Here's a few more interesting details from Breitbart:Reuters: Raising the U.S. federal minimum wage to $10.10, as President Barack Obama and Democrats in Congress are proposing, could result in about 500,000 jobs being lost by late 2016, the Congressional Budget Office (CBO) estimated on Tuesday.
The non-partisan CBO also said that increasing the hourly wage could reduce U.S. budget deficits by a small amount for several years, but then increase them slightly in later years.
Time to snap back to reality, America, and understand that this president is not Santa Claus. What he is doing is bartering with the working poor -- bringing some right above the poverty level by costing others the only job they've got -- while placing an additional burden on employers.The CBO report estimated, if fully implemented by 2016, "the $10.10 option would reduce total employment by about 500,000 workers" while bringing 900,000 workers out of poverty.
As for the $9 option that has previously been proposed by Obama and some Democrats, the CBO estimated that such a hike would cost 100,000 jobs while bringing 300,000 workers out of poverty.
UPDATE: Looks as though the CBO is defending its minimum-wage estimate as Obama and the Democrats fume over the fact that the CBO Director dared to defy their agenda by simply telling the truth of the matter...
Related links: CBO Director Fires Back at White House Claims He is Wrong on Minimum WageNJ: White House pique notwithstanding, the Congressional Budget Office is standing by its estimate of the job impact that a minimum-wage hike would create.
"Our analysis of the effects of an increase in the minimum wage is completely consistent with the latest thinking in the economics profession," said CBO Director Douglas Elmendorf, disputing the Obama administration's attempted takedown of his agency's work.
The White House and congressional Democrats tried to paint CBO as out of touch with mainstream economic thinking after the nonpartisan budget agency estimated raising the minimum wage to $10.10 an hour could reduce the number of workers in the labor force by 500,000 in 2016.
Elmendorf argued that it's a little hard to compare CBO's findings, which covered both an increase in the federal minimum to $10.10 and to $9 from the current level of $7.25, with other economists' assertions on the job impact of the minimum wage because the latter didn't necessarily have to quantify their estimates. But, he said, CBO appears to line up with what other economists—who have spoken in qualitative language—have found.
RUSH: CBO Director Elmendorf Launches An ‘In Your Face’ Back At The Regime
