Some things change. Some stay the same. Since 2009, the cost of living has risen 20%. But the federal minimum wage hasn't budged — it has sat at $7.25 an hour. After taking control of the White House and Congress, President Joe Biden and Democrats are pushing to more than double the rate to $15. The nonpartisan Congressional Budget Office reports it will lift nearly 1 million people out of poverty and give another 26 million a raise. However, it could cause businesses to lay off about 1.4 million workers. University of Denver economist Jack Strauss explains the potential impact of an increase, explores alternatives and assesses the future of the U.S. workforce.