The polls are in and last night four states (Maine, Arizona, Colorado, and Washington) voted to increase minimum wage to at least $12 an hour by 2020. This is great news for everyone including small and large corporations alike. In addition, the President Elect has thrown his support behind the increase as well.
Gary Johnson, President and CEO of AFI Contractors, stated, “When the minimum wage is set too low, it’s bad for workers and their families who are under constant financial stress, it’s bad for customers; and it’s bad for businesses and our economy, which is fueled by consumer spending. By raising the minimum wage, we wouldn’t just lift the floor under workers, we would lift the floor under our economy.” Bill Phelps, Co-Founder and CEO of Wetzel’s Pretzels, also weighed in. “We’ve experienced strong sales growth after minimum wage increases. The increased cash circulating in the economy goes a long way in offsetting the higher hourly minimum. And businesses see other offsets as well, such as reduced employee turnover and increased productivity. Raising the minimum wage is good for our bottom line.”