Vambo Posted February 9, 2021 Report Share Posted February 9, 2021 https://nypost.com/2021/02/08/bidens-15-minimum-wage-would-cost-1-4-million-jobs-cbo/amp/ WASHINGTON — President Biden’s push to increase the federal minimum wage to $15 an hour would cost more than 1.5 million jobs and drive up the cost of goods and services, the US Congressional Budget Office projected Monday. The nonpartisan federal agency also found that the “Raise the Wage Act” would see the federal deficit balloon to a whopping $54 billion — almost double what is now — if enacted next month. The report found Biden’s plan would have mixed results. The federal boost would lift 900,000 Americans out of poverty but would cut employment by 1.4 million. “Spending for unemployment compensation would increase under the bill because more workers would be unemployed,” the CBO report forecast. Spending on nutrition assistance programs, or SNAP, would decease because more families would be lifted out of poverty under Biden’s plan. But the cost of goods and services would increase as employers try to pass on the burden of higher wages to consumers, the report said. Quote Link to comment Share on other sites More sharing options...
Westside Steve Posted February 9, 2021 Report Share Posted February 9, 2021 That's a win-win for the Democrats. They plan on supporting people sitting on the couch until the entire economy collapses. I couldn't tell you the exact number the percentage of people who would prefer to get paid to stay home opposed to those who would prefer to do their jobs. Granted I would guess most jobs aren't that much fun. And the path of least resistance is increasingly tempting. WSS Quote Link to comment Share on other sites More sharing options...
mjp28 Posted February 9, 2021 Report Share Posted February 9, 2021 11 hours ago, Vambo said: https://nypost.com/2021/02/08/bidens-15-minimum-wage-would-cost-1-4-million-jobs-cbo/amp/ WASHINGTON — President Biden’s push to increase the federal minimum wage to $15 an hour would cost more than 1.5 million jobs and drive up the cost of goods and services, the US Congressional Budget Office projected Monday. The nonpartisan federal agency also found that the “Raise the Wage Act” would see the federal deficit balloon to a whopping $54 billion — almost double what is now — if enacted next month. The report found Biden’s plan would have mixed results. The federal boost would lift 900,000 Americans out of poverty but would cut employment by 1.4 million. “Spending for unemployment compensation would increase under the bill because more workers would be unemployed,” the CBO report forecast. Spending on nutrition assistance programs, or SNAP, would decease because more families would be lifted out of poverty under Biden’s plan. But the cost of goods and services would increase as employers try to pass on the burden of higher wages to consumers, the report said. From a finance guy I can say that an unrestricted $15/hour is a BAD idea. $15/hour =$30,000/year not good for a 18 year old french fry maker in Ohio. Quote Link to comment Share on other sites More sharing options...
Canton Dawg Posted February 9, 2021 Report Share Posted February 9, 2021 41 minutes ago, mjp28 said: From a finance guy I can say that an unrestricted $15/hour is a BAD idea. $15/hour =$30,000/year not good for a 18 year old french fry maker in Ohio. Couldn’t agree more. The jobs at places like McDonalds, Burger King, etc. are entry level jobs that were intended for high school kids. They were never meant to be the source of household income. If someone is raising a family while employed at a fast food restaurant, they’ve failed miserably in their academics. 1 Quote Link to comment Share on other sites More sharing options...
DieHardBrownsFan Posted February 9, 2021 Report Share Posted February 9, 2021 Quote Link to comment Share on other sites More sharing options...
calfoxwc Posted February 10, 2021 Report Share Posted February 10, 2021 and I don't care if Hoorta doesn't like it: https://redstate.com/heartlandinstitute/2021/02/10/cbo-study-says-15-federal-minimum-wage-would-destroy-economy-n324775 Quote Link to comment Share on other sites More sharing options...
Vambo Posted February 11, 2021 Author Report Share Posted February 11, 2021 Quote Link to comment Share on other sites More sharing options...
Vambo Posted February 11, 2021 Author Report Share Posted February 11, 2021 20 hours ago, calfoxwc said: and I don't care if Hoorta doesn't like it: https://redstate.com/heartlandinstitute/2021/02/10/cbo-study-says-15-federal-minimum-wage-would-destroy-economy-n324775 Economy14 mins ago Biden's $15 minimum wage could hike child care costs by 21% on average: expert 1 Quote Link to comment Share on other sites More sharing options...
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