$15 Minimum Wage Would Cut Jobs, Reduce Poverty, CBO Study Finds
It's a major flashpoint for politicians should the minimum wage be increased to $15 an hour as president Biden has proposed, the nonpartisan Congressional Budget Office has weighed in and the highlights just how difficult a decision this is. The CBO says raising the minimum wage to $15 an hour would cost 1.4 million jobs over the next four years. But it would also lift 900,000 people out of poverty. Goldman Sachs estimates the chances of raising the minimum wage to $15 an hour is unlikely and predicts a 10 to $11 range will be approved.