- 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.
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.
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.