Unemployment the people’s main priority? So let’s hike the minimum wage …
A poll came out the other day saying that the majority of American’s first priority is unemployment. And it should be given the incredible low we’re now suffering in labor force participation.
So what bright idea are Democrats pushing in spite of that? Hey, let’s raise the minimum wage?
Result? Well, even the CBO, the Dems favorite “go to” agency to support their ideas (when it actually agrees, of course), doesn’t see this as a particularly bright idea if they’re concerned about the people’s priority:
Once fully implemented in the second half of 2016, the $10.10 option would reduce total employment by about 500,000 workers, or 0.3 percent, CBO projects.
Notice it says reduce “total employment” by 500,000. It also says it is only a projection and that it could actually be higher than that.
But, but … it will help the poor!
The increased earnings for low-wage workers resulting from the higher minimum wage would total $31 billion, by CBO’s estimate. However, those earnings would not go only to low-income families, because many low-wage workers are not members of low-income families. Just 19 percent of the $31 billion would accrue to families with earnings below the poverty threshold, whereas 29 percent would accrue to families earning more than three times the poverty threshold, CBO estimates.
Or said another way, Democrats are willing to see a half million plus lose their jobs to serve 19% (and that assumes that all of the 19% keep their jobs).
But, but … it will give the poor more to spend!
Moreover, the increased earnings for some workers would be accompanied by reductions in real (inflation-adjusted) income for the people who became jobless because of the minimum-wage increase, for business owners, and for consumers facing higher prices.
Those are facts, folks. Democrats don’t deal in facts, they deal in emotions … and if they can pass a minimum wage bill, they’ll feel wonderful about themselves. And if they can’t, they’ll blame it all on the mean old Repubicans who want you to be able to keep your job or something radical like that.