Once fully implemented in the second half of 2016, the $10.10 option would reduce total employment by about 500,000 workers, or 0.3 percent, CBO projects (see the table below). As with any such estimates, however, the actual losses could be smaller or larger; in CBO’s assessment, there is about a two-thirds chance that the effect would be in the range between a very slight reduction in employment and a reduction in employment of 1.0 million workers…
Seems like an awful sacrifice to give some high school part-timers and illegal immigrants a raise, doesn’t it?
I will now sit back and wait for Obama’s enablers to drop by and explain that a. The report doesn’t really say what it says it does and b. Losing half a million jobs is a good thing because that will give people more time off to pursue their dreams (the Nancy Pelosi gambit). It’s kind of funny how Obama’s apologists have to rely on the credibility of the “If you like your plan, you can keep your plan” people.
(Thanks to Ace for the links)