“Do not let any calamity-howling executive with an income of $40,000 a day,…tell you…that a wage of $392 a week is going to have a disastrous effect on all American industry.”
And a new study released today by the Economic Policy Institute provides lots of hard numbers that demonstrate just how beneficial a hike in the federal minimum wage from $7.25 to $9.80 would be (both to average families and the economy as a whole).
Key findings include:
-Increasing the federal minimum wage to $9.80 by July 1, 2014, would raise the wages of about 28 million workers, who would receive nearly $40 billion in additional wages over the phase-in period. Read more