The Progressive


A project of Common Dreams

For Immediate Release

Sam Quigley,, 202-446-0489

Patriotic Millionaires on the $15 Minimum Wage in NJ: "A Win for Working Families"

“Now, full-time workers can provide for themselves and their families while living in dignity.”

Trenton, NJ

Today, Governor Phil Murphy signed into law a bill that would raise the state minimum wage to $15 an hour by 2024, making New Jersey the fourth state to commit to significant minimum wage increases. In response, Morris Pearl, Chair of the Patriotic Millionaires and former managing director at BlackRock, Inc., issued the following statement:

"Without a doubt, this is a win for working families. For years the state minimum wage has not kept stride with rising inflation and increases in the costs of goods. Now, full-time workers can provide for themselves and their families while living in dignity. Not only that, but this is something for business owners to celebrate. Businesses simply cannot make money selling pricey cars, meals, or really anything to those who are scraping by on just $8.55 an hour, so the higher wages and increased spending power of hundreds of thousands of New Jerseyans will benefit the economy for all.

At the end of the day, legislation has to work for more constituents, not less. A $15 an hour minimum wage in the Garden State does just that."

The Patriotic Millionaires is a group of high-net worth Americans who share a profound concern about the destabilizing level of inequality in America. Our work centers on the two things that matter most in a capitalist democracy: power and money. Our goal is to ensure that the country's political economy is structured to meet the needs of regular Americans, rather than just millionaires. We focus on three "first" principles: a highly progressive tax system, a livable minimum wage, and equal political representation for all citizens.

(202) 446-0489