Analysis of Proposed Wage Hike Shows Job Loss a Possible Outcome
The Congressional Budget Office has released a new analysis of a possible federal minimum wage hike.
The CBO report found a minimum wage hike would pad the incomes of most low-wage workers but it would also mean a job loss for some.
The report found gradually raising the minimum wage to $10.10 an hour could reduce total employment by about 500,000 workers. However, the agency said the job loss number could be far less or it could even be as high as one million.
Overall the minimum wage hike, which has been pushed for by Democrats for years, would mean a boost for most low-wage workers according to the CBO.