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Not That Ten Bucks An Hour Is Gonna Make Anyone Rich, But....
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Everybody respects the nonpartisan Congressional Budget Office until it comes to a conclusion that they, for political reasons, find inconvenient. Then, it's ignoring the facts. And so we come to the CBO's conclusion that raising the minimum wage would cost the U.S. economy 500,00 jobs -- actually, there's a fairly good chance that it could be a million jobs. Nancy Pelosi, naturally, says that the CBO is wrong. So does the chief White House economist. But it stands to reason that, at least in the short term, raising labor costs without an immediate increase in revenue would mean jobs lost. (ABC News)
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