Biden $15 minimum wage plan would cut 1.4 million jobs in 2025: CBO

[IroNat]

https://www.reuters.com/article/us-usa-economy-wages-cbo/biden-15-minimum-wage-plan-would-cut-1-4-million-jobs-in-2025-cbo-idUSKBN2A822S

WASHINGTON (Reuters) - U.S. President Joe Biden’s proposal to raise the minimum wage to $15 per hour by June 2025 would reduce employment by 1.4 million jobs that year and increase the U.S. budget deficit by $54 billion over the 10 years from 2021 to 2031, the Congressional Budget Office said on Monday.

In its cost assessment of Biden’s “Raise the Wage Act of 2021,” the non-partisan legislative budget referee agency said that the minimum wage increase also would lift 900,000 Americans out of poverty in 2025.