The Congressional Budget Office report states raising the federal minimum wage to $15 an hour by 2025 could lift 900,000 Americans out of poverty.
The Congressional Budget Office's study published on Feb. 8, 2020, estimates that the policy would increase income for 17 million people and lift 900,000 people out of poverty. The study also found that raising the minimum wage by 2025 would cost 1.4 million jobs and increase the deficit by $54 billion over ten years. Under the Act,1.4 million fewer people would have an income under the federal poverty line. Real income would grow for families with workers earning at or near the federal minimum. In contrast, for families that lost employment due to the minimum wage increase, total income would fall, along with families that saw a decline in business income.