RAISE Minimum Base Pay Act

Bill 118 HR 2591, also known as the RAISE Minimum Base Pay Act, is a piece of legislation currently being considered by the US Congress. The main goal of this bill is to increase the federal minimum wage to $15 per hour by the year 2025.

The bill proposes a gradual increase in the minimum wage, starting with an increase to $11 per hour in 2022, followed by annual increases of $1 until reaching $15 per hour in 2025. This increase is intended to help low-wage workers earn a more livable wage and keep up with the rising cost of living.

Supporters of the bill argue that raising the minimum wage will help reduce income inequality, lift millions of workers out of poverty, and stimulate economic growth by putting more money in the pockets of consumers. They also argue that a higher minimum wage will reduce the need for government assistance programs, saving taxpayers money in the long run. Opponents of the bill, however, argue that raising the minimum wage could lead to job losses, as businesses may not be able to afford the higher labor costs and may be forced to cut back on hiring or even lay off workers. They also argue that a higher minimum wage could lead to higher prices for goods and services, as businesses pass on the increased costs to consumers. Overall, the RAISE Minimum Base Pay Act is a controversial piece of legislation that has sparked debate among lawmakers, economists, and the public. Supporters believe it will help improve the lives of low-wage workers, while opponents are concerned about the potential negative impacts on businesses and the economy.