Author Topic: The Joe Biden Thread  (Read 6720 times)

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Offline Black Dog

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Re: The Joe Biden Thread
« Reply #750 on: March 08, 2021, 01:18:09 pm »
Keep in mind that the whole "minimum wage" thing is a little more complex than some people make it out to be.

Yes, it certainly sounds good... "Give people a living wage", but the Congressional Budget Office (a non-partisan part of the government) has pointed out that a large increase in the minimum wage might help many low income workers, but it would also potentially cause thousands of others to lose their jobs.

From: https://www.cnbc.com/2021/02/08/raising-minimum-wage-to-15-would-cost-1point4-million-jobs-cbo-says.html
Raising the federal minimum wage to $15 an hour...would cost 1.4 million jobs over the next four years while lifting 900,000 people out of poverty, according to a Congressional Budget Office report Monday....a nonpartisan agency that provides budgetary analysis to Congress.

If you are a congress-critter from some state with a relatively low cost of living, you might look at the trade-off between wage-increases and unemployment as something that results in more harm than benefit.


Counterpoint: No, a $15 minimum wage won’t cost 1.4 million jobs
 


Study after study has shown the correlation between increased minimum wage and lost jobs is very weak at best.