How would a $15 minimum wage affect the economy?

By , RADIO.COM

It seems that the country is closer than ever to a bump in the federal minimum wage.

But as the possibility of raising the country’s lowest pay to $15 an hour increases under the new administration, the fate of the bill is uncertain and debate around increasing the minimum wage rages on among lawmakers.

Read on below to learn about the status of a possible $15 minimum wage and what the effects could be on workers, businesses and the economy as a whole.

What could happen if the minimum wage goes up?

Increasing the federal minimum wage to $15 could both bring people out of poverty, as well as cost jobs, according to the Congressional Budget Office.

A February report from the CBO, a nonpartisan agency that provides lawmakers in Washington with budgetary analysis, estimated that over the next four years, increasing the nation’s lowest pay to $15 an hour would cost 1.4 million jobs while bringing 900,000 Americans out of poverty.

The report projects that the loss in jobs through 2025 would be a