CBO: Hiking minimum wage to $15 would throw 1.3 million Americans out of work

CBO: Hiking minimum wage to $15 would throw 1.3 million Americans out of work

[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.

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But up to 3.7 million workers could lose their job. The CBO’s median estimate for job losses is 1.3 million.

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