Bucking the usual tune of private sector lobbyists, a group called Business for a Fair Minimum Wage is calling for a hike in the minimum wage, saying it would boost business and the economy.
Business for a Fair Minimum Wage is a project of Business for Shared Prosperity, which describes itself as a national network of “forward thinking” business owners and executives.
The last step of a three-step federal minimum wage increase went into effect on July 24, 2009. The $7.25 an hour current minimum wage comes to just $15,080 a year for full-time work, below the poverty line.
Said the business group in support of a wage hike:
That hourly wage gives today’s minimum wage workers far less buying power than their counterparts did in 1968 when the minimum wage was at its highest value of $10.55 adjusted for inflation.
Proposals currently exist in Congress to raise the minimum wage to $9.80 by 2014 in three modest annual steps and then adjust it for the cost of living. According to Lew Prince, managing partner of Vintage Vinyl in St. Louis, Missouri: