A new report from the Congressional Budget Office likely will fuel both sides of the minimum-wage debate — those who see it as a valuable weapon against poverty and inequality and those who dismiss it as irrelevant at best and a job-killer at worst.
The CBO projects that raising the federal minimum wage, now $7.25 an hour, to $10.10 by 2016 would raise incomes for 16.5 million low-wage workers, but also would cost about 500,000 workers their jobs. The office also estimated that such an increase would move a net 900,000 people above the poverty threshold — out of the roughly 45 million who are projected to be below poverty in 2016 should current law not change.
via Minimum wage hasn’t been enough to lift most out of poverty for decades | Pew Research Center.
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11 May
Pew – Minimum wage hasn’t been enough to lift most out of poverty for decades
Posted 2014/05/11 by Lincoln 55+ Seniors Paper in Commentary, Learning New Things, Research, Senior Topics. Leave a Comment
A new report from the Congressional Budget Office likely will fuel both sides of the minimum-wage debate — those who see it as a valuable weapon against poverty and inequality and those who dismiss it as irrelevant at best and a job-killer at worst.
The CBO projects that raising the federal minimum wage, now $7.25 an hour, to $10.10 by 2016 would raise incomes for 16.5 million low-wage workers, but also would cost about 500,000 workers their jobs. The office also estimated that such an increase would move a net 900,000 people above the poverty threshold — out of the roughly 45 million who are projected to be below poverty in 2016 should current law not change.
via Minimum wage hasn’t been enough to lift most out of poverty for decades | Pew Research Center.
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