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The Effects on Employment and Family Income of Increasing the Federal Minimum Wage

Congressional Budget Office

No 55410, Reports from Congressional Budget Office

Abstract: 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 fall—in some cases, below the poverty threshold.

JEL-codes: J30 J31 J38 J45 (search for similar items in EconPapers)
Date: 2019-07-08
New Economics Papers: this item is included in nep-lma
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