Here’s why: that 500,000 is an estimate of the number of jobs the country might lose if the minimum wage gets raised to $10.10 an hour, according to a controversial analysis released Tuesday by the Congressional Budget Office. Now that cut may or may not actually happen, depending on whether Congress torpedoes the administration’s effort to raise the minimum wage. But the left is already ready for war, as AFL-CIO president Richard Trumka complained about conservatives who will brandish the prospect of 500,000 lost jobs as an excuse to avoid raising the minimum wage and create “subservient, scared workers whose suffering will expand their stock portfolios”. (Less well-publicized is the CBO’s conclusion that a higher minimum wage would raise 16.5 million people out of poverty. Families of four with incomes between $24,000 a year and $71,500 a year would see their collective incomes rise by $3 billion.)
What about those 2m jobs? That’s how much the economy will lose by 2019 because of federal budget cuts, as estimated by the Center for American Progress. And, well, I hate to break it to you, but Congress already voted on those last year, and it didn’t spur one fired shot.
The CBO is a non-partisan, impartial, government funded, neither left nor right, analysis house. The CAP is a highly partisan leftoid group devoted to every increasing Government.
One is not like the other and their analyses should not be given the same weight.