CBO: Obama’s minimum wage plan would cost jobs but help millions

[Wild self]

Tell the CEOs to cut their bonuses and salaries

 

[Street Knowledge]

When you look at the real demographics of who makes the MW you realize it's mostly 2 groups of people and this whole media thing is a farce

1.)HS teenagers/College students trying to get side money
2.) Older folks who retired from their careers and want some extra cash

Its not 28 year old single mothers with 3 kids like the democrats have made it out to be . And they KNOW that, but they're trying to go for the emotional aspect instead of the facts. When you raise the mw what you're REALLY doing is making sure little jimmy in the suburbs can get his iPhone quicker

 

[CrimsonTider]

When you look at the real demographics of who makes the MW you realize it's mostly 2 groups of people and this whole media thing is a farce

1.)HS teenagers/College students trying to get side money
2.) Older folks who retired from their careers and want some extra cash

Its not 28 year old single mothers with 3 kids like the democrats have made it out to be . And they KNOW that, but they're trying to go for the emotional aspect instead of the facts. When you raise the mw what you're REALLY doing is making sure little jimmy in the suburbs can get his iPhone quicker

The average age of minimum wage workers is 29

The demographic employed the most at minimum wage jobs are single mothers

Are you retarded?

 

[NZA]

every time the minimum wage was raised, somebody said it would cost jobs...yet that didnt happen, at least not a net loss.

 

[Street Knowledge]

The average age of minimum wage workers is 29

The demographic employed the most at minimum wage jobs are single mothers

Are you retarded?

"heated policy discussion is over a very small group of people. According to theBureau of Labor Statistics there are about 3.6 million workers at or below the minimum wage (you can be below legally under certain conditions). That is 2.5 percent of all workers and 1.5 percent of the population of potential workers. Within that small group, 31 percent are teenagers and 55 percent are 25 years old or younger. That leaves only about 1.1 percent of all workers over 25 and 0.8 percent of all Americans over 25 earning the minimum wage"

Less then one percent of Americans over 25 are making the MW.

Photo credit: Mark Turnauckas

Within that tiny group, most of these workers are not poor and are not trying to support a family on only their earnings. In fact, according to a recent study, 63 percent of workers who earn less than $9.50 per hour (well over the minimum wage of $7.25) are the second or third earner in their family and 43 percent of these workers live in households that earn over $50,000 per year. Thus, minimum wage earners are not a uniformly poor and struggling group; many are teenagers from middle class families and many more are sharing the burden of providing for their families, not carrying the load all by themselves.
http://www.forbes.com/sites/jeffrey...ve-been-told-about-the-minimum-wage-is-false/

Again it's not people trying to support families. It's kids making side money. When you raise the MW, you're making sure they get more money. GTFOH

 

[KingpinOG]

The average age of minimum wage workers is 29

The demographic employed the most at minimum wage jobs are single mothers

Are you retarded?

http://www.cbo.gov/publication/44995

Once fully implemented in the second half of 2016, the $10.10 option would reduce total employment by about 500,000 workers, or 0.3 percent, CBO projects (see the table below). As with any such estimates, however, the actual losses could be smaller or larger; in CBO’s assessment, there is about a two-thirds chance that the effect would be in the range between a very slight reduction in employment and a reduction in employment of 1.0 million workers…

The increased earnings for low-wage workers resulting from the higher minimum wage would total $31 billion, by CBO’s estimate. However, those earnings would not go only to low-income families, because many low-wage workers are not members of low-income families. Just 19 percent of the $31 billion would accrue to families with earnings below the poverty threshold, whereas 29 percent would accrue to families earning more than three times the poverty threshold, CBO estimates.

Moreover, the increased earnings for some workers would be accompanied by reductions in real (inflation-adjusted) income for the people who became jobless because of the minimum-wage increase, for business owners, and for consumers facing higher prices.



So more than 80 percent of the gains in earnings will go to people other than the very poorest, and meanwhile as many as a million people potentially could end up being laid off. And that is a success?

