Inc: Why Some Business Owners Want to Raise the Minimum Wage to Spur Economic Recovery

By Melissa Angell
Inc, Jan 3, 2022

A coalition of business owners is sweet on the minimum wage increases that kicked off the new year, since they believe the wage hikes can boost economic recovery. 

More than 20 states increased their minimum wage as the year began and an additional four states, plus the nation's capital, will see minimum wage raises later in the year, according to Business for a Fair Minimum Wage. The organization is a network of [many] more than 1,000 employers and business organizations that favors a federal minimum wage increase--thinking that runs counter to conventional economic arguments.

In fact, the organization recently nabbed hundreds of signatures from businesses and other groups -- including the likes of Ben & Jerry's, Patagonia, and Dr. Bronner's -- in support of its statement advocating for a $15 federal minimum wage. Both businesses and workers get hurt when the minimum is too low, says Holly Sklar, the CEO of Business for a Fair Minimum Wage.

"Minimum wage raises pay off in increased consumer spending and better employee retention, productivity, and customer service," Sklar says, adding that state increases are "vital" for strengthening the country's economic recovery.

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