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Minimum wage increase may lead to 1 million lost jobs

The CBO says some workers may be lifted out of poverty but job losses would also be part of the picture.

By Michael C. Bender | Updated on February 18, 2014
Fast-food workers held protests across the country last year in hopes of seeing an increase in the minimum wage. (Photo: AP)

Feb. 18 (Bloomberg) — Increasing the U.S. minimum wage may lift about 900,000 Americans out of poverty while leading to as many as 1 million job losses, according to a report from the Congressional Budget Office.

The report is the second this month that injects the nonpartisan budget office into a political fight in Congress. Like the CBO’s Feb. 4 report on Obamacare, this one probably won’t bridge the divide, as leaders from each party said the report reinforced their position.

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