The Congressional Budget Office, that nonpartisan arbiter of the impacts of federal legislation, reports that raising the federal minimum wage to $15 an hour would increase the wages of 27 million Americans and lift 1.3 million out of poverty as of 2025.
The CBO also says that the change might cost jobs for 1.3 million workers, though that’s the squishiest part of the agency’s analysis. Overall, the CBO says, “For most low-wage workers, earnings and family income would increase, which would lift some families out of poverty.”
The analysis, which was released Monday, is especially timely because House Democrats are on the verge of bringing a minimum wage raise to the floor for a vote. The Raise the Wage Act, introduced in January by Rep. Bobby Scott (D-Va.), would increase the federal minimum to $15 an hour from the current $7.25 in stages over five years.