Democratic $15 minimum wage proposal would reduce employment by 1.4 million: CBO

The Biden administration's proposal to increase the minimum wage to $15 would contribute to a net loss of 1.4 million workers by 2025, according to a report from the Congressional Budget Office.

Per Washington Examiner:

The Biden administration's proposal to increase the minimum wage to $15 would contribute to a net loss of 1.4 million workers by 2025, according to a report from the Congressional Budget Office.

The incremental wage hike would also contribute an additional $54 billion to the federal deficit because of anticipated increases in the costs of goods and services and increased spending on unemployment insurance.

The proposed change would affect roughly 17 million workers in the average week of 2025 who earn the minimum wage — in addition to another 10 million workers who already earn near $15 an hour.

The federal minimum wage was last raised in 2009, when it increased from $6.55 to the current $7.25, according to the Department of Labor.