President-elect Joe Biden’s proposal to raise the minimum wage to $15 an hour could kill up to 3.7 million jobs, the Congressional Budget Office estimated.
The CBO said that some of the higher earnings from the $15 federal minimum wage could be offset by higher rates of joblessness.
The report found that 1.3 million workers who would typically be employed would be without jobs in an average week in 2025. A new federal minimum wage would also increase the pay of 17 million workers in an average week in 2025.
The increase in earnings would mostly affect