Donald M. Payne: “today I rise in support of American workers and in support of an increase in the national minimum wage. Every day, we…”

“today I rise in support of American workers and in support of an increase in the national minimum wage. Every day, we hear how the living standards of Americans are steadily eroding. And finally, we are looking at a bipartisan effort to increase the living standards for millions of Americans who are looking to take personal responsibility and keep them and their families off welfare. Consider that since the early 1970's, the benefits of economic growth have unevenly distributed among workers. Raising the minimum wage would help ameliorate this trend. The positive effects of the minimum wage are not felt solely by low-income households, but minimum wage workers are overrepresented in poor and moderate-income households. Consequently, the minimum wage is an important component of a broad-based policy to help low-wage workers, particularly in households that are working hard to keep themselves and their families in self-sufficiency. With wages stagnant, people are spending less money. As a result, companies profits are way up and inflation adjusted wages and benefits are climbing at less than half the pace of previous economic expansions. And with growth in consumer spending down, that means that per capita GDP growth is way below projected trend.”