Raising the U.S. minimum wage to $10.10 an hour from its current $7.25 would cut total employment by about 500,000 workers by late 2016, the Congressional Budget Office estimated in a report.
The CBO looked at two options for raising the minimum wage, as President Barack Obama and Democrats are proposing to do. The nonpartisan agency said the range of job losses under the $10.10 option is between "a very slight reduction" and 1 million workers, with the central estimate 500,000. Under the other option analyzed, a $9 minimum wage, CBO's estimate was there would be 100,000 fewer workers by 2016.
An interesting paper recommend by Thomas DiLorenzo "A PUBLIC CHOICE VIEW OF THE
ReplyDeleteMINIMUM WAGE by Thomas Rustici" has a good quote by Benjamin Anderson which states:
“Roos estimates that, by reason of the minimum wage
provisions of the codes, about 500,000 Negro workers were on relief
in 1934. Roos adds that a minimum wage definitely causes the displacement
of the young, inexperienced worker and the old worker.”
Here is the PDF download:
www.cato.org/pubs/journal/cj5n1/cj5n1-6.pdf
Sometimes I ask the question if those who support a minimum wage increase (or hell the minimum wage itself) are this stupid or that evil.
ReplyDelete“Begin each day by telling yourself: Today I shall be meeting with interference, ingratitude, insolence, disloyalty, ill-will, and selfishness – all of them due to the offenders’ ignorance of what is good or evil.”
ReplyDelete― Marcus Aurelius, Meditations
AWESOME QUOTE!!!
DeleteI'll add that to my file.
Another (cant recall author) is "Never ascribe to Malice that which can be explained by Ignorance" or words to that effect.
Great quote, thanks.
DeleteQueens Library CEO Thomas Galante, shown, is in Queens Borough President Melinda Katz's crosshairs after his $2 million golden parachute, $392,000 salary, $200,000 secret job and bill for $140,000 in renovations to his executive offices came to light.
ReplyDeleteAnd now comes to light another astonishing perk — Galante’s employment contract guarantees him a payout of nearly $2 million if he is dismissed.
That’s right, $2 million in severance — for a head librarian.
The Daily News reported earlier this month that Galante received a whopping $392,000 salary in 2013, plus a sports car, to run the borough’s taxpayer-funded library system. And The News was first to report that he spent nearly $140,000 on renovations to his executive offices — including a $26,000 private smoking deck.
Read more: http://www.nydailynews.com/new-york/queens/queens-president-trustees-nix-money-flush-library-head-2m-exit-deal-article-1.1619207#ixzz2tmfeGOIu
this is what costs jobs...theft.
I'll bet he is for raising the minimum wage too
Delete