 

[KingpinOG]

every time the minimum wage was raised, somebody said it would cost jobs...yet that didnt happen, at least not a net loss.

Are you just making things up again as usual?

Do you not understand the concept of supply and demand as it relates to the labor market???

 

[CrimsonTider]

My bad... I was referencing a report on fastfood employees.

 

[PewPew]

"heated policy discussion is over a very small group of people. According to theBureau of Labor Statistics there are about 3.6 million workers at or below the minimum wage (you can be below legally under certain conditions). That is 2.5 percent of all workers and 1.5 percent of the population of potential workers. Within that small group, 31 percent are teenagers and 55 percent are 25 years old or younger. That leaves only about 1.1 percent of all workers over 25 and 0.8 percent of all Americans over 25 earning the minimum wage"

Less then one percent of Americans over 25 are making the MW.

Photo credit: Mark Turnauckas

Within that tiny group, most of these workers are not poor and are not trying to support a family on only their earnings. In fact, according to a recent study, 63 percent of workers who earn less than $9.50 per hour (well over the minimum wage of $7.25) are the second or third earner in their family and 43 percent of these workers live in households that earn over $50,000 per year. Thus, minimum wage earners are not a uniformly poor and struggling group; many are teenagers from middle class families and many more are sharing the burden of providing for their families, not carrying the load all by themselves.
http://www.forbes.com/sites/jeffrey...ve-been-told-about-the-minimum-wage-is-false/

Again it's not people trying to support families. It's kids making side money. When you raise the MW, you're making sure they get more money. GTFOH

So whats the solution? fukk lil timmy and anyone else affected by the governments piss poor economic policies. Oh I get it! Because Less then one percent of Americans over 25 are making the MW then we should just focus on someone else instead of the small groups of people who really need it.

 

[MeachTheMonster]

Damn debating over minimum wage. They need to find a way to raise wages accross the board. There's no way in hell that wages should be as low as they are for most American workers.

 

[88m3]

When you look at the real demographics of who makes the MW you realize it's mostly 2 groups of people and this whole media thing is a farce

1.)HS teenagers/College students trying to get side money
2.) Older folks who retired from their careers and want some extra cash

Its not 28 year old single mothers with 3 kids like the democrats have made it out to be . And they KNOW that, but they're trying to go for the emotional aspect instead of the facts. When you raise the mw what you're REALLY doing is making sure little jimmy in the suburbs can get his iPhone quicker

nothing that you typed is accurate..

 

[Street Knowledge]

So whats the solution? fukk lil timmy and anyone else affected by the governments piss poor economic policies. Oh I get it! Because Less then one percent of Americans over 25 are making the MW then we should just focus on someone else instead of the small groups of people who really need it.

IMO the MAIN problem is that people don't have jobs...not that they're not getting paid enough or getting paid MW. Because the amount of breadwinners who are making the MW is pretty much minuscule

 

[¯\_(ツ)_/¯]

edit: So those 500,000 Americans that lose their job, are sacrifices for the greater good. That good being the 900,000 lifted out of poverty?

Economics is based on equilibrium states. Consider the supply/demand of labor. There will be far more people willing to supply labor for a higher minimum wage, but somewhat fewer people who will provide it (between 0-1 million jobs, according to the CBO) as they won't want to pay the higher wages.

Secondly,16 million families helped, 500,000 hurt, is not a difficult call. A lot of those 16 million get off the dole. The 16 million families will also become more powerful consumers, who will subsequently create jobs through demand, most likely creating low-wage jobs through non-durable consumables - creating a likely equilibrium state over time, but not in the immediate sense.

 

[Meta Reign]

$10.10 by 2016?!

Yea, the only folks that'll reap any benefits here are the politicians that'll bamboozle the public into voting for them again because of this.

Not that I believe we should have a federal minimum wage law.

 

[NZA]

Are you just making things up again as usual?

Do you not understand the concept of supply and demand as it relates to the labor market???

you know of some recessions that started after minimum wage increases? statewide or national. im all ears