{"id":2128258,"date":"2023-12-18T15:59:02","date_gmt":"2023-12-18T20:59:02","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/sanders-minimum-wage-bill-would-reduce-poverty-by-400000-but-also-kill-700000-jobs-cbo\/"},"modified":"2023-12-18T16:02:04","modified_gmt":"2023-12-18T21:02:04","slug":"sanders-minimum-wage-bill-would-reduce-poverty-by-400000-but-also-kill-700000-jobs-cbo","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/sanders-minimum-wage-bill-would-reduce-poverty-by-400000-but-also-kill-700000-jobs-cbo\/","title":{"rendered":"Sanders&#8217; minimum wage bill would both alleviate poverty for 400,000 individuals and result in the loss of 700,000 jobs, according to the CBO"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">46<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fsanders-minimum-wage-bill-would-reduce-poverty-by-400000-but-also-kill-700000-jobs-cbo%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2128258&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><h2>A Bold Proposal to Alleviate Poverty Sparks Debate<\/h2>\n<p>A groundbreaking minimum wage proposal put forth by \u200bSen. Bernie Sanders (I-VT) has ignited a \u2064fierce debate. While the plan promises to lift hundreds of thousands out of poverty, a new analysis from Congress&#8217;s scorekeeper warns of potential job losses.<\/p>\n<blockquote>\n<h3>The Impact of the Sanders Plan<\/h3>\n<p>The Sanders plan, introduced in May, aims to gradually increase the minimum wage, ultimately reaching $17\u2064 by 2029. According to the Congressional Budget Office (CBO), this would result in a\u2062 0.4%\u200c reduction in the entire U.S. workforce.<\/p>\n<\/blockquote>\n<p>The CBO acknowledges that the proposal would indeed alleviate poverty, potentially\u2064 reducing the number of impoverished individuals by 400,000. However, the flip side is that employers would be compelled to cut approximately 700,000 jobs across various\u200d sectors.<\/p>\n<blockquote>\n<h3>Affecting the Workforce<\/h3>\n<p>The CBO&#8217;s analysis reveals\u200b that \u2062the ambitious plan would impact a significant portion of the workforce. By\u200c 2029, an estimated\u2063 8.9 million workers currently earning below $17 per hour would directly \u2063benefit from the wage increase. Additionally, many of the 9.7 million workers\u2063 earning slightly above that rate would also be affected.<\/p>\n<\/blockquote>\n<p>Furthermore, the proposal would lead to <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/brian-riedl-a-gop-run-house-will-fix-inflation-simply-by-stopping-bidens-enormous-spending\/\" title=\"Brian Riedl: A GOP-Run House Will Fix Inflation Simply by Stopping Biden\u2019s Enormous Spending\">higher budget deficits<\/a>, with an increase of nearly $60 billion over the next decade.<\/p>\n<p>It is worth noting that the federal minimum wage has remained stagnant at\u2064 $7.25 per hour since \u20622009. Sanders, who initially advocated \u2062for a $15 federal minimum\u2064 wage, now argues that $17 is a more appropriate baseline due to soaring\u2062 inflation.<\/p>\n<p>Proponents of higher minimum wages argue that the current federal threshold plunges \u200bmany\u2064 families into poverty.\u200d The Economic Policy Institute reveals\u2064 that\u2063 the\u200b purchasing power of the federal minimum wage has eroded by almost 30% since its last increase.<\/p>\n<p>However, opponents contend that raising the minimum wage leads to job cuts, \u2063particularly among \u2064<a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/a-record-4-4-million-americans-quit-their-jobs-in-september\/\" title=\"A Record 4.4 Million Americans Quit Their Jobs in September\">lower-skilled workers<\/a>,\u200d and \u200bcontributes to inflation.<\/p>\n<p>While the chances of this ambitious proposal passing during this Congress are slim, it has undoubtedly sparked a crucial conversation about poverty, employment, and economic stability.<\/p>\n<p><strong>Click here \u200bto read more\u2063 from The Washington \u2064Examiner.<\/strong><\/p>\n<p> <\/p>\n<h2> What concerns do\u200b critics \u2063have regarding\u200b the\u200c potential \u200bnegative consequences on businesses, particularly SMEs, if the minimum wage is increased?<\/h2>\n<p><span>  In the Senate, aims to raise the federal minimum wage to $15 per hour by 2025, more than doubling \u2063the\u200b current $7.25. This ambitious proposal has received both praise and criticism, highlighting the complexities of \u2064addressing poverty in the \u200dUnited States.