Daily Markets: Business owners welcome minimum wage increase

BUSINESS FOR A FAIR MINIMUM WAGE (July 21, 2009, Boston, MA) — Business owners across the nation are welcoming the July 24 increase in the federal minimum wage from $6.55 to $7.25 per hour. National business leaders and small business owners in states where workers are getting a raise say the increase will boost consumer buying power and promote economic recovery.

Nearly 1,000 business owners and executives including Costco CEO Jim Sinegal, U.S. Women’s Chamber of Commerce CEO Margot Dorfman, ABC Home CEO and 2009 Home Fashion Products Association Retailer of the Year Paulette Cole, Addus Healthcare CEO Mark Heaney, Credo Mobile President Michael Kieschnick, Business Alliance for Local Living Economies Co-Founder Doug Hammond, and small business owners from all 50 states — have signed a statement supporting the minimum wage increase. As the Business For a Fair Minimum Wage statement points out, “Higher wages benefit business by increasing consumer purchasing power, reducing costly employee turnover, raising productivity, and improving product quality, customer satisfaction and company reputation.”

The statement supporting the minimum wage increase and a List of Signatories By State is available at http://www.businessforafairminimumwage.org/signatories.

HT: NY Times Economix

MP: Seems like the obvious challenge for these business owners (which NY Times blogger Catherine Rampell points out), some of whom probably pay employees the minimum wage: If you support higher wages for unskilled workers, why did you wait until federal law forced you to pay $7.25 per hour, and why didn’t you voluntarily pay that higher wage a year ago, two years ago, or five years ago?

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