The CBO says its estimate of job losses falls within a range of zero losses to 3.7 million. The job loss estimates are manifestly more uncertain than most of the rest of the CBO analysis, as the agency acknowledges. Politico calls the result “ a mixed bag for House Democratic leaders,” which takes the on-the-one-hand-on-the other-hand formula a little too far. (Fox Business Network: “CBO predicts staggering job loss.”) Even middle-of-the-road news organizations seem to think the job losses are more important than the vastly broader gains. That stratum includes business owners paying their workers more.Īs is usually the case, opponents of the raise have seized on the job loss figure. That amounts to something of a concealed improvement in income inequality the CBO estimates that the vast bulk of the reduced income would fall upon households earning six times the federal poverty line or more - $158,000 or more for a family of four. Who would pay for the higher earnings? Mostly business owners, and consumers to the extent businesses passed along the costs. The net gain for all workers would be $44 billion. those who would lose their jobs or hours is about 21 to 1 (27.3 million winners, 1.3 million losers). The ratio of those who would experience a higher wage vs. The CBO’s latest analysis makes clear that the benefits of a $15 minimum wage would heavily outweigh the downside. In keeping with long-standing practice, the corresponding increase in direct spending under S. 843 would receive the same budgetary treatment.(Acosta’s days as chief underminer of worker benefits in the Trump administration may be numbered, thanks to his role as a former federal prosecutor in arranging a wrist-slap plea deal in 2008 for accused sex trafficker Jeffrey Epstein victim rights advocates and many Democrats are calling for him to be fired.) 71 (115th Congress), the Concurrent Resolution on the Budget for Fiscal Year 2018, and section 251(b) of the Balanced Budget and Emergency Deficit Control Act of 1985. Funding provided for the program in 2022 was designated as an emergency requirement in keeping with section 4112(a) of H. Con. On that basis, CBO estimates that enacting the bill would increase direct spending by $25 million over the 2023-2033 period to rehabilitate both dams. Using information from BOR, CBO expects that two projects in Idaho, the Mackay Dam and Milner Dam, would be eligible to receive funds under S. CBO projects that the remaining funds will not be spent. The projected cost to rehabilitate LaPrele Dam in Wyoming, the only dam meeting the criteria, is $65 million. The Infrastructure Investment and Jobs Act appropriated $100 million in fiscal year 2022, to remain available until 2026, for the program, which is administered by the Bureau of Reclamation (BOR). Specifically, the bill would allow dams with estimated rehabilitation costs under the $50 million threshold set in current law to be eligible for the program after projects that meet the existing threshold have received funding. 843 would change the eligibility criteria for participating in a program that provides funds to rehabilitate private dams constructed in the early 1900s in the Western United States.
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