Just last week, we advised of a study by the left-leaning UCal Berkeley Institute for Research on Labor and Employment that concluded raising the federal minimum wage by more than 100% over a five year span would not negatively impact employment. Well, this week the non-partisan Congressional Budget Office (CBO) sprinkled a little bit of reality on that prognosis. As the US House of Representatives readies the “Raise the Wage Act” for a vote on the House floor this month, the CBO projected that the measure would lead to the loss of 1.3 million jobs nationwide while increasing the wages for 17 million workers across the country. The “Raise the Wage Act” (H.R. 582), sponsored by Virginia Representative and House Education & Labor Chairman Bobby Scott, would increase the current $7.25 federal minimum wage to $15 over five years and index future increases to inflation. The CBO Report went on to say that because of the impact the bill would have on business owners and consumers, total real income would decline by $9 billion over the same 5 year period. Trying hard to put a shine on that sneaker, Heidi Shierholz, Director of Policy for the left-leaning Economic Policy Institute posted that CBO overstated the job-loss impact and that “an employment decline as a result of a minimum wage increase doesn’t necessarily mean any worker is actually worse off.” Tell that to those who would comprise the newly unemployed 1.3 million workers!