By David R. Yale
As a businessman and the owner of a small publishing house here in Queens, it is in my interest to have a $15 minimum wage. In addition to raising the wage of the most poorly paid workers, a $15 minimum wage will push up the wages of everyone else. That will mean more people who have discretionary income.
Henry Ford proved that this works back in the 1920s, when he paid his factory workers higher-than-usual wages. FDR proved that this works in the 1930s and 1940s. And more recently, Seattle and San Francisco have created booming local economies—with a higher minimum wage.
Goldman Sachs economists found that states where the minimum wage increased had faster employment growth.
In addition, a living minimum wage means that fewer people will need food stamps and welfare, so governments will be able to reallocate sorely needed funds to education and infrastructure. This will provide an additional boost to the economy.
Governor Cuomo has introduced legislation that would raise the minimum wage in New York to $15. We should all contact our elected officials and ask them to support it so we can all benefit from a faster-growing economy.
David R. Yale