Which is greater: The average money spent by poor households on sweets or the average extra income they would receive by doubling the federal minimum wage to $15 per hour?
The Congressional Budget Office has estimated that doubling the federal minimum wage from $7.25 to $15.00 an hour would raise the average income of families below the poverty line by about $589 a year. This is about 1% of their total income and about half of what households who receive Food Stamps spend per year on average for sweetened drinks, desserts, and candy. One of the main reasons why the income increase is so low is because the vast bulk of people in poverty work very little or not at all. Another major reason is that the Congressional Budget Office found that doubling the minimum wage would destroy about 1.4 million jobs with a disparate impact on young, less educated people.
DocumentationMinimum Wage Effects