Facts about the Minimum Wage Increase and Small Biz.

By Chris Attig | Permalink
January 20th in Uncategorized.

 

Here are some interesting facts about small business and the minimum wage:

  • In April 2004, the Fiscal Policy Institute released a report finding that small businesses grow faster in states with higher minimum wages.
  • In March 2006, Wells Fargo and Gallup released a survey in which 86% of small business owners said that a hike in the minimum wage won’t affect their business. (In December 2006, Discover Financial Services issued the results of a separate survey with a similar finding.)
  • It’s rare for a small business to pay only the minimum wage. In fact, only 2.7 % of all hourly-paid workers in the U.S. receive the minimum wage.
  • Since Texas raised its minimum wage from $3.35 per hour to $5.15 per hour in 2001, Texas has experienced job and small business growth that outpaced most of the nation. (I’m not arguing cause and effect here, only showing that the minimum wage increase isn’t sinking small businesses, as conservatives claim.)

If you’re sick of politicians, lobbyists and advocates playing on your fears, call your U.S. Senator today. Tell them you are a small business owner and ask him or her to vote to pass the minimum wage increase.

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