A new study from the nonpartisan Congressional Budget Office (CBO) found that a nationwide shift to a $15 minimum wage could kill millions of jobs in the first year alone.
According to the CBO, the $15 minimum wage could cost Americans anywhere from 1.3 to 3.7 million jobs within the first year of implementation.
The current federal minimum wage is $7.75 per hour, but there has been a major push from some Democrats to nearly double the minimum wage to $15. Conservatives have argued that nearly doubling the wage expenses for a business would have to result in either staff reductions or higher prices to make up the difference.
Beyond the job losses, the CBO found that most families would barely feel the boost from their wage nearly doubling. The report showed that most families would experience a less-than-one-percent boost in their average annual real family income. – READ MORE