(07-10-2019 11:51 AM)At Ease Wrote:  

Quote:The greatest effects would be felt by those living below the poverty line, who would see a 5.3 percent increase in earnings. Wages would increase for as many as 27.3 million workers, roughly one in six Americans. That includes “many of the 10 million workers whose wages would be slightly above the new federal minimum,” according to the CBO; as the minimum wage kicks everyone up to $15 an hour, those slightly above that level would likely bargain for and get a raise as well. Workers would see total wages increase by $44 billion in the aggregate, with virtually all of that going to the poor. And 1.3 million Americans would rise out of poverty.

Now for the costs in the cost-benefit analysis. According to the study, 1.3 million Americans would lose their jobs. Half of these would be teenagers, and a large segment of the 700,000 adults losing jobs would be part-timers. Consumers would pay around 0.3 percent more for their goods and services, as the wage increase gets partially passed on, and business owners would lose $14 billion, a trivial amount of total business income.

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Thanks for posting. Interesting that the jobs lost are primarily teenagers and part-time workers. A lot less of a problem, IMO, than 1.3 million full-time adult earners losing their jobs. Big difference in those categories.