Minimum wage increase could work under Biden's stimulus, CBO report suggests

[sandensea]

Sen. Bernie Sanders’ bill to hike the federal minimum wage to $15 an hour would increase the deficit by $54 billion over a decade, Congress’s independent budget scorekeeper estimated Monday.

That prediction of a deficit pile-up could work in Sanders’ (I-Vt.) favor as he fights to include the minimum wage increase in the package that Democrats are crafting to enact President Joe Biden’s $1.9 trillion economic-relief plan.

Under the fast-tracked budget process that Democrats could use to clear the aid package with just 51 votes in the Senate, the bill must have a direct and substantial impact on federal spending, revenue or the debt.

So the Congressional Budget Office score is a boon for Democrats fighting for the minimum wage hike to be included, even as Biden casts doubt on whether it would pass muster under Senate rules for the so-called reconciliation process.

At: https://www.politico.com/news/2021/02/08/cbo-minimum-wage-increase-467281

Senate Budget Committee Chairman Bernie Sanders makes a point during a recent hearing.

Today's CBO assessment suggests that a proposed federal minimum wake hike could be included in the upcoming Budget Reconciliation Bill under Senate rules.

“What that means is that we can clearly raise the minimum wage to $15 an hour under the rules of reconciliation,” Sanders said in a statement about CBO’s predictions.

[elleng]

1. 'a proposed federal minimum wake hike could be included in the upcoming Budget Reconciliation

Bill under Senate rules.

“What that means is that we can clearly raise the minimum wage to $15 an hour under the rules of reconciliation,” Sanders said in a statement about CBO’s predictions.'

[sandensea]

2. I hope they can

We all know Bitchy Mitch and his Qaucus will object - but as they always like to say, elections have consequences.

[msongs]

3. people making $15 will pay more taxes than those making the old amt $7.50. should make

deficit go down

[sandensea]

4. +1

How, exactly, the CBO arrived at this figure is beyond me - but if it helps fold the wage hike into budget reconciliation, so be it.

[Warpy]

5. It will also give a boost to Social Security

So much misery in this country has been tied to how far wages at the bottom have been allowed to fall.

Perhaps as things improve, they can tackle Dumdum's largesse to the top, which did absolutely nothing for the larger economy.