Tuesday, July 09, 2019
Raising the minimum wage to $15 an hour would cost an estimated 1.3 jobs but would also lift more workers above the poverty line, the Congressional Budget Office (CBO) estimates in a report released Monday.
If implemented by 2025, the CBO estimates, the $15 federal minimum wage would boost paychecks for 17 million workers who would otherwise earn less than $15 per hour. About 10 million workers who now earn about $15 an hour might see their paychecks increase slightly as well. The trade-off would be 1.3 million more people out of work. Those who lose their jobs (or are unable to find them in the first place) are likely to be lower-income workers, unskilled workers, and those with little work experience.
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