A study by the Congressional Budget Office revealed that raising the federal minimum wage to $15 an hour by 2025 would put 1.3 million Americans out of work. The current minimum wage is $7.25 and has yet to increase in the last ten years, according to NPR. Although the increase in wages would put millions out of work, the study also showed that it would increase the pay of over 17 million people in the United States.
“There would be a boost for 5 million workers and a loss of 300,000 jobs,” according to the CBO’s estimation. “An increase to $10 an hour would give a raise to 1.5 million workers and would have little effect on employment,” the study continued. The report comes prior to a vote in the House of Representatives on a bill to gradually raise the federal minimum wage to $15 an hour by the year 2024.