A plan by President Obama and fellow Democrats to increase the minimum wage to $10.10 an hour would cost roughly 500,000 jobs but increase wages for roughly 16.5 million Americans, the nonpartisan Congressional Budget Office said Tuesday.
The report was immediately met with sharp Republican criticism for the wake hike plan.
Increasing the minimum wage has emerged as a key part of Obama’s second-term agenda, with the president restating his intentions just hours before the release of the report, at a public event in suburban Maryland.
The White House was quick to respond to the report, with Jason Furman, chairman of the White House Council of Economic Advisers, telling reporters on a conference call,“CBO’s estimate doesn’t reflect the overall consensus view of economists who say [the increase] would have minimum or no impact on employment.”...
Still, Republicans argued the report puts authoritative weight behind their argument that such an increase would cut jobs because companies would have to spend more on wages.
"This report confirms what we've long known,” Boehner’s office said.
The report was released as the Democrat-controlled Senate prepares to debate an Obama-backed proposal to gradually increase the $7.25 hourly minimum wage to $10.10 by 2016.
However, the proposal faces long odds of passing in the GOP-controlled House.
http://www.foxnews.com/politics/2014/02/18/hill-budget-office-wage-hike-would-lift-pay-but-cost-jobs/
Just another liberal fantasy idea that will hurt more people than it will help.
No comments:
Post a Comment