What's actually in the CBO $15/Hr. Fed. Min. Rate Report? (percentage, wages)

[Supposn]

What's actually in the CBO $15/Hr. Fed. Min. Rate Report?

Transcribed from page 3 of U.S. Congressional Budget report regarding the increase of the federal minimum wage rate to $15 per hour in six steps between January 1, 2020, and January 1, 2025, and then be indexed to median hourly wages. All dollars, ($) are 2018 dollars.

I consider HR528 as a good bill.

https://www.cbo.gov/system/files/201...umWage2019.pdf

Page 3, July 2019, The effects on employment and family income of increasing The federal minimum Wage, (dollar estimates are 2018 dollars).
Table 1. Effects of Increasing the Federal Minimum Wage to $15 per hour,
on employment, Income, and Poverty, 2025

Change in Employment in an Average Week (Millions of workers):
Median estimate (-1.3), Low end *, High end (-3.7)

Number of Workers Who Could See Increases in Their Earnings in an Average Week (Millions $): Directly affected workers 17.0, Potentially affected workers d 10.3

Change in Real Annual Income
Families with income below the poverty threshold
Billions $7.7, Percentage 5.3%
Families with income between one and three times the poverty threshold
Billions $14, Percentage 3.5%
Families with income between three and six times the poverty threshold
Billions ($ -2.1), Percentage (-0.1%)
Families with income more than six times the poverty threshold
Billions ($-28.4), Percentage (-0.3%)
All families, Billions ($-8.7), Percentage (-0.1%)
Change in the Number of People in Poverty, Millions (-1.3)

[Mircea]

Originally Posted by Supposn

Change in the Number of People in Poverty, Millions (-1.3)

That's in error.

Without exception, without fail, every time the federal minimum wage is increased, the federal poverty level is also increased so nothing changes.

Had you understood what you read, you'd know that, because the Congressional Budget Office always offers this caveat when making forecasts: "...based on current law."

The CBO never factors in current pending legislation, proposed legislation or possible future legislative changes to existing laws.

[Supposn]

Originally Posted by Mircea

That's in error.

Without exception, without fail, every time the federal minimum wage is increased, the federal poverty level is also increased so nothing changes.

Had you understood what you read, you'd know that, because the Congressional Budget Office always offers this caveat when making forecasts: "...based on current law."

The CBO never factors in current pending legislation, proposed legislation or possible future legislative changes to existing laws.

Mircea:
https://www.concordcoalition.org/blo...-are-essential
The Independence and Credibility of the CBO Are Essential
Blog Post, Wednesday, July 05, 2017

A Series
25 Fiscal Lessons
Learned over the course of 25 years, paving the way toward a better economic future.
The Congressional Budget Office (CBO) provides a critical service for policymakers and the public: projecting the budgetary and economic impacts of proposed legislation. Since its inception in 1974, CBO has established an unparalleled track record for objectivity and analytical rigor.

CBO’s reputation was not established overnight; it is the result of more than four decades of consistently impartial analysis, facilitated by directors who worked tirelessly to maintain the organization’s credibility and objectivity. CBO’s methodologies and assumptions are fully transparent and are as analytically rigorous as any in Washington and the private sector.

Policymakers have at times criticized CBO, primarily when it provides unfavorable scores of policies that they support or favorable scores of policies they oppose. Democrats criticized it during the original debate over the Affordable Care Act (ACA) for underestimating the degree to which their proposals could control costs. Republicans have worked to undermine CBO’s credibility over its politically problematic estimates of the House GOP proposal for replacing the ACA.

But CBO’s projections have nonetheless served as the closest thing to a common set of facts for policy debates in Congress and among the American public. Without CBO’s work as the agreed-upon non-partisan source of budgetary projections, policymakers would be flying blind or worse, encouraged to “shop around” for the most favorable score. That would only increase the highly partisan atmosphere on Capitol Hill.
There should only be one official scorekeeper -- and CBO is it. A universally accepted baseline off of which to work is critical not only for policymakers, but for The Concord Coalition’s efforts to engage Americans on a grassroots level about the federal budget. The broad acceptance of CBO projections enables participants in budget exercises and policy forums to discuss and consider trade-offs based on commonly recognized facts. The independence and credibility of CBO should be considered beyond reproach so it can continue to serve its vital role as the impartial arbiter of public policy debates, both inside and outside the beltway.

[Supposn]

Mircea, the minimum wage rate is applied to the least desirable employee or applicant for the least challenging job. They are the people in the poorest of negotiating positions.
Due to the concepts of wage differentials, U.S. Federal minimum rate affects USA's all other wage rates.

USA's median family income's purchasing power is highly indicative of our living standards and is greatly affected by the purchasing power of our median rate, (which in turn is affected by the purchasing power of the minimum wage rate).
If the purchasing power of the minimum wage rate is poorer, the median rate and the living standards of the nation are consequentially poorer than otherwise.

Although I prefer a targeted purchasing power to eventually become significantly greater than that of the minimum's February-1968 rate, U.S. House Resolution #528 does not displease me.