CBO: $15 minimum wage would lose 1.4 million jobs

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  • A rise in the minimum wage to $15 an hour would lead to the loss of 1.4 million jobs by 2025, the Congressional Budget Office said Monday.
  • Employment advocates have disputed the notion that hiking the federal floor would cost jobs and cite myriad benefits.
  • In addition to the job loss, the CBO estimated that 900,000 people would be lifted out of poverty.
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Raising the federal minimum wage to $15 an hour, as President Joe Biden has proposed, would cost 1.4 million jobs over the next four years while lifting 900,000 people out of poverty, according to a Congressional Budget Office report Monday.

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The impact on the employment rolls is slightly higher than the 1.3 million employment estimate from a 2019 report from the CBO, a nonpartisan agency that provides budgetary analysis to Congress.

www.cnbc.com/2021/02/08/raising-minimum-wage-to-15-would-cost-1point4-million-jobs-cbo-says.html

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