What Did CBO Really Say about the Minimum Wage?
|Tuesday, 11 March 2014 15:04|
Tomorrow morning (March 12), the Senate Health, Education, Labor & Pensions Committee will hold a hearing titled "From Poverty to Opportunity: How a Fair Minimum Wage Will Help Working Families Succeed." The witnesses will range from the Secretary to Labor, to a renowned economist, to a Catholic nun.
When the report was released, CEPR's Dean Baker and John Schmitt provided timely and detailed analyses of the CBO's report. Dean pointed out that:
"The CBO projections imply that 500,000 fewer people will be employed at low wage jobs. It did not say that 500,000 people would lose their jobs. This is an important distinction....
John noted that on almost every issue in dispute, the CBO embraced arguments made by supporters of a higher minimum wage. The only major exception – which dominated the media coverage – was with respect to the employment effects of a minimum-wage increase, where, as John describes it, "the CBO decided to saw the baby in half."
So, tune in on Wednesday at 9 am EDT to the Senate HELP Committee's live webcast of the hearing!