Raising the federal minimum wage to $15 an hour by 2025 would increase the pay of at least 17 million people, but also put 1.3 million Americans out of work, according to a study by the Congressional Budget Officereleased on Monday.
The increased federal minimum could also raise the wages of another 10 million workers and lift 1.3 million Americans out of poverty, according to the nonpartisan CBO. The current federal minimum wage is $7.25 and last increased a decade ago.
The budget watchdog’s report comes ahead of next week’s vote in the House of Representatives on a bill to gradually raise the federal minimum to $15 an hour by 2024.
$15 Minimum Wage Would Boost 17 Million Workers, Cut 1.3 Million Jobs, CBO Says