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In a press conference today, incoming Senate Budget Committee Chairman Bernie Sanders (I-Vt.) joined incoming Senate HELP Committee Chair Patty Murray (D-Wash.), House Committee on Education and Labor Chairman Bobby Scott (D-Va.), Congressional Progressive Caucus Chair Pramila Jayapal (D-Wash.), and Rep. Stephanie Murphy (D-Fla.) to announce the introduction of legislation raising the federal minimum wage to $15 by 2025.
The Raise the Wage Act of 2021 would increase the federal minimum wage to $15 in five steps over the next four years. Beginning in 2026, the federal minimum wage would be indexed to median wage growth. According to an independent analysis conducted by the Economic Policy Institute, the Raise the Wage Act would increase wages for nearly 32 million Americans, including roughly a third of all Black workers and a quarter of all Latino workers.
"Let's be clear. The $7.25 an hour federal minimum wage is a starvation wage. No person in America can make it on $8, $10, or $12 an hour. In the United States of America a job must lift workers out of poverty, not keep them in it. We must raise the minimum wage to a living wage--at least $15 an hour. And when we do that, not only will we be lifting millions of Americans out of poverty, we will be providing a raise to over 33 million workers," said Senator Sanders. "We can no longer tolerate millions of workers not being able to afford to feed their families or pay the rent. The time for talk is over. No more excuses. It is time for Congress to act to raise the minimum wage to at least $15 an hour."
"Throughout this pandemic, Democrats and Republicans alike have joined together in rightly calling our frontline workers 'heroes.' But despite their tireless work and the risk of COVID exposure, too many of these workers are paid wages so low, they can't afford to pay for even their most basic needs. And because of systemic inequities and discrimination, workers of color, and in particular, women of color, are much more likely to be paid poverty-level wages," said Senator Murray, Chair of the Senate Committee on Health, Education, Labor and Pensions. "Democrats are asking for $15 an hour, because no one working 40 hours a week, should be making $15,000 a year. If we're committed to an economy that works for everyone, we need one fair, livable wage for everyone--and that includes workers with disabilities, tipped workers and youth workers. We won't accept carve-outs and we won't accept leaving anyone behind."
"Americans working 40 hours a week should be able to put food on the table and a roof over their families' heads, but with the minimum wage stuck at $7.25, far too many are working hard and still in poverty," said Senate Majority Leader Chuck Schumer. "Raising the minimum wage to $15 an hour is one step Congress should take right now, particularly with the COVID-19 crisis stretching families' resources further than ever. I am happy to move forward with this group to make it happen and give the American people a raise."
"This pandemic has pushed millions more Americans into poverty and we need to ensure that every working American is able to support themselves and their families," said Senator Gillibrand. "Passing the Raise the Wage Act is more critical now than ever. Finally delivering a $15 minimum wage will benefit workers by lifting their families out of poverty and it will strengthen our economic recovery. We must keep fighting until all hardworking Americans can access basic economic security and a fair shot in our economy."
"My colleagues and I have introduced this legislation raising the minimum wage to $15 an hour because Georgia's working families are struggling to pay the bills, and they deserve a livable wage for an honest day's work," Senator Ossoff said.
"The coronavirus pandemic and economic crises have pulled back the veil on the unconscionable economic disparities that working women, low-income families and other vulnerable communities have faced for decades," said Speaker Nancy Pelosi. "By re-introducing the Chair Bobby Scott's Raise the Wage Act, which passed on a bipartisan basis in the previous Congress, the Democratic Congress is taking another strong and long-needed step to honor the dignity, dedication and contributions of millions of hard-working Americans. This legislation is a key part of Democrats' commitment to not only recover from these crises, but to Build Back Better - and to do so in a way that advances justice, prosperity and equality for all Americans."
"Even before the COVID-19 pandemic, the $7.25 federal minimum wage was economically and morally indefensible. Now, the pandemic is highlighting the gross imbalance between the value of our workers and the wages they are paid. Many of the essential workers who have braved a public health crisis to keep our economy moving are still not being paid enough to provide for themselves or their families. The Raise the Wage Act is a critical step toward lifting hardworking people out of poverty, addressing inequality, and ensuring that all Americans can share in the economic recovery.," said Chairman Bobby Scott, Committee on Education and Labor.
