CBO Says Pro-Job President’s Minimum Wage Hike Would Kill 500,000 Jobs, Help Few In Poverty
Increasingly, politics is becoming more ideological and less dependent on logic and reasoning, as it is with global warming, and in the attempt by Obama to increase the minimum wage supposedly to ease poverty.
In what comes as absolutely no surprise to any conservative, but shocks those on the left, the CBO says raising the minimum wage would kill half a million jobs from the economy, and more of the increases in earnings would go to those living far above the poverty line than those below:
The increased earnings for low-wage workers resulting from the higher minimum wage would total $31 billion, by CBO’s estimate. However, those earnings would not go only to low-income families, because many low-wage workers are not members of low-income families. Just 19 percent of the $31 billion would accrue to families with earnings below the poverty threshold, whereas 29 percent would accrue to families earning more than three times the poverty threshold, CBO estimates.
Moreover, the increased earnings for some workers would be accompanied by reductions in real (inflation-adjusted) income for the people who became jobless because of the minimum-wage increase, for business owners, and for consumers facing higher prices.
So conservatives were right all along? No way! This kinda reminds me of Obamacare! But don’t worry, the facts won’t get in the way of liberals’ blind faith in their dogmatic ideology:
Yes, just stamp your foot petulantly… that will drive evil logic and reasoning from reality!