Congressional Budget Office: $10.10 minimum wage would lower employment by 500k, raise incomes for 16.5 million

THE WASHINGTON EXAMINER  – Raising the minimum wage to $ 10.10 by 2016 would increase wages for 16.5 million workers but lead to a loss of about 500,000 jobs, according to an estimate from the Congressional Budget Office released Tuesday afternoon.

The range of potential job losses projected by the CBO was from a “slight decrease” in employment to as many as 1 million.

The CBO examined the effects of a minimum wage hike similar to that advocated by congressional Democrats and the Obama administration, one that would raise the legal minimum hourly wage and index that rate to inflation so its value would not erode over time.

Read more at The Washington Examiner

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Congressional Budget Office: $10.10 minimum wage would lower employment by 500k, raise incomes for 16.5 million