent. All other family total incomes are increased or materially unaffected.
Respectfully, Supposn
The graph indicates only 2025 highest income families are projected to experience any net reductions of real family total incomes
And ALL families will see inflation reducing their earnings more than they would have otherwise been reduced.