Consumers with shopping bags An increase in the federal minimumn wage could lead to higher spending by those who would have more money to spend, higher customer demand, more business activity and job growth. (Photo: Shutterstock)

The Congressional Budget Office’s report on the effects an increase in the minimum wage could have on employment and family income highlights a number of benefits, although it’s pessimistic about the number of people that could find themselves out of work should the wage rise to $15 be adopted.

Currently the federal minimum wage stands at $7.25 per hour for most workers. In its evaluation of a 6-step increase to $15 by 2025, the report says that 17 million people who would otherwise earn less than $15 per hour would see an increase, while another 10 million who already make a little more than $15 could see their own wages rise as well.

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Marlene Satter

Marlene Y. Satter has worked in and written about the financial industry for decades.

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