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BREAKING: The nonpartisan Congressional Budget Office has released its analysis of the #RaiseTheWage Act, which would raise the federal minimum wage to $15/hour by 2024.
CBO’s bottom line: *27 million* workers would get a raise if the bill becomes law.
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CBO’s bottom line: *27 million* workers would get a raise if the bill becomes law.
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Additional findings from the report:
- 1.3 million fewer people would live in poverty, nearly *half* of them kids
- Families who earn less than 300% of the poverty level would would see their incomes go up by nearly $22 billion
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- 1.3 million fewer people would live in poverty, nearly *half* of them kids
- Families who earn less than 300% of the poverty level would would see their incomes go up by nearly $22 billion
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Meanwhile, don’t be fooled by the conservative hype… as smart economists like @hshierholz point out, CBO’s job loss estimates in the report warrant serious skepticism since they rely too heavily on studies w/widely-critiqued methods and too little on the most robust studies.
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@hshierholz To borrow her words, a “new consensus” has emerged among economists that minimum wage increases have raised wages without substantial job loss – something even the Cato Institute has acknowledged.
In fact, some of the newer, more robust studies actually show job *gains.*
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In fact, some of the newer, more robust studies actually show job *gains.*
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@hshierholz Don't take my word for it...
100+ leading economists signed onto a letter stating:
“the weight of evidence show[s] that previous, modest increases in the minimum wage had little or no negative effects on the employment of low-wage workers”
epi.org/economists-in-…
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100+ leading economists signed onto a letter stating:
“the weight of evidence show[s] that previous, modest increases in the minimum wage had little or no negative effects on the employment of low-wage workers”
epi.org/economists-in-…
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@hshierholz It’s been over a decade since Congress last raised what’s become a poverty-level minimum wage – the longest our lowest-paid workers have ever gone without a raise.
Minimum wage workers have lost nearly an entire year’s pay in the years since.
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Minimum wage workers have lost nearly an entire year’s pay in the years since.
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With the House set to take up the Raise the Wage Act next week, no better time to call your member of Congress and tell them it's long past time to #RaiseTheWage:
202-224-3121
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202-224-3121
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