"As a longtime organizer for working people who helped draft the resolution that made Seattle the first major city to enact a $15 minimum wage, I know that raising the wage is good for workers, families, businesses and the economy," said Congresswoman Jayapal. "Now that we have a Democratic White House and a Democratic Senate, it is time for the People's House to once again stand up for workers, fight for families and pass the Raise the Wage Act so we finally have a $15 minimum wage all across America."
"Last Congress, I was proud to help lead the historic effort in the House to give Americans a raise. Floridians then followed suit and voted to increase our state minimum wage and put more money in the pockets of hard-working families," said Congresswoman Murphy. "This bill is a reasonable step to boost our economy and ensure everyone who works hard in this great country can provide for themselves and their loved ones."
"Raising the minimum wage to $15 an hour will change my life and let me tell my kids I can give them a better life than mine," said Kansas City McDonald's worker Fran Marion. "I'm so proud to join with leaders in Congress today as they reintroduce the Raise the Wage Act, which will give tens of millions of working families like mine the raise we so desperately need. Essential workers have been devastated by the COVID-19 pandemic and we can't wait for help any longer."
"Raising the federal minimum wage to $15 by 2025 will be a boost to the economy, and a boost to our sales. Raising wages is good business. Paying people fairly leads to greater staff retention, which reduces the cost of hiring and training new people to replace employees who leave. And fair pay leads to better quality, better ideas and better customer service," said Mike Draper, owner of Raygun LLC, an Iowa-based clothing and home goods company and member of Business for a Fair Minimum Wage.
Sanders' Senate companion is being cosponsored by 37 Members: Chair Murray (D-Wash.), Leader Schumer (D-N.Y.), Sens. Baldwin (D-Wis.), Bennet (D-Colo.), Blumenthal (D-Conn.), Booker, (D-N.J.) Brown (D-Ohio), Cantwell (D-Wash.), Cardin (D-Md.), Casey (D-Pa.), Duckworth (D-Ill.), Durbin (D-Ill.), Feinstein (D-Calif.), Gillibrand (D-N.Y.), Heinrich (D-N.M.), Hirono (D-Hawaii), Kaine (D-Va.), Klobuchar (D-Minn.), Leahy (D-Vt.), Lujan (D-N.M.), Markey (D-Mass.), Merkley (D-Ore.), Murphy, (D-Conn.) Ossoff (D-Ga.), Padilla (D-Calif.), Peters (D-Mich.), Reed (D-R.I.), Rosen (D-Nev.), Schatz (D-Hawaii), Smith (D-Minn.), Stabenow (D-Mich.), Van Hollen (D-Md.), Warner (D-Va.), Warnock (D-Ga.). Warren (D-Mass.), Whitehouse (D-R.I.), and Wyden (D-Ore.).
To read the bill text of the Raise the Wage Act, click here.
To read the section-by-section of the Raise the Wage Act, click here.
To read a fact sheet on Raise the Wage Act, click here.
Watch today's press conference here.
Read Sanders' prepared remarks below:
"This country faces major economic crises.
"Real unemployment is now close to 12% and last month alone 140,000 workers lost their jobs. Millions more face hunger, eviction and crushing debt.
"We have massive income and wealth inequality in America today. Incredibly, during the pandemic, 650 billionaires in America have increased their wealth by more than $1 trillion, while millions of workers struggle to feed their kids.
"And, in the midst of all of that, we must never lose sight of the fact that over half of our workers are living paycheck to paycheck. I'm talking about workers who are just one car accident, one medical emergency, one lost paycheck away from financial catastrophe.
"Let's be clear. This is the richest country in the history of the world. We can no longer tolerate millions of our workers being unable to feed their families because they are working for starvation wages.
"Let's be clear. Nobody in America can survive on $7.25 an hour, $9 an hour or $12 an hour. We need an economy in which all of our workers earn at least a living wage.
"It is a national disgrace that Congress has not passed an increase in the minimum wage since 2007 - 14 years ago.
"It is a national disgrace that the minimum wage has lost over 30 percent of its purchasing power since 1968.
"Yes. Now is the time to raise the minimum wage to a living wage - at least $15 an hour. A job in the United States of America should lift you out of poverty, not keep you in it.
"And when we increase that minimum wage to $15 an hour we will be giving over 32 million Americans a much needed raise.
