by Greg Corombos, WND
The debate over whether to raise the minimum wage is front and center this week as a Congressional Budget Office report gives political ammunition to both sides, and a former Clinton administration budget official claims the benefits of the hike so easily outweigh the downside that “it’s hard not to do it.”
In his State of the Union message, President Obama urged Congress to raise the federal minimum wage to $10.10 per hour, saying it is simply wrong for any Americans to be working hard and still living in poverty. On Dec. 4, Obama said, “There’s no solid evidence that a higher minimum wage costs jobs, and research shows it raises incomes for low-wage workers and boosts short-term economic growth.”
On Tuesday, the Congressional Budget Office, or CBO, issued a report showing that following Obama’s plan would result in 900,000 people rising out of poverty and 16.5 million people benefiting from the wage hike. The CBO also projected the move would cost the economy between 500,000 and one million jobs.
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