About 39 percent of the 216 U.S. CFOs surveyed said they would cut jobs if the minimum wage were higher, including nearly 57 percent of CFOs in the retail industry and 40 percent of manufacturing CFOs. These companies are worried that having to pay their lowest-paid workers slightly more will crush their profits. Meanwhile, corporate profits are at record highs, and worker wages have not budged for decades, when adjusted for inflation... But a higher minimum wage would also lift 900,000 people out of poverty, according to that CBO study, and give consumers $28 billion per year to spend, boosting the broader economy, according to a separate Chicago Federal Reserve study. A higher minimum wage could save the U.S. government $4.6 billion in food-stamp costs every year, according to a study by the Center For America Progress. Meanwhile, those corporate cash-hoarders -- Americas true welfare queens -- are costing the U.S. government between $30 billion and $90 billion in revenue every year, according to a 2013 study by the Congressional Research Service.
Posted on: Thu, 13 Mar 2014 11:56:53 +0000
Recently Viewed Topics
© 2015