CBO: Obama’s Minimum Wage Hike Would Cost the US Another 500,000 Jobs
Barack Obama is the worst jobs president since the Great Depression.
The 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.
The White House didn’t answer questions about whether that trade-off is acceptable to President Obama, but Senate Democrats have pushed hard for legislation that would implement his goal of driving the minimum wage far above its current $7.25 level.