Michael Bennet on Jobs
Democratic Presidential Challenger; CO Senator
No candidates have similar views.
Colorado Sen. Michael Bennet has not signed on as a co-sponsor to Democrats' Raise the Wage Act, but he does call for raising the minimum wage on his campaign website. A senior campaign official confirmed to POLITICO that Bennet supports raising the federal minimum wage to $12 per hour and "encouraging higher-cost cities and states to increase to $15 based on what makes sense for their local economic conditions." Bennet agrees with raising the federal minimum wage to $15 over time, but "at a rate that won't jeopardize jobs in lower-cost rural areas or struggling cities," according to the official.
Congressional summary: Increases the federal minimum wage for employees to:
Proponent's argument in favor (RaiseTheMinimumWage.com): The federal minimum wage of $7.25 per hour remains decades out of date, and the federal minimum wage for tipped workers--$2.13 per hour--has not increased in over 20 years. The minimum wage of the past provided significantly more buying power than it does today. The minimum wage of $1.60 an hour in 1968 would be $10.56 today when adjusted for inflation.
Opponent's argument against: (Neil King in Wall Street Journal, Feb. 24, 2014): The CBO concluded that a jump in the minimum wage to $10.10 an hour could eliminate 500,000 jobs. For Republicans, the report provided ammunition that a higher minimum wage would kill jobs. Democrats pointed to the CBO's findings that the higher wage would lift 900,000 people out of poverty. But both sides missed a key finding: That a smaller hike from the current $7.25 to $9.00 an hour would cause almost no pain, and still lift 300,000 people out of poverty while raising the incomes of 7.6 million people.
Congressional Budget Office report: Once fully implemented, the $10.10 option would reduce total employment by about 500,000 workers, or 0.3%. Some people earning slightly more than $10.10 would also have higher earnings, due to the heightened demand for goods and services. The increased earnings for low-wage workers would total $31 billion. Accounting for all increases and decreases, overall real income would rise by $2 billion.
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