I am curious as to what people think about this. The report by the nonpartisan Congressional Budget Office says rasing minimum wage from $7.25 to $10.10 per hour could result in the loss of 500,000 jobs. The White House spin says no jobs lost and others say that despite potential losses, the majority of people affected will benefit.
I really don't know much about the CBO, but to me it makes sense that some jobs would need to be cut by companies to offset the increases in wages.
In my case, my 16-year old son has talked to someone about a part-time job - which could cancelled if the wage hike goes through. I am a salaried professional, so my wages would not change, and my wife is a part time employee making more than the $10.10 - so her income would not be affected.
The primary effect I can foresee for me is an increase in costs for gas and other goods and services due to the increased wages.
So does the net result end up in some people being paid more, but ultimately everyone having higher living costs to cover the added wage costs?
Am I missing something on this or is my logic too simple???
I really don't know much about the CBO, but to me it makes sense that some jobs would need to be cut by companies to offset the increases in wages.
In my case, my 16-year old son has talked to someone about a part-time job - which could cancelled if the wage hike goes through. I am a salaried professional, so my wages would not change, and my wife is a part time employee making more than the $10.10 - so her income would not be affected.
The primary effect I can foresee for me is an increase in costs for gas and other goods and services due to the increased wages.
So does the net result end up in some people being paid more, but ultimately everyone having higher living costs to cover the added wage costs?
Am I missing something on this or is my logic too simple???