The Effects on Employment and Family Income of Increasing the Federal Minimum Wage
Congressional Budget Office
No 55410, Reports from Congressional Budget Office
The federal minimum wage is $7.25 per hour for most workers. In this report, CBO examines how increasing the federal minimum wage to $10, $12, or $15 per hour by 2025 would affect employment and family income. Increasing the minimum wage would have two principal effects on low-wage workers. For most low-wage workers, earnings and family income would increase, which would lift some families out of poverty. But other low-wage workers would become jobless, and their family income would fallâ€”in some cases, below the poverty threshold.
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