A new report from the Congressional Budget Office (CBO) has evaluated the impact of raising the federal minimum wage to $15, $12, or $10 per hour by 2025. According to CBO estimates, raising the minimum wage to $15 an hour would boost the pay for 17 million workers. But, says CBO, it would also cause a median 1.3 million employees to lose their jobs as employers cant afford the wage thats a 0.8% reduction of the number of employed workers.
CBO says that if the federal minimum wage were raised to $15 an hour, there is a 66% chance that between none and 3.7 million people could lose their jobs. However, the report states, there is considerable uncertainty about the size of any options effect on employment.
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