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$15 Minimum Wage Would Boost Incomes, Trigger Job Cuts

July 10, 2019 / Roy Maurer

Raising the federal minimum wage to $15 per hour would raise pay for 27 million workers but also lead to over 1 million job losses, according to Congressional Budget Office (CBO) projections. The nonpartisan CBO provides budget and economic information to Congress. It was analyzing the projected impact of the Raise the Wage Act, legislation scheduled for a vote in the House of Representatives this month that would phase in the $15-an-hour wage by 2024. The federal minimum wage of $7.25 per hour has not changed since 2009, though many states and localities have set their minimum wage above that level.