Democrats’ $15 Minimum Wage Bill Would Eliminate 1.3 Million Jobs, CBO Finds

The Daily Caller | 7/8/2019 | Staff
amyc9948 (Posted by) Level 3
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House Democrats’ proposal to raise the federal minimum wage to $15 per hour would most likely leave 1.3 million Americans jobless by 2025, according to a study released Monday by the nonpartisan Congressional Budget Office (CBO).

Noting a “considerable uncertainty” about the impact a $15 per hour minimum wage would have on employment, the CBO estimated that “there is about a two-thirds chance that the change in employment would lie between about zero and a reduction of 3.7 million workers” by 2025, with the median estimate being 1.3 million jobless Americans.

Upside - Workers - Wages - Policy - Americans

On the upside, 17 million workers would see their wages rise under the policy, which would push an estimated 1.3 million Americans above the poverty line.

But prices for goods would rise across the board because businesses would have to force their higher labor costs onto consumers, the CBO noted.

Basis - Effects - CBO - Estimate - Effect

“On the basis of those effects and CBO’s estimate of the median effect on employment, the $15 option would reduce total real (inflation-adjusted) family income in 2025 by $9 billion, or 0.1 percent,”...
(Excerpt) Read more at: The Daily Caller
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