Economists: $15 Federal Minimum Wage Will Cost 2 Million Jobs

An esti­mat­ed 2 mil­lion U.S. jobs would be lost if the fed­er­al min­i­mum wage is raised to $15 under leg­is­la­tion approved by the Demo­c­rat-con­trolled House of Rep­re­sen­ta­tives and endorsed by for­mer Vice Pres­i­dent Joe Biden, accord­ing to a new study by two eco­nom­ics professors.

“The Arts, Enter­tain­ment, and Recre­ation and Accom­mo­da­tion and Food Ser­vices sec­tors will account for half of these job loss­es. Work­ers aged 16–24 will see the high­est pro­por­tion of job loss­es, and the major­i­ty of jobs lost will be those held by women,” the study says.

“Tipped work­ers will also lose a greater share of jobs affect­ed by min­i­mum wage than non-tipped workers—one in three tipped work­ers affect­ed by this fed­er­al min­i­mum wage increase will lose their job,” accord­ing to the study.

The study was con­duct­ed by econ­o­mists William Even of Mia­mi Uni­ver­si­ty and David Macpher­son of Trin­i­ty Uni­ver­si­ty using a method­ol­o­gy based on eco­nom­ic assump­tions pro­vid­ed by the Con­gres­sion­al Bud­get Office.


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