President Obama’s proposed minimum wage hike to $10.10 per hour will cost 500,000 jobs
, the Congressional Budget office found Tuesday.The increase, which Obama touted in this year’s State of the Union address, would gradually up the minimum requirement from the current rate of $7.25 rate to $10.10 and could cause up to 1 million workers to lose their jobs, the CBO reported.
“This is a very weak anti-poverty tool and it’s hurting the kinds of people it’s supposed to help,” former CBO director Doug Holtz-Eakin told The Daily Caller News Foundation. “People that have low skills and are trying to find employment
— if you raise the minimum wage, it prices them out of the market. That’s all the CBO’s reflecting.”
More @ The Daily Caller
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