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The Budgetary Effects of the Raise the Wage Act of 2021

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  • Congressional Budget Office

Abstract

If enacted at the end of March 2021, the Raise the Wage Act of 2021 would raise the federal minimum wage to $15 per hour by June 2025 and then adjust it to increase at the same rate as median hourly wages. In this report, CBO estimates the bill’s effects on the federal budget.

Suggested Citation

  • Congressional Budget Office, 2021. "The Budgetary Effects of the Raise the Wage Act of 2021," Reports 56975, Congressional Budget Office.
    • Handle: RePEc:cbo:report:56975
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    File URL: https://www.cbo.gov/system/files/2021-02/56975-Minimum-Wage.pdf
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    Cited by:

    1. Fossati, Sebastian & Marchand, Joseph, 2020. "First to $15: Alberta's Minimum Wage Policy on Employment by Wages, Ages, and Places," Working Papers 2020-15, University of Alberta, Department of Economics, revised 27 Jul 2023.
    2. Richard V. Burkhauser & Drew McNichols & Joseph J. Sabia, 2023. "Minimum Wages and Poverty: New Evidence from Dynamic Difference-in-Differences Estimates," NBER Working Papers 31182, National Bureau of Economic Research, Inc.
    3. Leigh, J. Paul, 2021. "Treatment design, health outcomes, and demographic categories in the literature on minimum wages and health," Economics & Human Biology, Elsevier, vol. 43(C).
    4. Sebastian Fossati & Joseph Marchand, 2024. "First to $15: Alberta’s Minimum Wage Policy on Employment by Wages, Ages, and Places," ILR Review, Cornell University, ILR School, vol. 77(1), pages 119-142, January.

    More about this item

    JEL classification:

    • J38 - Labor and Demographic Economics - - Wages, Compensation, and Labor Costs - - - Public Policy

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