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.

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.