Minimum wage hike to $15 an hour by 2025 would result in 1.4 million unemployed, nonpartisan Congressional Budget Office says

February 8, 2021 ☼ economy

Source: The Washington Post - Link

Raising the minimum wage to $15-an-hour would significantly reduce poverty and increase earnings for millions of low wage workers, while adding to the federal deficit and cutting overall employment, according to a new study from the nonpartisan Congressional Budget Office.

The report is sure to animate the already heated debate whether to include raising the federal minimum wage in a budget resolution to help the sputtering economic recovery and aid vaccine distribution amid the pressures of the pandemic.

It is a dilemma. Perhaps there is something else that can be done to boost employment?