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Report: Minimum Wage Increase to $10.10 Could Cost 500K Jobs

The report says that up to 1 million people could lose their jobs


The Congressional Budget Office (CBO) believes that a $10.10 federal minimum wage could cost the country about half a million jobs.

The CBO’s report is based on data compiled by well-trained economists who came up with 500,000 as the central estimate for job reductions. However, the likely range for job reductions goes from “very slight” up to 1 million if the federal minimum wage was raised to $10.10.

The CBO also found that raising minimum wage would help about 900,000 people move above the poverty threshold by boosting their average family income by about 3%.

The opinions contained in this column are solely those of the writer.
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