The Pros And Cons Of Raising The Minimum Wage
President Joe Biden made a campaign promise to double the current federal minimum wage of $7.25 an hour. This would occur in steps taken over time. The goal of raising the minimum wage, according to the Biden administration, is to lift low-wage workers out of poverty. It would also provide pay increases to essential employees during the Covid-19 pandemic. This includes workers at supermarket grocery stores, warehouses and people who make food and packages deliveries.
Many Republicans, businesses owners and economists warned that this increase to $15 an hour would end up in job losses instead of the intended help.
The nonpartisan U.S. Congressional Budget Office said on Monday that “raising the federal minimum wage to $15 an hour by 2025 could deliver raises for 27 million workers and lift 900,000 Americans above the poverty threshold—but the policy would cost 1.4 million Americans their jobs over the next four years.”
Here is a deep dive into the pros and cons of increasing the minimum wage: