CBO: Raising The Minimum Wage To $10.10 Per Hour From $7.25 Would Eliminate 500,000 Jobs
Statement:
“This report confirms what we’ve long known: While helping some, mandating higher wages has real costs, including fewer people working,” said Brendan Buck, spokesman for House Speaker John Boehner. “With unemployment Americans’ top concern, our focus should be creating – not destroying – jobs for those who need them most.”
Raising the U.S. minimum wage would lead to the loss of about half a million jobs by late 2016 but lift almost a million Americans out of poverty, the Congressional Budget Office forecast in a report on Tuesday that reignited debate over one of President Barack Obama’s top priorities this year.
Buoyed by polls showing three-quarters of Americans in favor of a minimum wage hike, Obama and his fellow Democrats advocate raising the minimum hourly wage to $10.10 from the current $7.25 in a move to boost the stagnant wages of millions of low-income workers.
Wild Thing’s comment.……….
As a past business owner, I had a gift shop and tea room in Malibu. If I had to pay more for minimum wage I would have had to let some people go plus the raises I gave would not have been possible. I loved giving raises for work well done to some awesome employees but under Obama and this wage raise it would have been impossible.