Via Think Progress:
This week, the Connecticut General Assembly passed a bill to raise the state’s minimum wage to $10.10 an hour by 2017, and Gov. Dannel Malloy (D) signed it into law yesterday.
If implemented nationally, a $10.10 minimum wage would put it in line with where it would be if it had kept up with inflation since the 1960s, although far behind the increases in workers’ productivity since then. It would also lift nearly 5 million people out of poverty, close the gender wage gap by 5 percent, and reduce spending on public programs by tens of billions of dollars. There is also real world and academic evidence to suggest that it won’t hurt job growth and could benefit the economy.
Given that the November midterm elections (like 2010) are expected to be dominated by Faux-News-watching senior citizens, it really looks like President Obama will be the only president since FDR whose administration did not enact any increase in the federal minimum wage.
America needs a raise!
After-tax profits for American corporations hit another record high last year, rising to $1.68 trillion. American workers have experienced a “lost decade” of wage growth, as their pay stayed flat or declined between 2000 and 2012, despite a 25 percent bump in productivity.