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Treasury Department Nominee: $15 Minimum Wage Job Losses Would Be ‘Very Minimal’

Economy Janet Yellen Joe Biden Politics US US News

Treasury Department Nominee: $15 Minimum Wage Job Losses Would Be ‘Very Minimal’

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The job losses from hiking the federal minimum wage to $15 would be “very minimal,” President-elect Joe Biden’s choice to head the Treasury Department claimed on Tuesday. “In terms of potential job loss, there’s now a large economic literature on this, and much of it suggests that raising minimum wages …. researchers often look at what happens if one state raises its minimum wage and a neighboring state leaves it alone to see how businesses fare in the two different places with different treatments, and the findings are that job loss is very minimal, if anything,” Janet Yellen told senators in Washington during a partially-virtual confirmation hearing. “So I think that the likely impact on jobs is minimal. That’s my reading of the research,” she added. The nonpartisan Congressional Budget Office estimated last year that raising the minimum wage to $15 an hour would wipe out 1.3 million jobs. “By …

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