When Minimum Wage Rises, a Million More Fall Below Min.
If Joe Biden were to win the presidency and also a Senate majority, we already know one part of his economic agenda because it has already been enacted by the House. On July 16, 2019 House Democrats voted to raise the federal minimum wage to $8.40 on enactment, then adding $1.10 each year until it reaches $15 six years after enactment. If it was signed into law next year, the minimum wage could climb to $15 by 2027. Yet once the minimum reached $9.50 in 2022, further increases would depend on passing a Government Accountability Office report about its impact on affected businesses and jobs.
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