A national poll undertaken by Small Business Majority has determined that, despite the conventional assumption that small business owners stand against a minimum wage increase, 67 percent actually support such action. What’s more, these two out of three business owners also think it’s a good idea to adjust the minimum wage rate annually in order to stay consistent with cost of living increases. The poll found that 65 percent of small business owners agreed that a minimum wage increase would help the economy thanks to low-income earners being more able to purchase necessities not otherwise affordable.
Such a pay increase, small business owners agreed, would boost sales and increase customer demand leading to more hiring and retention of small-business employees. Other findings from the survey include:
• 85 percent of small business owners already pay their employees at a rate above minimum wage.
• According to the survey, 65 percent of small businesses feel that, “It is not right that people working full time earn just $15,080 a year at the minimum wage, which is significantly lower than it was in the 1960s, adjusting for inflation. Increasing the minimum wage would allow people to afford basic necessities and decrease the pressure on taxpayer-financed government assistance to make up for the low wages paid by some employers.”
Holly Sklar, director of Business for a Fair Minimum Wage, added, “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.”