THE IMPACT OF A $15 MINIMUM WAGE
Two million jobs would be lost nationwide if the minimum wage were $15 an hour in 2020.
This policy brief summarizes key takeaways from the Employment Policies Institute book on the $15 minimum wage, “Fighting $15: An Evaluation of the Evidence and a Case for Caution,” regarding the employees and businesses impacted by the policy.
In 2014, the nonpartisan Congressional Budget Office (CBO) estimated that 500,000 jobs would be lost nationwide if the federal minimum wage were raised to $10.10, and 100,000 would be lost if it were raised to $9. In 2018, economists from Miami and Trinity Universities used this CBO methodology and found that a bill to raise the federal minimum wage to $15 would reduce employment by roughly two million jobs if implemented in 2020.