Little-Acorn
Gold Member
The Democrats' War on Businesses goes on.
The non-partisan COngressional Business Office has calculated that the Democrats' proposed wage hike will costs American businesses $15 billion.
The Democrats have made no proposals on what expenses the businesses should reduce or cancel, to pay this extra money with no increase in productivity resulting from it.
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Budget office: Wage boost would cost firms $15B | Fox News
Budget office: Wage boost would cost firms $15B
Published April 17, 2014
Associated Press
A Senate Democratic bill gradually increasing the federal minimum wage to $10.10 hourly would require private businesses to spend $15 billion more in salaries when it takes full effect in 2017, the Congressional Budget Office estimated Thursday.
The Senate is expected to begin debating the election-year Democratic measure when lawmakers return from a spring recess in two weeks. Republicans seem likely to muster enough votes to block it, and there is no evidence yet that Democrats are willing to broker a compromise.
The minimum wage is currently $7.25 hourly. The bill by Sen. Tom Harkin, D-Iowa, would increase the minimum in three steps, reaching $10.10 two-and-a-half years after the bill becomes law.
The budget office also estimated that the measure would force state and local governments to pay workers $1 billion more in 2017 than they would otherwise be required. Those governments paid $840 billion in salaries in 2012, according to the Bureau of Labor Statistics.
The federal government would incur just $2 million in added wage costs for the entire decade ending in 2024. That's because it has fewer than 4,000 workers earning less than $10.10 hourly, the budget office said.
But the Democratic bill would cost the government $5 billion in lost revenue over the coming decade.
The non-partisan COngressional Business Office has calculated that the Democrats' proposed wage hike will costs American businesses $15 billion.
The Democrats have made no proposals on what expenses the businesses should reduce or cancel, to pay this extra money with no increase in productivity resulting from it.
--------------------------------------------------------------
Budget office: Wage boost would cost firms $15B | Fox News
Budget office: Wage boost would cost firms $15B
Published April 17, 2014
Associated Press
A Senate Democratic bill gradually increasing the federal minimum wage to $10.10 hourly would require private businesses to spend $15 billion more in salaries when it takes full effect in 2017, the Congressional Budget Office estimated Thursday.
The Senate is expected to begin debating the election-year Democratic measure when lawmakers return from a spring recess in two weeks. Republicans seem likely to muster enough votes to block it, and there is no evidence yet that Democrats are willing to broker a compromise.
The minimum wage is currently $7.25 hourly. The bill by Sen. Tom Harkin, D-Iowa, would increase the minimum in three steps, reaching $10.10 two-and-a-half years after the bill becomes law.
The budget office also estimated that the measure would force state and local governments to pay workers $1 billion more in 2017 than they would otherwise be required. Those governments paid $840 billion in salaries in 2012, according to the Bureau of Labor Statistics.
The federal government would incur just $2 million in added wage costs for the entire decade ending in 2024. That's because it has fewer than 4,000 workers earning less than $10.10 hourly, the budget office said.
But the Democratic bill would cost the government $5 billion in lost revenue over the coming decade.
