CBO report paints mixed picture of effect of minimum-wage hike


President Obama's proposal to raise the minimum wage to $10.10 an hour by 2016 from $7.25 currently would lead to the loss of 500,000 jobs, a report from the Congressional Budget Office has found.

However, the CBO also said the plan would increase pay for 16.5M people and lift 900,000 out of poverty out of a total of 45M who are projected to be categorized as poor in 2016.

Comments (7)
  • fuzzymc
    , contributor
    Comments (198) | Send Message
     
    What do you think will happen to the cost of goods when you raise the min wage by 40pct? Do you think there will still be a dollar menu at Mcd's, do you think Walmart will still have low prices? The cost of labor goes up, the cost of living goes up also. No company will simply eat a 40pct increase in costs!!
    19 Feb 2014, 04:28 AM Reply Like
  • doghousecontributor
    , contributor
    Comments (2836) | Send Message
     
    Here's a concept, how about the top in the companies get paid less, and share the profits with all of their employees. WOW a revelation, oh, that won't work, because the board and the CEO's don't own enough in this world. When your a CEO, it's not about keeping up with the Jones'es, it's about keeping up with the Gates'es
    19 Feb 2014, 10:05 AM Reply Like
  • Kingzkid
    , contributor
    Comments (115) | Send Message
     
    Buying votes on the backs on consumers. They are trying to secure some seats during the mid-terms.
    19 Feb 2014, 05:54 AM Reply Like
  • doghousecontributor
    , contributor
    Comments (2836) | Send Message
     
    Face it people. If wages are stagnant, and not raised to meet inflation, then we all lose. The only people that will be buying will be the 1% er's. I am sure they do not frequent McD's or "BOYCOTT WAL MART". Were a super power, but can't afford to pay a living wage? Time for Wall Street to wake up to reality. Time for CEO's and the top, to take serious pay cuts and share the profits. If we continue down this path were on, it won't matter as most of the country will be living off the land. Stocks will be worthless.
    19 Feb 2014, 08:05 AM Reply Like
  • PeteCal
    , contributor
    Comments (90) | Send Message
     
    If I recall, the day O.J. s Exwife was killed he was seen driving his Bentley through a Mickey Dee's drive through
    19 Feb 2014, 09:31 AM Reply Like
  • DeepValueLover
    , contributor
    Comments (11095) | Send Message
     
    The following is a list of economic and monetary achievements of Barack Obama from the time of his birth to the day he was inaugurated in 2009:
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    19 Feb 2014, 08:16 AM Reply Like
  • doghousecontributor
    , contributor
    Comments (2836) | Send Message
     
    hahahahahahahaha morning humor
    19 Feb 2014, 08:18 AM Reply Like
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