What's actually in the CBO $15/Hr. Fed. Min. Rate Report?

[Supposn]

What's actually in the CBO $15/Hr. Fed. Min. Rate Report?


Transcribed from page 3 of U.S. Congressional Budget report regarding the increase of the federal minimum wage rate to $15 per hour in six steps between January 1, 2020, and January 1, 2025, and then be indexed to median hourly wages. All dollars, ($) are 2018 dollars.

I consider HR528 as a good bill. Respectfully, Supposn


https://www.cbo.gov/system/files/2019-07/CBO-55410-MinimumWage2019.pdf


Page 3, July 2019, The effects on employment and family income of increasing The federal minimum Wage, (dollar estimates are 2018 dollars).

Table 1 . Effects of Increasing the Federal Minimum Wage to $15 per hour,

on employment, Income, and Poverty, 2025


Change in Employment in an Average Week (Millions of workers):

Median estimate (-1.3), Low end *, High end (-3.7)


Number of Workers Who Could See Increases in Their Earnings in an Average Week (Millions $): Directly affected workers 17.0, Potentially affected workers d 10.3



Change in Real Annual Income

Families with income below the poverty threshold

Billions $7.7, Percentage 5.3%

Families with income between one and three times the poverty threshold

Billions $14, Percentage 3.5%

Families with income between three and six times the poverty threshold

Billions ($ -2.1), Percentage (-0.1%)

Families with income more than six times the poverty threshold

Billions ($-28.4), Percentage (-0.3%)

All families, Billions ($-8.7), Percentage (-0.1%)

Change in the Number of People in Poverty, Millions (-1.3

 

[Toddsterpatriot]

Typical liberal single entry accounting. No thanks.

All families, Billions ($-8.7), Percentage (-0.1%)

Wait, I thought the minimum wage benefitted all workers?

How could increasing it be a net negative? LOL!

 

[leftwinger]

In laymans terms: raising burger wrappers to $15/hr will cause the $16/hr night shift supervisor to go up to $25/hr and continue to ripple up to his boss perhaps?

I don't know if it is a good idea or not? Should the GOVT be dictating wages across the board?

Prices would rise? $15/hr may no longer be liveable for one illegal Mexican in SF to rent a $3000/mo 1br APT.?

 

[Supposn]

Typical liberal single entry accounting. No thanks.

All families, Billions ($-8.7), Percentage (-0.1%)

Wait, I thought the minimum wage benefitted all workers?

How could increasing it be a net negative? LOL!

ToddsterPatriot, the federal minimum wage rate is of some benefit to all employees. It's of greatest benefit to the working poor. Its benefit is inverse to the jobs' wage rate.

CBO projects that in 2025, the poverty threshold (in 2018 dollars) will be $20,480 for a family of three and $26,330 for a family of four.

I know no more than you as to why the very wealthiest families should experience any loss due to increasing the minimum wage rate.
But the fact that the poorest families statically derive no investment income, and usually the wealthiest families incomes are more are less greatly due to their investments, I suppose is related to this question.

CBO is considering families annual income brackets after the six incremental increases of the minimum rate between 2020 a and 2025. For a family of three, the four brackets of incomes, and their proportion of income increase or loss due to the increase of the federal minimum wage rate
were predicted to be:
Below $61,440 increased by 5.3%.
Below $122,880 increased by 3.5%.
Below $245,760 reduced by 0.01%.
Greater than $245,759.99 reduced by 0.03%.

Poverty segment of our population reduced by 1.3 million persons. Respectfully, Supposn

 

[Toddsterpatriot]

Typical liberal single entry accounting. No thanks.

All families, Billions ($-8.7), Percentage (-0.1%)

Wait, I thought the minimum wage benefitted all workers?

How could increasing it be a net negative? LOL!

ToddsterPatriot, the federal minimum wage rate is of some benefit to all employees. It's of greatest benefit to the working poor. Its benefit is inverse to the jobs' wage rate.

CBO projects that in 2025, the poverty threshold (in 2018 dollars) will be $20,480 for a family of three and $26,330 for a family of four.

I know no more than you as to why the very wealthiest families should experience any loss due to increasing the minimum wage rate.
But the fact that the poorest families statically derive no investment income, and usually the wealthiest families incomes are more are less greatly due to their investments, I suppose is related to this question.

CBO is considering families annual income brackets after the six incremental increases of the minimum rate between 2020 a and 2025. For a family of three, the four brackets of incomes, and their proportion of income increase or loss due to the increase of the federal minimum wage rate
were predicted to be:
Below $61,440 increased by 5.3%.
Below $122,880 increased by 3.5%.
Below $245,760 reduced by 0.01%.
Greater than $245,759.99 reduced by 0.03%.

Poverty segment of our population reduced by 1.3 million persons. Respectfully, Supposn

the federal minimum wage rate is of some benefit to all employees.

How long have you been posting this claim? How long have I been asking for your proof?

Still......nothing. Weird.

I know no more than you as to why the very wealthiest families should experience any loss due to increasing the minimum wage rate.

Tanstaafl.

 

[Supposn]

In layman's terms: raising burger wrappers to $15/hr will cause the $16/hr night shift supervisor to go up to $25/hr and continue to ripple up to his boss perhaps?

I don't know if it is a good idea or not? Should the GOVT be dictating wages across the board?

Prices would rise? $15/hr may no longer be liveable for one illegal Mexican in SF to rent a $3000/mo 1br APT.?

Old Yeller, the minimum wage rate is a minimum. Government does not set maximum wage rates, or is "dictating wages across the board".
Refer to post #4. Respectfully, Supposn

How inflationary is the federal minimum wage rate?

Although labor contributes a substantial portion, labor is only a portion of aggregate products' costs; (this is true even among service products). The federal minimum wage rate effects Low-wage labor and has extremely little proportional effect upon higher wage rates, it is not among the primary cause for U.S. dollar's losses of purchasing power.

The federal minimum wage rate's purchasing power's much less a cause and much more a victim of U.S. Dollar's inflation.

Federal minimum wage rate's purchasing power's purpose is to reduce incidences and extents of poverty among USA's working-poor. Respectfully, Supposn