Lots of criticism about that CBO report for putting its thumb on the scale and highlighting negative reports while hiding the positive gains of raising the minimum wage
If Trump repug people are running the CBO then it has absolutely no credibility
CBO study notes an aspect of that raise would mean it could be passed by reconciliation, bypassing the fascist party objections in the Senate.
CBO Report:
https://www.cbo.gov/publication/56975
NYT article:
https://www.nytimes.com/2021/02/08/u...-wage-cbo.html
Minimum Wage Hike Would Help Poverty but Cost Jobs, Budget Office Say
WASHINGTON — Raising the federal minimum wage to $15 an hour — a proposal included in the package of relief measures being pushed by President Biden — would add $54 billion to the budget deficit over the next decade, the Congressional Budget Office concluded on Monday.
Normally, a prediction of increased debt might harm the plan’s political chances. But proponents of the wage hike seized on the forecast as evidence that the hotly contested proposal could survive a procedural challenge under the Senate’s arcane rules.
Democrats are trying to add the measure to a $1.9 trillion pandemic relief package that is advancing through a process called budget reconciliation, which requires a simple majority rather than the 60-vote margin to overcome a filibuster. But reconciliation is reserved for matters with a significant budgetary effect.
Senator Bernie Sanders, the Vermont independent, said the forecast of an increased deficit showed that the measure passed the test. Raising the federal minimum wage to $15 “would have a direct and substantial impact on the federal budget,” he said in a statement. “What that means is we can clearly raise the minimum wage to $15 an hour under the rules.”
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Lots of criticism about that CBO report for putting its thumb on the scale and highlighting negative reports while hiding the positive gains of raising the minimum wage
If Trump repug people are running the CBO then it has absolutely no credibility
I am not close to an economist, but some of the most vulnerable small businesses in places like South Texas or not going to be able to handle this.
It has always been a problem legislating equality in wealth. I would think tax cuts for the richest are not the way to go, but beyond this and a few other things this is always been tough. This requires a cultural change beyond me myself and I imo.
If you read many red team members responses under Trump then it’s pretty clear the culture is dogs eat dogs. How you change this, I have a not a clue. They truly believe this pseudo-Darwinian “I got to get mine first at the expense of others”
* Foot note
Many of these people claim to be Christians.
should have been 15 dollars 10 years ago.
as others have pointed out, a one size fits all living wage is not going be a good fit in communities where the general standard of living is lower.
Agree to some extent. Not ideal, but all for whatever can get passed. Better than nothing.
They will simply raise prices, and oddly, many of their customers will be able to afford that.
Not the doom many think. THere will be anecdotes of businesses closing, and they will be endlessly parroted on fascist media outlets, but they will be offset by the millions of people who will benefit.
There will be a net job loss, but it will be from people who now don't have to work 2 or 3 jobs to make ends meet.
Congressional Budget Office is 'putting its thumb on the scale' in its minimum wage predictions
the CBO ignored the bulk of the economic research showing what has already happened as a result of minimum wage increases.
The CBO agrees with the best available economic research that a lot of people will get raises as a result of a gradual increase to $15, and projects 900,000 will be lifted out of poverty.
But the CBO projects a number of job losses—1.4 million—
that is simply not supported by the cutting edge research into, again, what has already happened.
https://www.dailykos.com/stories/2021/2/9/2014727/-Raising-the-minimum-wage-will-lift-hundreds-of-thousands-of-people-out-of-poverty
Phillip Swagel is a Republican but has a bipartisan career.
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McDonald's CEO: Chain will do 'just fine' with higher wages
https://www.restaurantdive.com/news/...-wages/594182/
That was my thoughts as well, just haven't had time to delve back into the research. There will be a lot of "jobs" lost, but that will be offset by people not having to work "extra" jobs, i.e. withdrawing from the labor force.
Net effect on overall employment will be pretty minor, since that is what has happened in places in the US where the wage was raised.
There will be no shortage of anecdotes about harm. There is a cost to this.
I am 100% sure that those anecdotes will be endlessly parroted by the fascist media outlets.
John Thune's childhood $6 wage—$24 adjusted for inflation—sure helps make the case for at least $15
"I started working
by bussing tables at the Star Family Restaurant for $1/hour and slowly moved up to cook—the big leagues for a kid like me—
to earn $6/hour,"
Thune, born in 1961, started earning $6 an hour, the seemingly modest wage he pulled in as a teenager
would be equivalent to roughly $25 today.
https://www.rawstory.com/john-thunes-childhood-6-wage-24-adjusted-for-inflation-sure-helps-make-the-case-for-at-least-15
Maybe South Dakotans are THAT DUMB
Last edited by boutons_deux; 02-25-2021 at 03:59 PM.
$15 an hour is nowhere near enough for some areas, and I could live quite well in Aransas Pass for this much. there needs to be some cost-of-living adjustment and I have not the foggiest idea how to do it, that’s for the economists and other people who understand the different regions. seems like it would be a big mess though.
USA USA
Raise alll prices will not matter
Why to go donkeys
It'd be downright stupid to make it $15 minimum at the FEDERAL level which would bankrupt the poor and rural communities, not to mention cause mass inflation there which is bad for everyone except the filthy rich jews.
What should be done is give each individual jurisdiction / city limit the opportunity to raise local minimum wages UP TO $15 an hour... for example, a federal law requiring say, a $10+ minimum wage for all cities with 500K+ population, would be reasonable.
But a one-size-fits-all more-than-doubled federal minimum wage for the entire USA, aka the most diverse nation in the history of the universe, is downright moronic, re ed, crippling, and ignorant.
Cost of Living Indexes by city or region are very well developed, and available from many sources, for US and foreign cities.
CoL indexes may be already used by govt relocations and certainly by companies. not at mysterious
Last edited by boutons_deux; 02-25-2021 at 04:13 PM.
When those Indian s guzzler recruiters tell me the salary for IT Job X is $125K in Texas, but if I relocate to Bay Area, California the salary is $132K because of "cost of living adjustment".
I just hang up the phone, and laugh my a$$ off.
Costco just jumped on board.
It won't cause mass inflation nationally, any more than it caused inflation in the states where it was implemented.
Economics fail.
Yeah hard to imagine a $15 minimum wage in West Virginia. No wonder why Manchin won't sign off on this.
What sucks about politicians is it has to be all or nothing. Why not negotiate a $12 minimum wage instead? (I think 10 is too low even for WV or Kentucky. )
A minimum wage that doesn't factor cost of living doesn't make sense.
I don't see what the big deal with raising minimum wage is, it's been stagnant long enough, and everything else has gone up. Min wage should go up with inflation. Just because Derp can live in his mom's basement off of 7.25 working at Olive Garden doesnt mean most people can
Current min wage by state
https://www.minimum-wage.org/wage-by-state
It was a bit over $3 when I was a teenager.
I think $12 is fair, it brings us back to where we were 50 years ago.
Tens of millions of outsiders are being invited to the table so ya I should get mine first.
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