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The Impact of Raising the Federal Minimum Wage

 (Image source: zerohedge.com)

According to the CBO (Congressional Budget Office), raising the minimum wage would decrease total employment in the country by 2016 to about .3 percent or 500,000 workers. On the other hand, the report also indicates that raising the minimum wage would lift 900,000 workers out of poverty and boost earnings for the estimated $16.5 million low wage workers. The President and congressional democrats are seeking to raise to raise the federal minimum wage to $10.10 per hour from the current rate of $7.25. Congressional Republicans vehemently opposed the idea of raising the minimum wage.