CBO Destroys Democrat Dreams Of Utopia; Almost 4 Million Jobs Lost Under $15 Minimum Wage

Hiking Americans' minimum wage to $15 per hour would give millions of Americans a raise but would kick a smaller share of people out of work (presumably never to return as their skills are now priced out of the market) according to a new report from the Congressional Budget Office.

CBO Destroys Democrat Dreams Of Utopia; Almost 4 Million Jobs Lost Under $15 Minimum Wage 2019-07-08_12-20-52

CBO Destroys Democrat Dreams Of Utopia; Almost 4 Million Jobs Lost Under $15 Minimum Wage 2019-07-08_12-20-52

In addition, in an average week in 2025, the $15 option would increase the wages of 17 million workers whose wages would otherwise be below $15 per hour, CBO estimates. The wages of many of the 10 million workers whose wages would be slightly above the new federal minimum would also increase.

The $15 option would affect family income in a variety of ways. In CBO’s estimation, it would:

Boost workers’ earnings through higher wages, though some of those higher earnings would be offset by higher rates of joblessness;

Reduce business income and raise prices as higher labor costs were absorbed by business owners and then passed on to consumers; and

Reduce the nation’s output slightly through the reduction in employment and a corresponding decline in the nation’s stock of capital (such as buildings, machines, and technologies).

On the basis of those effects and CBO’s estimate of the median effect on employment, the $15 option would reduce total real (inflation-adjusted) family income in 2025 by $9 billion, or 0.1 percent.

https://www.zerohedge.com/news/2019-07-08/cbo-destroys-democrat-dreams-utopia-many-4-million-jobs-lost-under-15-minimum-wage

CBO Destroys Democrat Dreams Of Utopia; Almost 4 Million Jobs Lost Under $15 Minimum Wage

CBO Destroys Democrat Dreams Of Utopia; Almost 4 Million Jobs Lost Under $15 Minimum Wage

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