The Incredible Vanishing Takeaway from the CBO Report on Minimum Wage
I’m surprised that nobody highlights what for me is the key takeaway from that report.
They predict, with a $10.10/indexed increase:
Low-end incomes increase $19 billion.
High-end incomes decline $17 billion.
For a net GDI increase of $2 billion.
Table 1, page 2:
Pie gets bigger, all that rot.
The increase is presumably explained by the last phrase in footnote F to that table:
increases in income generated by higher demand for goods and services.
Cross-posted at Angry Bear.