For Immediate Release

Organization Profile: 
Contact: 

Sam Quigley, sam@patrioticmillionaires.org, 317-752-9150

Patriotic Millionaires Praise the Raise the Wage Act as "An Incredible Long-Term Economic Stimulus"

"With businesses closing left and right because they don't have enough customers, we can't afford not to raise wages right now."

WASHINGTON - This afternoon, Representative Bobby Scott, Senator Bernie Sanders, Senator Patty Murray, Representative Pramila Jayapal, and Representative Stephanie Murphy formally introduced the Raise the Wage Act, which if passed would gradually raise the federal minimum wage to $15 an hour by 2025. This would be the first increase in the federal minimum wage in over a decade.

In response, Morris Pearl, the Chair of the Patriotic Millionaires and a former managing director of BlackRock, Inc., issued the following statement:

"Raising the federal minimum wage isn't just good for workers, it's good for businesses and investors as well. The current federal minimum wage of just $7.25 an hour has left a wide swath of the American workforce unable to fully participate in our consumer economy.
 
40% of Americans report being unable to afford an unexpected $400 expense. How much do you think someone who can’t afford housing or groceries is going to be spending at their local businesses or restaurants? How much is someone who couldn’t scrape together $400 in an emergency going to be contributing to their local economy? Raising the minimum wage is about so much more than just helping poor workers - it’s an incredible long-term economic stimulus.
 
The Raise the Wage Act could not come at a more important time. Critics will say we can't afford to raise wages in the middle of a pandemic. But with businesses closing left and right because they don't have enough customers, we can't afford not to raise wages right now. Our economy needs a boost in consumer spending that can only come from putting more money into the hands of low wage workers who will immediately spend it."
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Proud “traitors to their class,” members of the Patriotic Millionaires are high-net worth Americans, business leaders, and investors who are united in their concern about the destabilizing concentration of wealth and power in America. The mission of The Patriotic Millionaires organization is to build a more stable, prosperous, and inclusive nation by promoting public policies based on the “first principles” of equal political representation, a guaranteed living wage for all working citizens, and a fair tax system.

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