Minimum wage rate and labors’ market prices.

[Toddsterpatriot]

... Why would the $3000, [30% of $1,000] be replaced? Did the CBO make that claim....or just you?

ToddsterPatriot, Among families of incomes below their poverty threshold levels, the U.S. Congressional Budget Office, (i.e. CBO) attributes only a 5.2% increase of such families total incomes between 2017 and the end of 2025, to increases of the federal minimum wage rate that were to be enacted within that duration of years.

Federal minimum wage rate’s enacted increases cannot substantially affect any other than low-wage rate incomes and unemployment benefits due to such low-wage rate incomes, that occurred during those duration of years. So if due to increases of the federal minimum wage rate, there’s only a 5.2% increase of total incomes between 2017 and the end of 20225, the portion of total incomes being increased is in question. I do not presume to know what portion of those families’ 2017 total incomes were derived from low-wage rate earnings or unemployment benefits due to those earnings. That’s why I provided three examples for 70%, or 80%, or 90% of the totals.

[It requires decades before newly enacted minimum rate increases can substantially affect social security, pensions, or other long-term disability or retirement incomes or benefits.]

If due to the minimum wage rate only 5.2% of those families’ aggregate total incomes were due to the federal minimum rate’s increases enacted between 2017 and 2025, they must referring to only increases of incomes and benefits derived from low wage rate earnings and unemployment benefits derived from those earnings. Respectfully, Supposn

ToddsterPatriot, Among families of incomes below their poverty threshold levels, the U.S. Congressional Budget Office, (i.e. CBO) attributes only a 5.2% increase of such families total incomes between 2017 and the end of 2025, to increases of the federal minimum wage rate that were to be enacted within that duration of years.

Yes! And all three of your "calculations" would have resulted in much, much larger increases.

So if due to increases of the federal minimum wage rate, there’s only a 5.2% increase of total incomes between 2017 and the end of 2025,

Then it appears such an increase in the minimum wage isn't a huge help.

That’s why I provided three examples for 70%, or 80%, or 90% of the totals.

Yes, I noticed the bad math/logic in all three of your examples.

 

[danielpalos]

Raising the minimum wage rate must affect Labor market prices in the private sector.

Moving the "goal posts" in that market convenient manner via the socialism of Government provides that input for market based arbitrage. Congress could simply enact a general law mandating that the minimum wage must have a specified correlation to purchasing power parity and meet or beat inflation on an Institutional basis.

The whole economy of our Republic must react to that social change via public law as that form of input and means (of production) regarding our economy.