On the recordApril 30, 2014
In that case, 2 minutes. A higher minimum wage also helps our economy because increasing the minimum wage boosts the purchasing power of consumers and creates more customers for local businesses. People earning minimum wage spend the money they are earning. The Economic Policy Institute estimates that the increased economic activity from an increase to $10.10 could create 85,000 new jobs and boost GDP by $22.2 billion over the 3 years of implementation. Increasing the minimum wage helps businesses in another way too. Workers who are better paid are also more productive and less likely to quit. That means businesses save on recruiting and training costs. It also means they have better, more loyal, and harder working employees. Businesses in Minnesota understand this. I spoke with Danny Schwartzman, the owner of Common Roots Cafe and Catering in Minneapolis. Danny pays his employees a minimum of $11 per hour, plus benefits, such as paid time off and health insurance. Danny has written: Over time, other businesses will see what I have seen--that paying people more yields more for the bottom line. It's easier to recruit and retain people. Happier employees are more likely to provide better customer service. Lower turnover means dramatically lower training costs and better employee performance. Danny understands that his business will do better if his workers are doing better. It is time that Congress follow Minnesota's example.…
