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What would happen if minimum wage was raised to $15?

First, that raising the minimum wage increases the average income of low-wage workers, lifting many out of poverty (depending on how big the raise is). Their study found that raising the federal minimum wage to $15 an hour by 2024 would likely boost incomes for the poorest households in rural counties.

Is $15 minimum wage a good idea?

A $15 minimum wage by 2024 would generate $120 billion in higher wages for workers and would also benefit their communities. Because lower-paid workers spend much of their extra earnings, this injection of wages will help stimulate the economy and spur greater business activity and job growth. 5.

What will happen with $15 minimum wage?

A $15 federal minimum wage would likely boost pay for 27 million US workers, lifting 1.3 million households out of poverty, according to an analysis released Monday by congressional economists. But the income boost may come with a cost: It could trigger 1.3 million job losses.

Should minimum wage be raised to $15 an hour?

The CBO found that $15 per hour would have a large positive effect on U.S. workers. However, it also found there was a chance for many people to lose jobs. Since 2009, the federal minimum wage has been set at $7.25 per hour. The Raise the Wage Act is the first piece of legislation to attempt to raise it.

Is raising the minimum wage a good idea?

Raising the federal minimum wage will also stimulate consumer spending, help businesses' bottom lines, and grow the economy. A modest increase would improve worker productivity, and reduce employee turnover and absenteeism. It would also boost the overall economy by generating increased consumer demand.

What states have a $15 an hour minimum wage?

Arizona, Colorado and Maine will incrementally increase their minimum wages to $12 an hour by 2020. Washington's will be increased incrementally to $13.50 an hour by 2020. New York became the second state to pass a new law that would raise the minimum wage in New York City to $15 per hour by the end of 2018.

What would happen if minimum wage was raised?

Raising the minimum wage increases consumer spending and boosts the economy. A study by Doug Hall and David Cooper estimated that a $2.55 increase in the minimum wage would increase the earnings of low-wage workers by $40 billion and result in a significant increase in GDP and employment.

What would happen if the minimum wage was increased?

The federal minimum wage of $7.25 per hour has not changed since 2009. Increasing it would raise the earnings and family income of most low-wage workers, lifting some families out of poverty but it would cause other low-wage workers to become jobless, and their family income would fall.

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