Congressional Bill Would Raise Minimum Wage by More Than Triple

A bill that would more than triple the federal minimum wage is advancing in Congress, according to a RealClearMarkets editorial. The legislation would lift the current $7.25-per-hour floor to over $21.

The proposal would raise labor costs for companies that rely on minimum-wage workers, including restaurants and retailers. Small-business owners have pushed back, arguing the increase would force job cuts or price hikes. Supporters say the higher wage is needed to keep pace with inflation and reduce income inequality.

The bill faces an uncertain path in the Senate, where several moderate Democrats have expressed reservations. No date has been set for a floor vote.

Lawmakers on the House Education and Workforce Committee plan to mark up the legislation next week.