CONGRESSIONAL BUDGET OFFICE ROLE FULL
However, the CBO concludes, according to Schmidt, “that only 12 percent of these low-wage workers are teenagers, 10 percent have a college degree, and more than half (53 percent) work full time. Opponents also argue that the typical minimum wage worker is a suburban teenager living with middle or upper class parents.
Interesting the even liberal “capitalists”, like Bill Gates, are in solidarity with their billionaire brethren opposed to raising the minimum wage. It’ s simple -more overall income goes to labor, than to capital. Raising the bottom always leads to restructurings that reach all the way up the wage and salary scales of every economic sector.
The minimum wage will indirectly raise the wages of millions more. The CBO estimate of the total direct beneficiaries is almost identical to the 16.7 million worker estimate produced by the Economic Policy Institute. CBO, instead, estimates that about 16.5 million workers would receive a wage increase because the CBO correctly factored in that millions more workers who earn between the current federal minimum wage and the new proposed level of $10.10 would also receive a pay increase.” As Economist John Schmidt of CEPR writes: “Opponents of the minimum wage like to cite Bureau of Labor Statistics (BLS) numbers that suggest that there are only about 1.6 million minimum-wage workers, ignoring that this figure refers only to worker who earn exactly the federal minimum wage of $7.25 per hour. The minimum wage will directly benefit tens of millions of workers.
The CBO report is mostly positive on raising the minimum wage. Summarizing those studies is a daunting task, but two recent meta-studies analyzing the research conducted since the early 1990s concludes that the minimum wage has little or no discernible effect on the employment prospects of low-wage workers. Let’s raise the wage and we’ll prove the CBO wrong again.”Įconomists have conducted hundreds of studies of the employment impact of the minimum wage.
Our country is finally poised to lift millions out of poverty and make our country work for the people who work. They want subservient, scared workers whose suffering will expand their stock portfolios. Being consistently wrong and not caring about workers are the only two things conservative economists can be counted on for. Here, its is hard not to question the credibility of CBO Executive Director Doug Elmendorf, who at one time had a decent reputation as an economist, but then accepted the role of chief economic spokesperson for the Romney presidential campaign, which quickly lost all connection with the truth.ĪFL-CIO President Richard Trumka captured a key aspect of this controversy: “Every time momentum builds for lifting wages, conservative ideologues say it will cost jobs. The only major exception -which has nonetheless dominated media coverage – was the impact on employment. You wouldn’t know it from the media, especially Fox, but even including some National Public Radio hosts, the Congressional Budget Office (CBO) report on the minimum wage sided with supporters of increasing the federal wage floor.
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