Small Business Coalition Promotes New Minimum Wage Law

by Howard Vicini

Sat, Jul 28, 2007 12:16PM

The minimum wage rose from $5.15 to $5.85 on July 24, 2007; it will rise again from $5.85 to $6.55 on July 24, 2008; and from $6.55 to $7.25 on July 24, 2009.

My Country - 07-26-07

with host Howard Vicini

First Federal Minimum Wage Hike in 10 Years Effective on July 24, 2007

Guest: John Arensmeyer, Founder & CEO, Small Business Majority

The minimum wage rose from $5.15 to $5.85 on July 24, 2007; it will rise again from $5.85 to $6.55 on July 24, 2008; and from $6.55 to $7.25 on July 24, 2009. However, the minimum wage has been so eroded over time that even with the new raises; minimum wage workers will have less buying power than minimum wage workers had half a century ago. Even after rising to $7.25 in 2009, the minimum wage will still be lower than it was in 1956, when it was $7.65 in today's dollars. It will be much lower than it was in 1968, when the minimum wage peaked in value at $9.56 in today's dollars. In states with minimum wages higher than the federal minimum, the number of small businesses and the number of small business employees grew more than other states.

For more information: http://www.smallbusinessmajority.org

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