"In fact, if the legislation we are introducing today becomes law, the average low-wage worker in America would receive an extra $3,300 - each and every year.
"And let's be clear. The overwhelming majority of Americans support raising the minimum wage to $15 an hour. This is not a radical idea. This is what the American people want.
"Since 1998, every time a state has had an initiative on the ballot to raise the minimum wage it has won - no matter if that state was red, blue or purple.
"In November 61% of the people in Florida - a state Joe Biden lost by 3 points - voted to raise the minimum wage to $15 an hour.
"Eight states and over 40 cities have adopted laws to raise the minimum wage to $15 an hour.
"During the last session of Congress, the House did the right thing under the leadership of Speaker Pelosi and Chairman Scott - and I applaud them for their efforts - and passed legislation to raise the minimum wage to $15 an hour - and I have no doubt that they will do it again this year.
"Now, this issue rests in the Senate. It is my strong hope that a number of my Republican colleagues will come to their senses and understand that raising the minimum wage is not just a Democratic issue.
"No matter whether you are a Republican, a Democrat or an Independent - all of us understand that no one in America can make it on $8, $10 or $12 an hour. We have got to raise that minimum wage to $15 an hour.
"But let me also say this. If we cannot get enough Republicans to vote for this legislation under regular order, we cannot take no for an answer.
"We must understand that the issue of starvation wages is a national emergency.
"We must raise the minimum wage to $15 an hour through budget reconciliation by a simple majority vote in the Senate.
"And, as the incoming Chairman of the Senate Budget Committee, that is exactly what I am fighting to do.
"This is not a new concept. If the Republicans could use reconciliation to pass trillions of dollars in tax breaks for the wealthy and large corporations, if the Republicans could use reconciliation to drill in the Arctic National Wildlife Refuge, if the Republicans could use reconciliation to try to repeal the Affordable Care Act and throw up to 32 million Americans off of the healthcare they have, we can and must use reconciliation to protect the needs of working families.
"We must use reconciliation to increase the minimum wage to $15 an hour.
"Now is not the time for excuses. Now is not the time for more talk. Now is the time for action. Now is the time to raise the minimum wage to $15 an hour."
"The financial industry aggressively markets DAFs for uncharitable reasons: advantages as tax avoidance vehicles, especially for complex assets; no payout requirements—and secrecy to donors and grantees alike," said one of the report's authors.
A new report released on this year's philanthropic holiday known as Giving Tuesday details how the "profit motives of the financial services sector have increasingly and disastrously warped how charitable giving functions."
The analysis by the Institute for Policy Studies—titled "Gilded Giving 2024: Saving Philanthropy from Wall Street"—shows how donor-advised funds (DAFs) increasingly serve the economic interests of donors and the Wall Street firms that manage the funds, rather than the interests of nonprofit charities.
Rather than donate to a cause directly, wealthy people have the option to donate to foundations or DAFs, which can be sponsored by for-profit wealth management firms like Fidelity Investments or Charles Schwab. Firms like Fidelity Investments, in turn, benefit from being able to offer this type of service to wealthy clients.
"At last count," according to the report's authors, "DAFs and foundations together take in 35 percent of all individual giving in the U.S." If they continue to grow at the rate they have for the past five years, they're expected to take in half of all individual giving in the country by 2028.
Why is this a problem? For one thing, according to the report, some of the money that's intended for donation is scraped up by the DAFs and foundations, meaning that dollars meant for a cause are diverted elsewhere.
"With each passing year, an additional 2 cents of each dollar donated by individuals is funneled into intermediaries and away from working charities. Assuming that their assets will grow at the same rate they have over the past five years, the assets held in DAFs and foundations will eclipse $2 trillion by 2026," according to the report's authors.
What's more, there is no requirement that DAFs disburse their assets, according to the report's authors—meaning there's no guarantee the money is given to charity, and in practice the money in these accounts tends to move slowly, often generating gains instead of being dispersed.
DAFs also facilitate anonymous giving, because donations from them need only be credited to their sponsors, not the original person directing the contribution, according to Inequality.org, a project of IPS.
The report's authors argue that DAFs are part of a wider “wealth defense industry” — tax lawyers, accountants, and wealth managers whose interests are more geared towards helping their clients increase assets, minimize taxes, maximize wealth transfer to descendants, and net some of those assets for themselves in the form of fees, as opposed to supporting charitable causes.
