Post Date:
February 25, 2021 Issue Date:
March 13, 2021

Minimum wagering

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1.4 million

The number of jobs the U.S. economy would lose if the federal government implements a Biden administration plan to raise the minimum wage to $15 per hour by 2025, according to the Congressional Budget Office (CBO). The plan calls for raising the minimum incrementally from the current rate of $7.25 per hour.

900,000

The number of Americans the minimum wage plan would elevate above the poverty line, according to the CBO.

$54 billion

The amount the wage plan would raise the federal budget deficit by 2031.

$31.4 trillion

The CBO’s projected national debt by the end of 2030, not taking into account the plan to raise the minimum wage.

17 million

The number of workers making less than $15 per hour whose pay the wage plan would increase by 2025.

33%

The number of small business owners who said in a CNBC poll a $15 minimum wage would force them to lay some workers off.