CBO report paints mixed picture of effect of minimum-wage hike

|By:, SA News Editor

President Obama's proposal to raise the minimum wage to $10.10 an hour by 2016 from $7.25 currently would lead to the loss of 500,000 jobs, a report from the Congressional Budget Office has found.

However, the CBO also said the plan would increase pay for 16.5M people and lift 900,000 out of poverty out of a total of 45M who are projected to be categorized as poor in 2016.