. Biden minimum wage proposal could lift more than 1 million workers out of poverty « JO LEE MAGAZINE

CBS – President-elect Joe Biden’s proposal to more than double the federal minimum wage would provide an urgently pay hike to millions of low-income workers and help stem inequality in the U.S., economists and labor advocates said.

A fatter paycheck could help many Americans regain their financial footing during the ongoing recovery, including “essential” workers on the front lines of a pandemic whose earnings are among the lowest. However, the Congressional Budget Office also estimated the wage hike could cost 1.3 million jobs, and labor costs from raising the minimum wage would be shouldered by businesses, some of which would pass them on to consumers.

Find out more about the benefits and pitfalls of his plans at CBS News.

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