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By Bill McMorris, Mar. 26, 2014, The Washington Free Beac
President Barack Obama’s proposal
to raise the minimum wage to $10.10 per hour will cost the private sector $15
billion and increase the deficit by $5 billion over the next 10 years,
according to a Congressional Budget Office report
released Wednesday.
Private employers will lose $15
billion through higher wages for workers and smaller tax breaks for reinvesting
money into a company, a move the CBO said “mostly affects small- to
medium-sized businesses.”
State, local, and federal
governments will spend $1 billion more on higher wages and prices over the next
ten years. Those cost increases are ten times higher than the thresholds set
forth in the Unfunded Mandates Reform Act, which calls on government agencies
to avoid deficit increases.
Read the full story: www.freebeacon.com
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