Would a New Minimum Wage Increase Be Enough to Make You a Millionaire?

1 min read

President Joe Biden has proposed increasing the federal minimum wage from its current $7.25 per hour to a new total of $15 per hour.

Based on 2019 estimates from the Bureau of Labor Statistics, close to 400,000 workers are paid the federal minimum wage. A bump up to $15 per hour would more than double what they’re earning. But would it be enough to potentially enable minimum wage earners to become millionaires over time? 

Image source: Getty Images.

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