New report shows how many jobs could be lost under $15 minimum wage
This report is from the CBO (Congressional Budget Office) and states that 1M low wage earners could loose their jobs if the $15/hr. Federal Minimum Wage is adopted.
This appears not to bother the Democrats. Their statement is "Benefits outweigh the minuses".
I don't see how 1M people loosing their jobs is a small thing . Even if we forget the human cost to those loosing their jobs, the economic coae of that number loosing their jobs is horrendous. If these people earned 20k a year that is 20B out of the economy. if you assume a multiplier effect of 3, this is 60B out of the economy. a non-trivial impact somewhere.
This appears not to bother the Democrats. Their statement is "Benefits outweigh the minuses".
I don't see how 1M people loosing their jobs is a small thing . Even if we forget the human cost to those loosing their jobs, the economic coae of that number loosing their jobs is horrendous. If these people earned 20k a year that is 20B out of the economy. if you assume a multiplier effect of 3, this is 60B out of the economy. a non-trivial impact somewhere.
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One thing that stands out to me is that min wage adn the free market wage for unskilled labor have stayed the same (in real terms), while GDP grown. Return on investment has gone up while the price of unskilled labor stagnated. People use this as justification for socialism and authoritarianism. If the market price for unskilled work had risen as fast as GDP, a $15 min wage would be moot because it would be lower than the market price. People don't like this fact and wonder who's to blame. The answer is no one. Most things in the world are getting better. There's no reason to expect every parameter in the economy to change the way someone would like it to. My point in all this is we (rational) people should face these facts while arguing against gov't intrusions (e.g. min wage) as a solution.