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Obama´s minimum wage hike will cost
500,000 JOBS by the end of 2016,
claims bombshell official report

Daily Mail [UK], by David Martosko

Original Article

Posted By:Attercliffe, 7/8/2014 12:50:41 PM

The White House may have to scrap its plans to aggressively promote a 40 percent national minimum wage hike now that the nonpartisan Congressional Budget Office found that the move would likely cost the U.S. 500,000 jobs by the second half of 2016. [Snip] The White House didn´t answer questions about whether that trade-off is acceptable to President Obama, but Senate Democrats have pushed hard for legislation that would implement his goal of driving the minimum wage far above its current $7.25 level. But it quickly scheduled an afternoon conference call for reporters with Council of Economic Advisers Chairman Jason Furman, and

      


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Reply 1 - Posted by: nigella, 7/8/2014 12:52:59 PM     (No. 9915284)

Pity we have to find this out from a UK publication...

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Reply 2 - Posted by: Udanja99, 7/8/2014 1:04:28 PM     (No. 9915306)

Who didn´t already know this? It happens every time the left hikes the minimum wage. Does anyone doubt that zippy already knew? Does anyone think he cares?

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R-G1
  


 
Reply 3 - Posted by: grace1798, 7/8/2014 1:39:52 PM     (No. 9915382)

Think Obama does not know this? DUH.

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Reply 4 - Posted by: hoosiergirl71, 7/8/2014 2:13:18 PM     (No. 9915446)

Yes we knew that...it´s all part of the agenda, don´tchaknow.

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Reply 5 - Posted by: horacer, 7/8/2014 2:19:46 PM     (No. 9915460)

And you know who bears the brunt of this. Minority teenagers. You might as well re-label any talk of hiking the minimum wages as the War on Black Teenagers.

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Reply 6 - Posted by: SouthSanAntonio, 7/8/2014 2:40:50 PM     (No. 9915492)

It may cost 500,000 existing jobs. But it will clearly stop 2 or 3 times that many new jobs from being created.

And the people who will be hurt the most are the teenagers, low-education workers, and minorities, who tend to hold most of those minimum wage jobs.

Yet, those are the same voters who gave us 8 years of the Øvomit reign of terror. So it´s hard to feel all that sorry for the Demon-rat´s victims in this. They got exactly what they voted for!!!

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Reply 7 - Posted by: steph_gray, 7/8/2014 3:25:03 PM     (No. 9915543)

Sometimes I wonder why the Obammunist has not yet flown a drone into the CBO offices. Sometimes they tell the truth, and the dictator can´t have that coming from inside his regime.

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Reply 8 - Posted by: xcergy, 7/8/2014 3:30:13 PM     (No. 9915549)

Old story.
The assumption that only teens get min. wage is false Fact is the majority of min. wage earners average age is 35.
States that have increased min. wage have shown an increase of employment, not a decrease. Just what do those higher income peeps do with that extra cash? They SPEND it of course, which creates more profit, and yes, jobs.

That said, have it your way. If raising min. wage is such a job killer, then it stands to reason the lowering same would create jobs.

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Reply 9 - Posted by: FleetUSA, 7/8/2014 3:50:41 PM     (No. 9915579)

OLD STORY ... DATELINED FEB 2014

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Reply 10 - Posted by: horacer, 7/8/2014 4:03:27 PM     (No. 9915603)

Nice try #8, you must get your facts from the Dept of Labor. A good percentage of the minimum wage jobs are women over 20 who are usually working part time. They aren´t the sole source of income in their families and they don´t live in poverty. But a good percentage are teens. It´s a first job. Raising the wage creates no new jobs because to put the extra money into the minimum wage earner´s hands you have to take it from the customer. That customer would have spent that money too. Raising the minimum wage is a wealth transfer that has no net positive effect on the economy. It´s sole effect is to prevent teens from getting jobs.

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Reply 11 - Posted by: xcergy, 7/8/2014 4:57:26 PM     (No. 9915690)

Right #10 ... keep showing me proof how trickle down works.

And like I said before, if raising min. wage is such a job killer, then lowering same should create jobs. Go with that as a winning formula to win Republican votes.

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Reply 12 - Posted by: QRP, 7/8/2014 6:59:45 PM     (No. 9915839)

This will affect the people currently making more than the current $7.50 (or whatever) and the new minimum. Their employers will be asking themselves if they really need these people of can they get by without them.
Last month we lost 500,000 full time jobs and created 790,000 part time jobs - hence the 290,000 "new" jobs. Hiking the minimum wage will do the same thing.

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Reply 13 - Posted by: xcergy, 7/8/2014 9:51:15 PM     (No. 9916006)

#12
The plague we have of part-time creation has been in existence long before the dream of ACA was even an idea.

The food industry lobby, which has the most part time jobs and is fighting this legislation won´t change on hours worked.

Those making $10hr now? Heck, they need a raise too. Wages have not kept up with inflation or the cost of living for the last 15 years. And the fears of the $10 burger or exobornate inflation due to increased labor costs is unfounded.

In the 13 States that have increased min. wage also show more, not less employment numbers.

But go ahead and believe the Food lobby BS to suppress wages. CEOs need a bigger bonus.

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Reply 14 - Posted by: ColonialAmerican1623, 7/8/2014 11:14:21 PM     (No. 9916089)

Will Social Security recipients also get a boost to equal minimum wage ?

This man has never acknowledged the elderly in this country or said a kind word to them.

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