Sanders minimum wage bill would reduce poverty by 400,000 but also kill 700,000 jobs: CBO – By Zachary Halaschak (Washington Examiner) / Dec 18, 2023
A minimum wage proposal by Sen. Bernie Sanders (I-VT) would cut the number of impoverished people by hundreds of thousands but cause even more lost jobs, according to a new analysis from Congress’s scorekeeper.
The plan, which Sanders introduced in May, would hike the minimum wage over time, with the wage finally increasing to $17 by 2029. The Congressional Budget Office found that the Sanders plan would cause about 0.4% of the entire U.S. workforce to be cut.
The CBO said the minimum wage proposal would help alleviate poverty, reducing the number of people in poverty by 400,000. But, because employers would be forced to pay workers more, they would end up cutting some 700,000 jobs across the economy.
The ambitious proposal, which has essentially no chance of passing during this Congress, would affect a wide swath of the workforce, the CBO found.
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