Proposals to raise the minimum wage have been introduced by various members of Congress, and the result of raising the minimum wage to $15 carries with it good and bad news. In the Washington Examiner, Bruce Yandle explains that 1.3 million people would be lifted out of poverty, but up to 3.7 million could lose their jobs. While the average below-poverty family assisted by the law would see a $600 increase in annual income, this comes at a cost of lost income for the newly unemployed, higher consumer prices induced by the higher wages, and lower earnings for affected businesses.
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