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Read it at CBO.gov
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."