“Boosting the
federal minimum wage as President Barack Obama and congressional Democrats are
proposing” would “cut employment by roughly 500,000 jobs, Congress’ nonpartisan
budget analyst said Tuesday”; the Congressional Budget Office predicts that a
minimum wage increase will result in “fewer jobs, especially for low-income
workers; higher costs for business owners and higher prices for consumers. The
study was unveiled as the Senate prepares for a March debate on a plan by Sen.
Tom Harkin, D-Iowa, ramping up the minimum in three steps to $10.10 by 2016.”
(Source: Associated Press).
Raising the minimum wage also drives up unemployment
among young people and unskilled workers. This
CBO report comes on the heels of an earlier CBO report that predicts a fall in employment of about 2 percent
over the next decade due to work disincentives contained in the 2010 healthcare
law. Obamacare has caused layoffs in the medical device industry,
and will wipe out many jobs. It is also replacing
full-time jobs with meager part-time jobs in community colleges, restaurants, and other sectors….. To Read More…..
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