Potential Outcomes If The Minimum Wage Increases
The debate over the potential rise in minimum wage to $15 has been going on for some time. A bill was advanced this year, looking to raise the federal minimum wage by 2024.
According to WIVB, a new government report is highlighting potential winners and losers of the spike in minimum wage.
That report states that 17 million Americans would get a raise, with more than one million being brought out of poverty...if Congress enacted a raise in minimum wage to $15.
The report from the CBO (Congressional Budget Office) also says however that 1.3 million Americans would lose their jobs, as well as reduced income for business owners.
“We should also note the report said that America as a whole would be poorer,” said Michael Tanner of the Cato Institute.
The findings by the CBO seems to make people more unsure what ultimately would happen.
“Economists are all over the place on this,” Federal Reserve Chairman Jerome Powell said. “What (reports) tend to show is that a number of people get higher wages and a number of people lose their jobs.”
House Democrats will hold a vote this session on the issue.
Read the full story at WIVB.