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."
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