The bill to increase the federal hourly minimum wage will do more harm than good, according to NFIB research.
In February 2019, House lawmakers held a hearing to weigh the effects of raising the federal hourly minimum wage. As proposed by House Education and Labor Committee Chair Bobby Scott, the Raise the Wage Act, or H.R.582 and S.150, would increase the hourly wage from the current $7.25 to $15 by 2024.
But according to NFIB’s latest research, passing the Raise the Wage Act would lead to job losses, lost production, and income reduction on a national scale. Here is a breakdown of how the proposed bill would impact the U.S. economy and small business owners.