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United States Congressional Budget Office (CBO) Report: Effects of Minimum Wage on Family Income and Employment (2014)

United States Congressional Budget Office (CBO) Report: Effects of Minimum Wage on Family Income and Employment (2014)

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Published by wmartin46
Summary
Increasing the minimum wage would have two principal effects on low-wage workers. Most of them would receive higher pay that would increase their family’s income, and some of those families would see their income rise above the federal poverty threshold. But some jobs for low-wage workers would probably be eliminated, the income of most workers who became jobless would fall substantially, and the share of low-wage workers who were employed would probably fall slightly.
Summary
Increasing the minimum wage would have two principal effects on low-wage workers. Most of them would receive higher pay that would increase their family’s income, and some of those families would see their income rise above the federal poverty threshold. But some jobs for low-wage workers would probably be eliminated, the income of most workers who became jobless would fall substantially, and the share of low-wage workers who were employed would probably fall slightly.

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Published by: wmartin46 on May 28, 2014
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12/30/2014

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25th Percentile of Workers’ Wages10th Percentile of Workers’ WagesFederal Minimum Wage
$10.10 Option$9.00 OptionCurrent Law46810120197319931983200319781998198820082013 2013 Dollars per Hour
Actual Projected
CONGRESS OF THE UNITED STATESCONGRESSIONAL BUDGET OFFICE
CBO
 The Effects of a Minimum-Wage Increase on Employment and Family Income
FEBRUARY 2014
 
CBO
Notes
Estimates of the effect on employment of the options to increase the minimum wage are rounded to the nearest 100,000 workers. Numbers in the text, tables, and figures may not add up to totals because of rounding.
Pub. No. 4856

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