Just in time for next week's potential House of Representatives vote on the Raise the Wage Act, which would increase the federal minimum wage to $15, the nonpartisan Congressional Budget Office is out with a damning new report on the bill's consequences.
Congress's official budget scorekeeper estimates that a $15 minimum wage would cost up to 3.7 million jobs, with median job loss expected at 1.3 million — about 7 percent of the nation's entry-level workers and 1 percent of the overall workforce.
The finding is sobering for minimum wage hike activists who for years have ignored the real-world stories of minimum wage harm to claim that a $15 minimum wage has no employment consequences.
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