House Votes to Raise Minimum Wage
On July 18, the U.S. House of Representatives voted to raise the $7.25 federal minimum wage to $15 per hour by 2025. The bill would increase the minimum wage in steps until it reaches the $15 level. After that, the wage floor would be indexed according to growth in median wages. According to the Congressional Budget Office, the bill would likely raise wages for about 17 million people, but may result in the loss of 1.3 million jobs. 29 states have minimum wages higher than the federal. Where will the bill go from here? Probably nowhere anytime soon. The Senate has no plans to take up a minimum wage increase bill.