What Are the Costs in Raising the Minimum Wage?

May 29th, 2014
in econ_news, syndication

from the Congressional Budget Office

In March, CBO testified before the Senate Committee on Health, Education, Labor, and Pensions about raising the minimum wage. Some committee members submitted further questions for the record, and the CBO responded to these many questions today.

Question. In your estimation, do the benefits of raising the minimum wage outweigh the costs?

Answer. Whether the overall benefits of increasing the minimum wage outweigh the costs is a question for policymakers to decide. The Congressional Budget Office’s report did point out, however, that the benefits and costs would be different for different groups of people. Most low-wage workers would receive higher pay that would increase their family’s income, and some of those families would see their income rise above the federal poverty threshold. But some jobs for low-wage workers would probably be eliminated, and the income of most of the workers who became jobless would fall substantially.....

Follow up:

[click on the image below to read all the questions and answers]

Source: http://www.cbo.gov/sites/default/files/cbofiles/attachments/45391-QFR-MinimumWage.pdf

Make a Comment

Econintersect wants your comments, data and opinion on the articles posted. You can also comment using Facebook directly using he comment block below.

 navigate econintersect .com


Analysis Blog
News Blog
Investing Blog
Opinion Blog
Precious Metals Blog
Markets Blog
Video of the Day


Asia / Pacific
Middle East / Africa
USA Government

RSS Feeds / Social Media

Combined Econintersect Feed

Free Newsletter

Marketplace - Books & More

Economic Forecast

Content Contribution



  Top Economics Site

Investing.com Contributor TalkMarkets Contributor Finance Blogs Free PageRank Checker Active Search Results Google+

This Web Page by Steven Hansen ---- Copyright 2010 - 2018 Econintersect LLC - all rights reserved