Raises minimum wage to $10.00 per hour effective September 30th, 2021. Each September 30th thereafter, minimum wage shall increase by $1.00 per hour until the minimum wage reaches $15.00 per hour on September 30th, 2026. From that point forward, future minimum wage increases shall revert to being adjusted annually for inflation starting September 30th, 2027.
So, it’s no surprise that the nonpartisan Congressional Budget Office (CBO) found that enacting a $15 minimum wage nationwide would destroy up to 3.7 million jobs and decrease total income for Americans below the poverty line by roughly $16 billion. The Washington Examiner’s Tiana Lowe wrote that the research “disproves the idea that a $15 federal minimum wage creates any net benefit” and shows how the policy “simply reshuffles the problems plaguing our economy, on the whole creating more new problems than it solves.”
“The main finding of economic theory and empirical research over the past 70 years is that minimum wage increases tend to reduce employment,” the Cato Institute concluded in a research review. “While minimum wages ostensibly aim to improve the economic well-being of the working poor, the disemployment effects of minimum wages have been found to fall disproportionately on the least skilled and on the most disadvantaged individuals, including the disabled, youth, lower-skilled workers, immigrants, and ethnic minorities.”
A 2019 survey by the Employment Policies Institute found that 75 percent of professional economists oppose increasing the minimum wage to $15 an hour. This wasn’t political: In an interesting twist, almost all the responding economists identified as Democrats or Independents, with just 12 percent identifying as registered Republicans.