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CBO: $15/hour minimum wage shows overwhelmingly broad economic benefits with loss of "only" 1.3 million jobs

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CBO report shows broad benefits from higher minimum wage


In particular, CBO finds that $15 in 2025 could raise the wages of 27.3 million low-wage workers, would increase the income of families who earn below three times the poverty rate by $21.9 billion, and would reduce the number of people living in poverty by 1.3 million, nearly half of them age 0-18. CBO finds that the overwhelming share of low-wage workers would benefit from a $15 minimum wage and that as a group, low-wage workers would be unambiguously better off.



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