WASHINGTON, D.C. – The U.S. Congressional Budget Office (CBO) released today its report on anticipated effects of raising the federal minimum wage to $15/hour in six steps by 2024. Christine Owens, executive director of the National Employment Law Project, released the following statement in response:
“Today’s CBO report confirms what we’ve known all along: the Raise the Wage Act will benefit an estimated 27 million workers, reduce poverty and reduce inequality.
“At face value, the score proves $15 should be a no-brainer for Congress, with benefits far outweighing speculative job loss. Equally important, even if there is some reduction of hours or short-term job loss, we know that workers in low-wage jobs will still be paid more overall — because while the CBO examines speculative harm, we have empirical analysis of wage increases that have already been implemented, showing $15 an hour is viable in every American economy, whether you’re in Alabama or Mississippi or New York or California.
“Congress has no excuse: it must act in the interest of this country’s lowest-paid workers and pass the Raise the Wage Act immediately.”