WASHINGTON – Yesterday, President-Elect Joe Biden released details of his coronavirus relief plan, the “American Rescue Plan.” Included among many provisions for much-needed government spending was a proposal to raise the federal minimum wage to $15 an hour and eliminate the subminimum tipped wage. In response, Morris Pearl, the Chair of the Patriotic Millionaires and a former managing director of BlackRock, Inc., issued the following statement:
“Raising the minimum wage is one of the best economic stimulus policies out there, and it’s encouraging to see the incoming Biden administration prioritize it in their stimulus package. Raising the wage means putting more money into the hands of low wage workers who will immediately spend it back in their local economies. With 40% of American workers making less than $15 an hour, lifting the federal minimum wage creates an incredible boost in consumer demand, the backbone of our economy.
If the economic crisis the coronavirus has caused has taught us anything, it’s that businesses live and die based on how many people are spending money on their goods or services. That’s why a higher minimum wage isn’t just a win for minimum wage workers – it’s good for businesses, investors, and the economy as a whole as well.”
For more information or for interview requests, email Sam Quigley at Sam@patrioticmillionaires.org.