CBO: Minimum Wage Hike to $10.10 Could Cost 500K Jobs
Another reason government is the problem and not the solution.
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On Tuesday, the nonpartisan Congressional Budget Office estimated that raising the federal minimum wage to $10.10 an hour could cost 500,000 Americans their jobs.
The current federal minimum wage is $7.25 an hour, and President Barack Obama has pushed congressional Democrats to raise it to $10.10 an hour. Obama has already signed an executive order to raise the minimum wage for federal contractors to $10.10 an hour.
The CBO report estimated, if fully implemented by 2016, “the $10.10 option would reduce total employment by about 500,000 workers” while bringing 900,000 workers out of poverty.