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Nightly Business Report produced by CNBC, Transcript, July 22, 2016

KATE ROGERS, NIGHTLY BUSINESS REPORT CORRESPONDENT: The U.S. federal minimum wage was hiked from $6.55 and hour to $7.25 nearly seven years ago, and that`s where it remained ever since. And while that debate has flatlined, the debate over wages has intensified. ... Despite periodic increases, the buying of the federal minimum wage hasn`t kept up with inflation, according to the Bureau [of] Labor Statistics. Data show that in 1968, the federal minimum was equivalent to $10.90 in 2015 dollars, nearly $4 higher than today`s rate.

For small business owners paying their employees more is well-worth the expense. Michael Lastoria owns &Pizza, a chain with 15 locations in Washington, D.C, Maryland and Virginia pays his 450 employees more than he`s required to and even had Washington, D.C. Mayor Muriel Bowser at his store to sign the wage law into effect last month.

MICHAEL LASTORIA, &PIZZA CEO: To us, it`s a simple but critical concept. Allow your staff to thrive and your company will thrive. You know, our people, our tribe are having interactions with our guests on a daily basis. They`re the face of the brand and they`re responsible for the growth of the company. …

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