A $15 minimum wage could lift 1.3 million out of poverty — and cost 1.3 million jobs
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A $15 federal minimum wage would likely boost pay for 27 million US workers, lifting 1.3 million households out of poverty, according to an analysis released Monday by congressional economists.
But the income boost may come with a cost: It could trigger 1.3 million job losses.
The report comes as members of Congress prepare a vote to increase the federal minimum wage for the first time in more than a decade. It’s only the second study ever to focus entirely on the impact of a $15 minimum wage, and its findings are less rosy than the first one.
The other study comes from economists at the University of California Berkeley, who released a white paper last Tuesday finding that a $15 minimum wage would go a long way to combat income inequality — while its impact on job loss is likely small to none.
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