DAFS are used strategically in this way, for example, by giving donors the ability to dispose of noncash assets, according to the report. In practice, this means that DAF donors can give stocks, real estate and other noncash assets directly to DAFS when markets are doing well, meaning they are able to get income tax deductions from their contribution while side stepping paying capital gains tax on appreciation of those assets.
"The financial industry aggressively markets DAFs for uncharitable reasons: advantages as tax avoidance vehicles, especially for complex assets; no payout requirements—and secrecy to donors and grantees alike," said Chuck Collins, co-author of the report and director of the Charity Reform Initiative at IPS.
Other key insights from the study include:
"This rule would be a major win for the privacy rights of Americans and is the kind of bipartisan, commonsense action that should be protected and encouraged by politicians in both parties."
Considering billionaire entrepreneur Elon Musk's concerns about data privacy, advocates on Tuesday suggested he should welcome the Consumer Financial Protection Bureau's newly proposed rule that would stop data brokers from selling people's personal information.
"But they can't do it if you 'delete CFPB,'" grassroots group Demand Progress warned Musk in a post on social media, referring to his remark last week that the bureau is one of the "duplicative regulatory agencies" that he plans to dismantle as the head of a proposed government agency under President-elect Donald Trump.
Demand Progress applauded CFPB Director Rohit Chopra's announcement on Tuesday of a proposed rule that would limit the sale of personal information like Social Security numbers and phone numbers to ensure data brokers don't sell sensitive data to scammers.
Under the rule, the CFPB would clarify that when data brokers sell certain consumer data they are acting as "consumer reporting agencies" as defined by the Fair Credit Reporting Act (FCRA), which requires them to comply with accuracy requirements and maintain safeguards.
"Until now," said Demand Progress, "data brokers have been able to sell our personal information to the highest bidder—including scammers, blackmailers, and stalkers."
Emily Peterson-Cassin, corporate power director for Demand Progress Education Fund, said the agency "should be applauded for standing up to data brokers and working to rein in the sale of sensitive information about us, which can also end up in the hands of foreign governments."
"This groundbreaking rule offers a needed solution for Americans who are sick and tired of being inundated by scam texts, calls, and emails—often from fraudsters who have been able to buy our data for mere pennies," said Peterson-Cassin. "If finalized, this rule would be a major win for the privacy rights of Americans and is the kind of bipartisan, commonsense action that should be protected and encouraged by politicians in both parties."
Demand Progress was also among the groups that tied the announcement to a recent comment by Musk about a report that data brokers sell data about military personnel to unknown buyers for as little as 12 cents.
Musk called the report "concerning" in a Nov. 17 post on X.
"Good news, Elon!" said the organization, informing him of the proposed rule—before warning that Musk's own plan to gut the CFPB would embolden the very data brokers he expressed concern about.
"Guess which federal agency just proposed a rule cracking down on those data brokers selling the data of U.S. military personnel?" added the Electronic Privacy Information Center.
The CFPB said its proposal would also address other "critical threats from current data broker practices," including:
The CFPB introduced the rule after finding that "data brokers routinely sidestep the FCRA by claiming they aren't subject to its requirements."
U.S. Sen. Ron Wyden (D-Ore.), who for years has called on the CFPB to address the threats of data brokers, toldThe Washington Post that he has concerns the rule won't go into effect once Trump takes office.
"Unfortunately," said Wyden, "it will be up to Trump's CFPB to finalize this."
Bartlett Naylor, a financial policy advocate for Public Citizen, said the proposed protections would protect Americans from the $250 billion-per-year data sales business.
"All of us leave our financial fingerprints everywhere, every day, between credit card swipes, internet communications, and more. Thieves, loan sharks, stalkers, even foreign espionage agents can exploit gaping holes in credit reporting enforcement that the CFPB is rightly proposing to repair," said Naylor.
"A Republican-led congressional committee investigated this last year, a reminder that this isn't a partisan issue," Naylor added. "No one should side with data predators."
"Elon Musk's commission is a plot to destroy our Social Security by giving it to Wall Street executives—so that you get nothing and they get everything," warned one advocate.
