ToddsterPatriot, referring to How Increasing the Federal Minimum Wage Could Affect Employment and Family Income | Congressional Budget Office (cbo.gov) How Increasing the Federal Minimum Wage Could Affect Employment and Family Income | Congressional Budget Office (cbo.gov) , “Raise the Wage Act, as passed” option, graph of “Average Percentage Change in Real Family Income, by Income Group”:The "dismal picture" was me posting from the CBO report that you linked.
The graph indicates only 2025 highest income families are projected to experience any net reductions of real family total incomes (rather total wages). Those incomes are reduced by less than 1/5 of a percent. All other family total incomes are increased or materially unaffected. Additionally, the CBO projects a reduction of USA's families at or below their poverty thresholds.
I consider the CBO's projection to be of the act's net improvement to USA's economic and social wellbeing; you believe otherwise. Respectfully, Supposn
I consider the CBO's projection to be of the act's net improvement to USA's economic and social wellbeing;
The Effects on Employment and Family Income of Increasing the Federal Minimum Wage (cbo.gov)
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Higher rates of joblessness, that's a negative.
Reduce business income.
Higher prices.
That's two negatives.
Reduce the nations output. Negative.
Decline in the nation’s stock of capital. Negative.
Reduce total real (inflation-adjusted) family income.
Total real family income. That's a negative.
Higher rates of joblessness, reduced business income, higher prices, lower national output,
less national capital and lower total real family income.
Yeah, that's a hell of a net improvement.