Less than a month into their control of the House, over 190 Democrats co-sponsored the Raise the Wage Act, which would raise the federal minimum wage to $15 an hour in the next five years—more than double the current $7.25 level. While advocates are pointing to a new Congressional Budget Office (CBO) report on the effects of the proposal as vindication, there are too many holes in the proposal and in CBO’s estimate to be taken as gospel. The Raise the Wage Act and other proposals to implement a massive minimum wage hike would in reality contribute to millions of Americans losing their jobs.
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