What people are saying about the report that the increase will push half a million into unemployment.
National Review, editorial: "A recent report from the Congressional Budget Office contains what the administration must surely receive as good news: Its plan to raise the minimum wage to the Democrats' new target of $10.10 could lift as many as 900,000 Americans out of poverty. The bad news is that it would cast 500,000 American into unemployment by eliminating their jobs. ... The stagnant wages of low-income and middle-class Americans are a national scandal, but the solution to it must be an economic one rather than a political one."
Daily News, New York,editorial: "(CBO) takes for granted that businesses will simply lay people off instead of cutting expenses elsewhere, accepting marginally smaller profits or passing along costs to their customers. It gives short shrift to the stimulative effect of putting billions more into consumers' pockets — which would boost demand for goods and services and, as night follows day, create jobs."
Ramesh Ponnuru, Bloomberg: " Politicians and activists prefer talking about raising the minimum wage rather than about the earned income credit. A higher minimum wage has a lot of support in the polls, and it does nothing directly to make the federal budget numbers worse. Even members of Congress who think it's a bad idea hesitate to oppose it."
S.E. Cupp, CNN: "Evidence of one thing from non-partisan sources can be mined and manipulated to read as evidence of the opposite. ... Where Democrats can't get off so easy is on the news that raising the minimum wage will result in a loss of half a million jobs. ... They can spin this all they want. And I'll even throw them a bone — the report also says that raising the minimum wage will reduce the number of people living in poverty by an estimated 900,000. That's a good thing. The question we have to ask ourselves: Would that be worth the potential loss of 500,000 jobs?"
Mike Konczal, New Republic: "CBO's methodology is weighed to overstate the impact of a $10.10 minimum wage on jobs, while also understating the benefits. Even then there's a clear trade-off — a minor fall in jobs for serious real gains against inequality and wage insecurity. Never mind the scary headlines, or the report that unfortunately plays to them: When you consider that (academic economists are) far more ambiguous about the costs of giving the country a raise, and more bullish on the benefits, this is still an excellent deal."
Bryan Preston, PJ Tatler: "The minimum wage is an entry-level wage. The minimum wage is not supposed to be a permanent wage. But if American companies are forced, either by Obamacare or raising the minimum wage, to accept lower profit margins, the minimum wage may become a permanent condition for a much higher number of workers."