(Reason)
"Today we wake up for a day of jubilation because of the sense of fairness this legislation engenders," gushed Speaker Nancy Pelosi (D–Calif.) on the House floor. "We wake up with a smile on our face, showing the world with all the love in our hearts, and that love in our hearts is about fairness for the American people."
Thursday's legislation would phase in the new $15 standard over a period of seven years. The minimum wage would then increase annually by the same percentage as the country's median wage, as determined by the U.S. secretary of labor.
Democrats' minimum wage legislation also makes some policy changes. It gets rid of waivers that allowed employers to pay disabled workers less than the statutory minimum wage. The bill also does away with the lower rate for tipped employees.
The Congressional Budget Office (CBO) estimates that implementing a $15 minimum wage nation-wide would increase pay for 17 million workers, but would also cost another 1.3 million workers their jobs. Read more
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