Report: Raising minimum wage would cost 500K jobs - CBS 3 Springfield - WSHM

Report: Raising minimum wage would cost 500K jobs

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A new CBO report finds a minimum wage hike would cause a slight rise in unemployment. (Source: CNN) A new CBO report finds a minimum wage hike would cause a slight rise in unemployment. (Source: CNN)

(CNN) - The Congressional Budget Office released a new analysis of the possible federal minimum wage hike, finding the hike would boost the incomes of most low wage workers, but it would also mean a job loss for some.

The CBO said gradually raising the minimum wage to $10.10 an hour could reduce total employment by some 500,000 workers.

The agency said the job loss number could be far less, or even as high as one million.

But overall, the CBO said a minimum wage hike would mean a boost for most low wage workers.

Democrats have been calling for a minimum wage hike for some time.

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