In the President’s weekly address, he again pushed for a minimum-wage hike to $10.10 per hour, claiming that it “would lift millions of Americans out of poverty.” He’s even gone as far as to say that “there’s no solid evidence that a higher minimum wage costs jobs.”
But on Tuesday, the Congressional Budget Office (CBO) published a report which sharply discredits President Obama’s wishful thinking. The CBO found that an increase in minimum-wage to $10.10 per hour would result in a net loss of 500,000 jobs, and potentially as many as 1 million jobs. This begs the question: “Mr. President, how does losing your job help lift you out of poverty?”
The full CBO report can be found here.