The Congressional Budget Office (CBO) conducted a study that determined that a federally mandated $15 minimum wage could eliminate as many as 3.7 million jobs across the country.
According to the study, a $15 minimum wage would result in about 1.3 million people becoming jobless with the potential for that number rising to at least 3.7 million.
Instead of giving families that depend on minimum wage jobs a boost, the CBO study found that the net effect of a $15 minimum wage hike would be a $9 billion reduction in real family income by 2025, per Michael Saltsman, a senior vice president at Berman and Company.
Saltsman goes on to note that while a $15 minimum wage would potentially lift 1.3 million people above the poverty line, it would also reduce the number of jobs by 1.3 million. “In the worst-case scenario of 3.7 million jobs lost, you’re looking at roughly three lost jobs for each person out of poverty,” he tweeted. “Some trade-off!”
House Democrats are trying to pass a bill mandating a federal $15 an hour minimum wage for workers by 2024. It would be more than twice the current minimum wage. It never works but still they persist.
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