According to the Congressional Budget Office, the folks who crunch the numbers on prospective legislation, a $15 federal minimum wage law could boost pay for some 17 million workers while 1.3 million could lose their jobs.
The nonpartisan CBO also says the pay hike would raise 1.3 million people out of poverty and those already making $15 per hour or slightly more would also see a pay raise.
In addition to slightly reducing the nation’s output, a minimum wage increase would cause business income to fall while consumer prices increase as the added labor costs are passed on to consumers.
CNBC reports a House bill to increase the federal minimum wage to $15 per hour by 2025 could be voted on later this month.
