Well, shoot. This doesn’t sound like what the White House said would happen:
CBO study says minimum wage hike to $10.10/hour "would reduce total employment by about 500,000 workers" by 2016
— Jamie Dupree (@jamiedupree) February 18, 2014
According to the CBO’s report, an estimated 16.5 million workers would see higher earnings if the minimum hourly wage were raised to $10.10. But there are some important stipulations:
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.
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.
In other words, a minimum wage increase wouldn’t do much at all to help low-income families, and it would ultimately screw over a whole lot of people.
https://twitter.com/AG_Conservative/status/435872099899412480
It’s a terrible trade.
https://twitter.com/RBPundit/status/435855159634042880
Who could’ve seen this coming? Only anyone with a basic understanding of economics.
Recommended
BREAKING: CBO minimum wage analysis confirms Econ 101.
— Jim Antle (@jimantle) February 18, 2014
https://twitter.com/BecketAdams/statuses/435857913333436416
Heckuva job, White House!
NEWSFLASH: The central plank in the DNC's agenda for 2014 kills jobs. Please feel free to quote this, Media. Thanks.
— RBe (@RBPundit) February 18, 2014
In review, White House's central jobs plan would kill jobs.
— Brendan Buck (@BrendanBuck) February 18, 2014
Wonder what the Dems will have to say about this:
Breaking: CBO says minimum wage increase would liberate 500k people from the chains of employment. All hail His Glorious Majesty!
— John Hayward (@Doc_0) February 18, 2014
https://twitter.com/amandacarpenter/status/435872522920529921
https://twitter.com/amandacarpenter/status/435873442727202816
Professional Obama flack Dan Pfeiffer is already hard at work trying to make Republicans look like the bad guys:
https://twitter.com/RobProvince/status/435862791069913088
The logical extension of the GOP position on today's CBO report would be to call for lowering the minimum wage –> lots of jobs at $2/hr
— J. Goldman -Archived (@Goldman44) February 18, 2014
And here comes the White House, right on cue:
White House dumps on CBO min wage study, says it does not reflect "consensus" of economists who see no job losses
— Jamie Dupree (@jamiedupree) February 18, 2014
https://twitter.com/amandacarpenter/status/435877700604284930
So pathetic. But so predictable.
These creatures have no shame.
— eric (@eriContrarian) February 18, 2014
This is pretty incredible to watch. The WH has completely given up on pretending they understand basic economics.
— eric (@eriContrarian) February 18, 2014
https://twitter.com/seanmdav/status/435870125778952192
Exactly. We’d love to watch Pfeiffer and the White House try to explain to half a million Americans, to their faces, why it’s a good thing they lost their jobs.
https://twitter.com/redsteeze/status/435865400232779777
No shame.
@pfeiffer44 you never disappoint, hack…..
— Jay (@football_jay) February 18, 2014
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