Transcript for By the Numbers: Biden’s $15 per hour minimum wage plan
The cornerstone of president elect Joseph Biden's economic plan raising the federal minimum wage to fifteen dollars an hour. Economists dispute the potential impact to our economy job markets and the country's millions of working poor we take a closer look. By the numbers seven dollars and 25 cents an hour that's our current federal minimum wage which is not increased by up penny in eleven years. It's the bottom wage in 21 states. While 29 states and Washington DC have set their minimum wage is above the federal level. With California mandating fourteen dollars an hour now the highest statewide minimum wage in the country. And Florida a conservative state just voted to move to fifteen dollars an hour by 20/20 six. A living wage in America is at least sixteen dollars and fifty cents an hour for a family of four with two working parents it's according to researchers at MIT. Who point out that living costs vary widely. Of course by location. Raising the federal minimum wage to fifteen dollars an hour by 20/20 five could leave up to three point seven million Americans jobless as employers could potentially scaled back. But it would boost the pay of seventy million workers and lift one point three million workers above the poverty line according to a 2019 study. By the Congressional Budget Office.
This transcript has been automatically generated and may not be 100% accurate.