[Ed. – It’s already done that on a regional level.]
Raising the minimum wage to $15 would give millions of American workers a raise but also result in 1.3 million losing their jobs, the nonpartisan Congressional Budget Office estimated in a report published Monday.
The federal minimum wage is currently $7.25, although several states have set much higher minimums. Democratic lawmakers in the House of Representatives have introduced a bill that would hike the minimum to $15.
The CBO study estimates that a hike to $15 in 2025 would boost the pay of 17 million workers who would otherwise be expected to earn less than $15 an hour. Another yen million who would earn slightly more than the minimum would also likely see pay hikes, according to the CBO.
But up to 3.7 million workers could lose their job. The CBO’s median estimate for job losses is 1.3 million.