$10 Min. Wage Would Kill 500K Jobs

    TROY, OH - MAY 11:  A cashier works at the checkout counter of a Wal-Mart Supercenter May 11, 2005 in Troy, Ohio. Wal-Mart, America's largest retailer and the largest company in the world based on revenue, has evolved into a giant economic force for the U.S. economy. With growth, the company continues to weather criticism of low wages, anti-union policies as well as accusations that it has homogenized America's retail economy and driven traditional stores and shops out of business.  (Photo by Chris Hondros/Getty Images)

    Chris Hondros/Getty

    The Congressional Budget Office said Tuesday that President Obama's proposed minimum wage hike would destroy some jobs but also take people out of poverty. Raising the federal minimum wage from $7.25 an hour to $10.10 by 2016 would move 900,000 people above the poverty line, raise overall real income for all by $2 billion, but potentially destroy 500,000 jobs. The CBO stressed this is just a prediction. "As with any such estimates, however, the acutal losses could be smaller or larger."

    Read it at CBO.gov