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SMALL BUSINESS NEWS

21 Feb 2014

 

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CBO Minimum Wage Evaluation

The President is calling for an increase in the federal minimum wage from its current rate of $7.25 to $10.10. The Congressional Budget Office evaluated the Presidentís proposal and made the following conclusions.

a.   Many low wage workers (16.5 million) would see an increase in their earnings.  This equates to earns of $31 billion.

b.   The hightened demand for good and services due to a higher minimum wage could benefit a few higher-wage workers.

 

c.    Total employment will be reduced by 500,000.

 

d.    In addition to the reduction in jobs, the increased earnings will result in reduced earnings for business owners and higher prices for consumers.

 

e.   Once all increases and decreases are taken into account, the overall real income would rise by $2 billion.

 

f.    900,000 out of 45 million people could be moved above the poverty threshold.

You can read the rull report at: Congressional Budget Office (CBO)

See other story:  Executive Order to Increase The Minimum Wage.

Sources:
Congressional Budget Office (CBO)


By Jack River

 

 

 

 

 

 

 

 

 

 
 

 

  
 

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