By Juliana Kaplan
Business Insider, December 31, 2024
Workers in 21 states are set to start the new year with a raise. ...
Mike Draper, the owner and founder of screen-printing and retail business RAYGUN, whose 10 stores include a location in Missouri, told Business Insider that minimum wage increases — like the one recently approved by that state's voters —could help bolster workers' spending power. Draper already pays his workers a starting wage of $15.50 an hour.
"This is different from a tax increase, or a rent increase, or a cost of goods increase. None of that money is going to go directly back into your community, for the most part," Draper said, adding: "Increases to worker pay is going to be felt immediately."