By Sudheer Vatsavaya
ESB Journal, April 28, 2013
In contrast to their conventional portrayal, small business owners overwhelmingly favor increasing the federal minimum wage, currently $7.25 an hour, according to a scientific national poll released today. The minimum wage was last increased in 2009.
Two out of three small business owners (67%) support increasing the federal minimum wage and adjusting it yearly to keep up with the cost of living. The strong support for a minimum wage raise is particularly striking since the small business owners are predominately Republican. The poll was conducted March 4-10, 2013 by Greenberg Quinlan Rosner Research on behalf of Small Business Majority.
The poll shows 65% of small business owners agree that “increasing the minimum wage will help the economy because the people with the lowest incomes are the most likely to spend any pay increases buying necessities they could not afford before, which will boost sales at businesses. This will increase the customer demand that businesses need to retain or hire more employees.”
Greater New York Chamber of Commerce CEO Mark Jaffe said, “I’m not surprised the poll indicates strong business support for increasing the minimum wage. That’s what our members have told us. It makes good economic sense. A minimum wage increase will boost the consumer demand that spurs businesses to hire and grow.” ...
Holly Sklar, Director of Business for a Fair Minimum Wage, said, “Today’s minimum wage undermines our economy. As this poll makes crystal clear, the oft-heard claims that most small business owners oppose a minimum wage increase are wrong. Most small business owners, like the general public, want to raise the minimum wage. The minimum wage would be over $10 if it had kept up with the rising cost of living since the 1960s instead of falling behind.”
Business for a Fair Minimum Wage is launching a new petition for business owners and executives supporting a federal minimum wage increase.