By Jueseppi B.
What $10.10 would mean for you
President Obama is calling on Congress to raise the federal minimum wage from $7.25 to $10.10. And the President has taken the first step by signing an Executive Order raising the minimum wage for federal contractors.
Raising the federal minimum wage will give millions of Americans a raise, and it’s long overdue — because no one who works full-time should have to live in poverty.
Last week, we asked what raising the minimum wage meant to you.
The stories you shared are a strong argument for exactly how important it is that we get this done. Raising the minimum wage helps Americans young and old. It helps provide relief for those who are just scraping by, and it helps those saving for a rainy day. It’s the right thing to do, but don’t take our word for it.
It would give me a chance to save something for the future of my kids and grandchildren.
Malissa M., Bloxom, VA
This would help out single parents like me to help finish raising their kids alone on one income.
Idrissa S., Oglethorpe, GA
It will help me save money to go to the college of my dreams and help me lift the burden off my mother.
Shelby S., Long Beach, CA
TheObamaCrat After Dark™: Congressional Budget Office Report Finds Minimum Wage Lifts Wages For 16.5 Million Workers.
The new Congressional Budget Office (CBO) report finds that 16.5 million workers would get a raise from increasing the minimum wage to $10.10 per hour and this would help millions of hard-working families, reduce poverty, and increase the overall wages going to lower-income households.
On employment, CBO’s central estimate is that raising the minimum wage to $10.10 per hour would lead to a 0.3 percent decrease in employment and CBO acknowledges that the employment impact could be essentially zero. But even these estimates do not reflect the overall consensus view of economists which is that raising the minimum wage has little or no negative effect on employment. For example, seven Nobel Prize winners and more than 600 other economists recently stated that: “In recent years there have been important developments in the academic literature on the effect of increases in the minimum wage on employment, with the weight of evidence now showing that increases in the minimum wage have had little or no negative effect on the employment of minimum-wage workers, even during times of weakness in the labor market.”
The following are six key points from the latest CBO report. For more information, last week the Council of Economic Advisers (CEA) released a summary of the economic case for raising the minimum wage.
1. CBO finds that raising the minimum wage to $10.10 per hour would directly benefit 16.5 million workers.
2. CBO finds that raising the minimum wage would increase income for millions of middle-class families, on net, even after accounting for its estimates of job losses.
3. CBO finds that this wage increase would help the economy today.
4. CBO found that only 12 percent of low-wage workers will be teenagers.
5. CBO also found that raising the minimum wage would lift 900,000 people out of poverty.
6. CBO’s estimates of the impact of raising the minimum wage on employment does not reflect the current consensus view of economists.
So Tell Me Again Why The 113th CongrASS Won’t Vote To Raise The Minimum Wage?
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