A $15 federal minimum by 2025 would boost the wages of 17 million workers, according to the bipartisan CBO. The potential downside? About 1.3 million people could lose their jobs.
Some 27 million low-income Americans would get a financial boost if the federal minimum wage were doubled to $15, but another 1.3 million could lose their jobs, a congressional study estimates.
Many states and cities have sharply increased minimum wages in the past few years, with some set to raise them eventually to $15 an hour. Some major employers such as Amazon AMZN, +0.48% and Costco COST, +0.43% have also adopted minimum pay rates of $15 an hour. The potential downside? About 1.3 million people could lose their jobs, according to the CBO’s median estimate. Nearly half would be teenagers.
“Findings in the research literature about how changes in the federal minimum wage affect employment vary widely,” the CBO acknowledged. “Many studies have found little or no effect of minimum wages on employment, but many others have found substantial reductions in employment.”The CBO said a smaller increase in the U.S. minimum wage would have more modest impact.
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