By Lorie Konish
CNBC, Aug 16, 2024. Also NBC New York, NBC Chicago, NBC Miami, NBC Los Angeles, NBC San Diego, NBC Connecticut, more
The federal minimum wage recently marked a new anniversary. ... The federal minimum wage has now been stuck at $7.25 per hour for 15 years....
Many states have enacted minimum hourly pay rates that are higher than the federal minimum wage. Yet 20 states have wages that are no higher than the federal level, according to Business for a Fair Minimum Wage. They include Alabama, Georgia, Idaho, Indiana, Iowa, Kansas, Kentucky, Louisiana, Mississippi, New Hampshire, North Carolina, North Dakota, Oklahoma, Pennsylvania, South Carolina, Tennessee, Texas, Utah, Wisconsin and Wyoming. ...
One point that tends to get lost in the minimum wage debate is the connection between a higher wage and stronger consumer buying power, according to Holly Sklar, CEO of advocacy group Business for a Fair Minimum Wage.
“When you lose minimum wage buying power, it means you’re losing customer buying power,” Sklar said.
Once workers earn higher minimum wages, they will be more likely to spend that money, which will help businesses, she said. ...
“We look forward to supporting efforts to raise the minimum wage in the next White House, in the next Congress, and showing that there’s a very good business case for that,” Sklar said.