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Nader on the minimum wage: “Don’t you think it’s time for a raise?”

Wal-Mart is known for paying low wages.
Wal-Mart is known for paying low wages.

From politician Ralph Nader:

Important Minimum Wage Facts

  • Forbes Top 25 CEOs rake in more in just one hour of work than the average minimum wage worker does in a year.
  • The working poor continue to be hard hit by the Wall Street crash and are struggling to afford basic necessities.
  • Taxpayers subsidize big-box store low-wage workers who are often forced to supplement their McDonald’s or Walmart wages with various welfare services.  A study by the Democratic staff of the U.S. House Committee on Education and the Workforce found that a single Walmart costs taxpayers at least $904,542 per year and could cost taxpayers up to $1,744,590 per year – about $5,815 per employee.
  • Poll after poll has shown that about 70 percent of the American public — including a majority of Republicans — support increasing the federal minimum wage.
  • When low-wage workers receive a wage increase, they spend that money back into the economy to pay for the necessities of life. In 2011, a Chicago Federal Reserve study showed that for every dollar increase in the hourly pay of a minimum-wage worker, the result was $2,800 in new consumer spending from that worker’s household over the year.
  • Studies from the Economic Policy Institute indicate that a $10.50 hourly minimum wage would increase economic activity by at least $30 billion over each of the first two years and add 140,000 jobs.

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Iowa’s minimum wage is $7.25 and the federal minimum wage is $7.25.  What are your opinions, is this too low or too high?

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