Chairman Scott Statement on CBO Report on Minimum Wage
WASHINGTON, DC – Chairman Bobby Scott (VA-03) issued the following statement after the Congressional Budget Office released its report on the impact of gradually raising the minimum wage to $15 over five years.
“The Congressional Budget Office’s report comes to a clear conclusion: The benefits of the Raise the Wage Act for America’s workers far outweigh any potential costs. According to CBO’s estimates, the Raise the Wage Act would give up to 27 million workers a raise, lift 1.3 million Americans out of poverty, and boost economic growth by putting money in the pockets of workers who will spend that money in the economy.
“Even taking the CBO’s imprecise projections of employment effects at face value, the Raise the Wage Act would benefit up to 95 percent of America’s low-wage workers.
“After more than 10 years with no increase in the federal minimum wage – the longest period in U.S. history – theRaise the Wage Act is a vital step toward to restoring the value of work and ensuring that working families can achieve the financial security they deserve. The CBO’s report leaves no doubt that the Raise the Wage Act will be good for workers and their families.”
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