Sounds good to me.
Courtesy of Politico:
Legislation to raise the minimum wage to $15 would eliminate 1.3 million jobs nationwide, while giving a raise to 17 million workers and lifting families out of poverty, according to a soon-to-be-released Congressional Budget Office analysis obtained by POLITICO.
“About 1.3 million workers who would otherwise be employed would be jobless in an average week in 2025,” the CBO writes in the document. “That decrease would account for 0.8 percent of all workers and 7 percent of directly affected workers who would otherwise earn less than $15 per hour.“
Roughly half of the laid-off workers would be teenagers, according to the CBO analysis.
The bill in question, sponsored by Rep. Bobby Scott (D-Va.), would phase in a $15 hourly minimum over five years and would index future increases to inflation. The legislation would eliminate lower minimum wages permitted now for tipped workers, workers with disabilities and workers younger than 20.
Seventeen million people would see their wages rise under the bill, and another 10 million people who earn slightly more than $15 might also end up earning more money, according to the CBO. It would also help move 1.3 million people out of poverty, most of whom are without a high school diploma.
The report also says that most workers would see their income increase but that some groups, like business owners, would see a reduction.
I don’t know about all of you but 17 million Americans getting a raise, versus less than two million losing low paying jobs, and a few business owners seeing a cut in profitability sounds like a good deal to me.
This would likely not affect me much at all, but typically what is good for America’s workers is ultimately good for all of us.