Raising the federal minimum wage to $15 an hour — a proposal supported by President Biden — would result in the loss of 1.4M jobs, but would bring nearly 1M people out of poverty over the next 4 years, government study finds. nbcnews.to/39X08eR
(1/5) #NBCNewsThreads
(1/5) #NBCNewsThreads
The study, conducted by the nonpartisan Congressional Budget Office (CBO), also found that increasing the minimum wage would raise the cumulative budget deficit from 2021 to 2023 by $54 billion and would drive inflation, resulting in higher prices for goods and services. (2/5)
Once fully implemented, the CBO concluded "17 million workers whose wages would otherwise be below $15 per hour would be directly affected, and many of the 10 million workers whose wages would otherwise be slightly above that wage rate would also be affected." (3/5)
The report found, as a result of the minimum wage increase, 1.4M workers would be without a job compared to scenarios where there was no change. The number of people in poverty would be reduced by 900,000, the report concluded. (4/5)
President Biden has called for raising the minimum wage, which has been set at $7.25 since 2009, to $15/hour over the next four years.
Last month he signed an executive order requiring that everyone working for the federal government be paid a minimum of $15 an hour. (5/5)
Last month he signed an executive order requiring that everyone working for the federal government be paid a minimum of $15 an hour. (5/5)
• • •
Missing some Tweet in this thread? You can try to
force a refresh
