NFIB: CBO Scoring Warns of Damaging Effects Raise the Wage Act will have on Small Business Economy

Washington, D.C. (July 8, 2019) –NFIB, the nation’s leading small business advocacy organization, issued the following statement on behalf of Senior Vice President of Public Policy Brad Close in response to the nonpartisan Congressional Budget Office’s report, the “Effects on Employment and Family Income of Increasing the Federal Minimum Wage,” which estimates that the Raise the Wage Act would result in a median estimate of 1.3 million lost jobs and $9 billion in total income lost in 2025:

“The small business economy is booming, with owners hiring, growing their businesses, and increasing wages at historic rates. Unlike large corporations, a small business is a family business, and employees are a part of the family. Owners want their employees to succeed, but dramatically and rapidly increasing the federal minimum wage is a surefire way to grind the small business job creation engine to a halt. Our research has shown that the Raise the Wage Act would cost 1.6 million jobs nationwide, with nearly half of those coming from small businesses. The CBO’s estimate of the Raise the Wage Act released today further demonstrates the harm this legislation would cause to our economy. We urge the United States House of Representatives to heed the CBO’s warning and stop this bill from moving forward.” 

The NFIB Research Center released a study[1] earlier this year showing that the Raise the Wage Act would lead to massive job losses, lost production, and income reduction on a national scale. The study found:

  • $2 trillion reduction in real economic output
  • 1.6 million jobs lost
  • 900,000 jobs lost at businesses with less than 500 employees, 57 percent of private sector job losses; 700,000 jobs lost at businesses with less than 100 employees, 43 percent of private sector job losses
  • 615,000 able-bodied individuals who would no longer be in the workforce

###

References

  1. ^ released a study (www.nfib.com)

Source URL: Read More
The public content above was dynamically discovered – by graded relevancy to this site’s keyword domain name. Such discovery was by systematic attempts to filter for “Creative Commons“ re-use licensing and/or by Press Release distributions. “Source URL” states the content’s owner and/or publisher. When possible, this site references the content above to generate its value-add, the dynamic sentimental analysis below, which allows us to research global sentiments across a multitude of topics related to this site’s specific keyword domain name. Additionally, when possible, this site references the content above to provide on-demand (multilingual) translations and/or to power its “Read Article to Me” feature, which reads the content aloud to visitors. Where applicable, this site also auto-generates a “References” section, which appends the content above by listing all mentioned links. Views expressed in the content above are solely those of the author(s). We do not endorse, offer to sell, promote, recommend, or, otherwise, make any statement about the content above. We reference the content above for your “reading” entertainment purposes only. Review “DMCA & Terms”, at the bottom of this site, for terms of your access and use as well as for applicable DMCA take-down request.

Acquire this Domain
You can acquire this site’s domain name! We have nurtured its online marketing value by systematically curating this site by the domain’s relevant keywords. Explore our content network – you can advertise on each or rent vs. buy the domain. Buy@TLDtraders.com | Skype: TLDtraders | +1 (475) BUY-NAME (289 – 6263). Thousands search by this site’s exact keyword domain name! Most are sent here because search engines often love the keyword. This domain can be your 24/7 lead generator! If you own it, you could capture a large amount of online traffic for your niche. Stop wasting money on ads. Instead, buy this domain to gain a long-term marketing asset. If you can’t afford to buy then you can rent the domain.

About Us
We are Internet Investors, Developers, and Franchisers – operating a content network of several thousand sites while federating 100+ eCommerce and SaaS startups. With our proprietary “inverted incubation” model, we leverage a portfolio of $100M in valued domains to impact online trends, traffic, and transactions. We use robotic process automation, machine learning, and other proprietary approaches to power our content network. Contact us to learn how we can help you with your online marketing and/or site maintenance.

Share