$15 minimum wage could cost 1.3M jobs

From Newsy

The Congressional Budget Office released a report on Monday that projects boosting the federal minimum wage to $15 an hour could also mean 1.3 million job cuts.

The report also predicts the effects of a $10 or $12 minimum wage by 2025. The federal minimum wage has been $7.25 an hour since 2009, but only 21 states have stuck with that amount. Other states have set their minimum wages as high as $12, and some will rise to $15 in the next few years. But House Democrats are pushing for $15 in every state with a bill called the Raise the Wage Act.

It was introduced in January.

The CBO report estimates an increase to $15 an hour nationwide would mean 17 million people would earn higher wages in an average week in 2025. Ten million people already earning more than that could possibly see an increase as well. And 1.3 million people would no longer be below the poverty threshold.

 

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