CBO reports minimum wage increase could result in job loss

CBO reports minimum wage increase could result in job loss
President Barack Obama speaks about raising the minimum wage, Wednesday, Jan. 29, 2014, at a Costco store in Lanham, Md., the morning after his State of the Union address. (AP Photo/Charles Dharapak)

ABC reports that a new report by the Congressional Budget office has found that a minimum wage hike could result in a net job loss of about half a million workers, despite it increasing wages for 16.5 million others.