A lengthy series of X posts attacking Social Security as a "nightmare" caught the attention of the platform's mega-billionaire owner, Elon Musk, who could soon take aim at the beloved New Deal program as co-chair of an advisory commission tasked with identifying federal spending to slash.
"Interesting thread," Musk, the world's richest man, wrote late Monday in response to the posts by Sen. Mike Lee (R-Utah), who once said he hopes to pull Social Security "up by the roots and get rid of it," along with Medicare and Medicaid.
In his new thread, Lee characterized Social Security—which lifts more Americans above the poverty line than any other federal program—as a "tax plan" insidiously disguised as a retirement plan and condemned the Social Security Act of 1935 as one of many "deceptive sales techniques the U.S. government has used on the American people."
Max Richtman, president and CEO of the National Committee to Preserve Social Security and Medicare (NCPSSM), replied Tuesday that Lee's posts amount to "a misrepresentation of Social Security's history and how the program works."
"There is nothing deceptive about Social Security. The social insurance program has been working just fine for nearly 90 years and has never missed a payment," said Richtman. "The kind of propaganda Sen. Lee posted undermines public support for Social Security, making it easier to cut or privatize the program. It is perhaps no coincidence that Sen. Lee's second-biggest campaign contributor by industry is the securities and investment sector."
"The money is ours, Mike Lee, Elon Musk, and Donald Trump. You're not going to get a penny of it."
Lee also claimed the federal government "routinely raids" the Social Security Trust Fund—a longstanding and misleading right-wing talking point.
Social Security Works (SSW), a progressive advocacy group, said Tuesday that by amplifying Lee's thread to his hundreds of millions of followers, Musk "just declared war on Social Security."
"For 89 years, through war and peace, boom time and bust, health and pandemics, Social Security has never missed a single payment," said Alex Lawson, SSW's executive director. "Compared to the risky alternatives on Wall Street, Social Security is a rock of retirement security. If billionaires like Elon Musk paid into Social Security at the same rate as the rest of us on all of their income, we could expand benefits for everyone and pay them in full forever."
"This is a declaration of war against seniors, people with disabilities, and the American public," Lawson said. "The Republicans are coming for your Social Security, which they call a 'nightmare.' Elon Musk's commission is a plot to destroy our Social Security by giving it to Wall Street executives—so that you get nothing and they get everything."
"We've seen this play again and again," he added. "When Republicans destroyed defined-benefit pension plans, they claimed that the market would be able to create amazing returns for everybody. Instead, workers got pennies, while Wall Street managers got billions. That is always the plan. We will defeat this Republican effort to steal our earned benefits. The money is ours, Mike Lee, Elon Musk, and Donald Trump. You're not going to get a penny of it."
Richard Fiesta, executive director of the Alliance for Retired Americans, similarly denounced Lee's thread and Musk's promotion of it, saying both "should enrage and concern every single American who has contributed to Social Security."
"Sen. Mike Lee has dreamed about 'phasing out Social Security' and the benefits generations of Americans have earned for more than a decade. His bad ideas have been rightfully ignored but last night he got a big assist from Elon Musk, who amplified Lee's wrongheaded views about Social Security on X."
"Social Security is a solemn promise between the American people and the government," Fiesta continued. "We pay for Social Security's guaranteed benefits with every paycheck and expect them to be there when we retire, lose a spouse or parent, or become disabled. No one voted to phase out Social Security or let Wall Street gamble with their earned benefits. Older Americans will rightly punish any politician who tries to cut their benefits or gut the system that has worked for generations."
On the campaign trail, President-elect Donald Trump pledged to defend Social Security while simultaneously pushing proposals that would wreck the program's finances.
Many Republican lawmakers, who are soon to be in the majority in both chambers of Congress, have called for raising the Social Security retirement age—a change that would cut benefits across the board. On Tuesday, Rep. Rich McCormick (R-Ga.) toldFox Business Network that "we're going to have to have some hard decisions" on Social Security, Medicaid, and Medicare—a euphemism for benefit cuts.
Richtman of NCPSSM said that the kind of attack advanced by Lee and other Republicans "conflicts with President Trump's promise not to tamper with Americans' earned benefits."
"It signals where Trump's MAGA allies in Congress are heading—toward privatization and benefit cuts, something the majority of Americans across party lines say they do not want," Richtman added.