Alerts2.11.21
Congressional Budget Office Analyzes Impact of Increasing Federal Minimum Wage
Highlights
The non-partisan Congressional Budget Office has released a report analyzing the Raise the Wage Act of 2021
A federal minimum wage increase to $15 per hour is estimated to result in a $54 billion budget deficit increase through 2031
The CBO report estimates that 1.4 million workers will lose their jobs, though that will be offset by a decline in people living in poverty of 900,000
The Raise the Wage Act of 2021, which is included in the proposed federal stimulus bill before Congress, would phase in an increase to the minimum wage to ultimately reach $15 per hour in 2025.
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