<\/p>\n<p>Proponents of the \u200dSanders plan\u2062 argue that a higher minimum wage is long overdue and necessary\u200b to provide \u200dworkers with a living wage. They assert that the current \u200cminimum wage is \u200binsufficient for individuals to meet their basic needs, forcing many \u200cinto cycles \u2062of poverty and reliance on <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/ca-legislature-unanimously-passes-nations-first-state-funded-guaranteed-income-plan-newsom-advisor-says-the-next-stop-is-the-fed-govt\/\" title=\"CA Legislature Unanimously Passes Nation\u2019s First State-Funded Guaranteed Income Plan, Newsom Advisor Says: \u2018The Next Stop Is The Fed Govt\u2019\">government assistance programs<\/a>.\u2064 Raising\u200d the wage\u200d floor, they claim, would empower workers, reduce income inequality, and stimulate economic growth as\u200c workers would have more \u200ddisposable income\u200c to \u2062spend.<\/p>\n<p>However, critics of the plan worry about its potential negative consequences on businesses, particularly small and medium-sized enterprises \u200b(SMEs). A\u200d study by the Congressional Budget Office (CBO) estimates that the Sanders plan could lead to 1.3\u2064 million job losses by 2025. They argue that\u200c employers, faced with <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/unemployment-inflation-and-automation-the-truth-about-the-15-minimum-wage\/\" title=\"Unemployment, Inflation, and Automation: The Truth About The  Minimum Wage\">higher labor costs<\/a>, may have to reduce hours, lay off employees, or even close their businesses altogether. This could disproportionately impact low-skilled workers or those employed in industries with already thin profit margins.<\/p>\n<p>Furthermore, opponents of the plan caution \u200dthat \u2062a\u2064 significant increase in the minimum wage could\u200b create a \u200dripple effect throughout the economy, resulting in increased prices for\u2064 goods and services. This, they argue, could offset the wage gains for workers, as \u200bthe \u200bcost of living would also rise. Additionally, they express concern that businesses may resort to automation or\u200d outsourcing to remain competitive in the face of higher labor costs.<\/p>\n<p>Supporters\u2063 of the plan counter \u200dthese arguments by pointing to studies that suggest a minimal \u200dimpact\u200c on employment from previous increases in the\u2063 minimum\u200d wage. They also argue that businesses would benefit from increased consumer spending, boosting overall economic activity.<\/p>\n<p>As the minimum wage proposal continues \u200bto \u200dspark\u2062 debate, lawmakers and policymakers must carefully consider the potential benefits\u200b and drawbacks. While lifting individuals out of poverty is an admirable \u200bgoal, it should not come\u200c at the expense of job losses or harm to small businesses. Finding the right balance, perhaps \u2063through targeted \u200dtax incentives or phased implementation, may be key to alleviating poverty without unduly burdening businesses.<\/p>\n<p>Ultimately, addressing poverty requires \u200ba multi-faceted approach that goes beyond\u2062 just raising the minimum wage. Investing in education and \u2063skills \u2062training, expanding access to affordable healthcare, and promoting job creation are essential components \u200cof a comprehensive poverty alleviation \u2063strategy. By combining\u200b these efforts,\u200d policymakers can\u2063 work towards a\u2064 more equitable society where\u2063 everyone \u2063has the opportunity to thrive.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A recent analysis from Congress&#8217;s scorekeeper reveals that Sen. Bernie Sanders&#8217; minimum wage proposal could reduce poverty by hundreds of thousands, but it may also result in more job losses. The plan, introduced in May, gradually raises the minimum wage, eventually reaching $17<\/p>\n","protected":false},"author":1,"featured_media":2128259,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[538],"tags":[],"class_list":["post-2128258","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-washington-examiner"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2128258","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2128258"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2128258\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2128259"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2128258"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2128258"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2128258"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}