Top Highlights

• In 1968, the minimum wage was $1.60 an hour, about $12 in today’s dollars.
• In a separate report earlier this year, the CBO found that a $15 minimum would have a dramatic impact: higher wages for 17 million people now making less than that, and a possible bump for another 10 million currently just above $15. That would bring 900,000 people out of poverty, the CBO said — and 1.4 million jobs would be lost.
• Raising the wage gradually, over five years, would prevent a salary shock. The higher wages would help to prevent turnover and improve productivity, reducing costs for hiring and training. The raise would apply to every business — every restaurant, for example, would have to manage the same labor costs as its competitors.
• Labor costs would rise, Reich said, and businesses would pass small price increases to their customers. But research shows that people will absorb those rising prices, especially if they’re spread out over five years.

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