Posted by AzBlueMeanie:
Here we go again . . .
The headline in the New York Times this morning: Minimum Wage Increase Would Have Mixed Effects, C.B.O. Report Says.
The headline in the Washington Post this morning: Minimum-wage hike could kill 500,000 jobs, CBO reports.
Note that the corporate media did not lead with the good news contained in the CBO report about an increase in the minimum wage. What Really Happens When You Raise The Minimum Wage:
The Congressional Budget Office (CBO) released a new report on Tuesday on the impacts of raising the minimum wage to $10.10 an hour and $9 an hour. It found that a $10.10 minimum wage, implemented by 2016, would mean higher earnings for 16.5 million workers, resulting in $31 billion more in higher earnings. It would also lift nearly 1 million people out of poverty.
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“Once the increases and decreases in income for all workers are taken into account, overall real income would rise by $2 billion,” it says. The vast majority of people impacted, over 95 percent, will be impacted positively.
Tea-Publicans were ecstatic that the CBO report also said "the $10.10 option would reduce total employment by about 500,000 workers, or 0.3 percent.” Always with the negative waves, Moriarty.
Tea-Publicans want Americans to continue to earn sub-poverty level wages at the hands of exploitative employers, because "Freedom!" (Some Tea-Publicans around the country have even proposed eliminating the minimum wage altogether). I would remind you that failed GOP economic policies have eliminated millions of jobs since 2000.