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.
