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Sanders Minimum Wage Bill Would Reduce Poverty By 400,000 But Also Kill 700,000 Jobs, According to CBO

via NBC News
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Sen. Bernie Sanders’ proposed minimum wage increase to $17 by 2029 would potentially lift 400,000 people out of poverty but might lead to the loss of around 700,000 jobs, as per the Congressional Budget Office.

The plan, unlikely to pass in the current Congress, would directly impact 8.9 million workers and also contribute to higher budget deficits.

While proponents argue that the current federal minimum wage leads to poverty, opponents believe that such increases could reduce employment and fuel inflation. (Trending: Judge Announces Historic Ruling In Jeffrey Epstein Case)

The Congressional Budget Office estimated about 0.4% of the entire U.S. workforce would be cut if Sanders’ bill passes.

“In an average week in 2029, the year when the minimum wage would reach $17 per hour, 8.9 million workers whose wages would otherwise be below $17 per hour would be directly affected; many of the 9.7 million workers whose wages would otherwise be slightly above that wage rate would also be affected,” the CBO report states.

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