CBO: Obama’s Minimum Wage Hike Will Cost 500,000 Jobs by the End of 2016

minwage11The White House may have to scrap its plans to aggressively promote a 40 per cent national minimum wage hike now that the nonpartisan Congressional Budget Office found that the move would likely cost the U.S. 500,000 jobs by the second half of 2016.

The CBO’s report, released Tuesday afternoon, also estimated that it would pull 900,000 low-income Americans above the federal government’s poverty line…

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