Raising the Minimum Wage
Increasing the minimum wage is a key strategy both to improve economic stability for individual families – but also to provide support for the overall U.S. economy. Low-wage workers are more likely to spend any additional earnings on basic needs and services that they previously could not afford. In turn, demand for local businesses and services rises, offsetting any cost increase and building the regional economy. The Economic Policy Institute has shown that increasing the minimum wage to $10.10 by 2015 would have resulted in a $32.6 billion net increase in economic activity over the phase-in period and generate approximately 140,000 new jobs.
Raising the minimum wage is also necessary to close the racial wealth gap. A key driver of this gap is household income and people of color are overrepresented among low-wage workers. Increasing minimum wage would particularly benefit workers of color, helping them reach parity with their white counterparts.