The Congressional Budget Office analyzed the impact of lifting the $7.25 federal minimum wage to $15 by 2025. The House is expected to vote next week on a bill to lift the federal minimum.
Raising the federal minimum wage to $15 an hour by 2025 would increase the pay of at least 17 million people and lift 1.3 million Americans out of poverty, but also put 1.3 million (and up to 3.7 million) Americans out of work, according to a study by the Congressional Budget Office.
The CBO predicted much bigger job losses than House Democrats, who have pushed for the $15 minimum wage, expected.
So let me get this straight, the higher minimum wage was expected to lift 1.3M Americans out of poverty but plunge 1.3M (and up to 3.7M) Americans into poverty. Wow! Maybe we should just keep the federal government out of our lives and tell them to keep arguing between themselves while we live our lives in peace and raise our children.
As Mr. Reagan once said, “The most terrifying words in the English language are: I’m from the government and I’m here to help.”