$12 Minimum Wage Critical to Building an Economy that Works for Everyone, Says CAP’s Neera Tanden

$12 Minimum Wage Critical to Building an Economy that Works for Everyone, Says CAP’s Neera Tanden

WASHINGTON, D.C. – April 30, 2015 – (RealEstateRama) — Neera Tanden, President of the Center for American Progress, released the following statement today on the Raise the Wage Act, legislation introduced by Sen. Patty Murray (D-WA) and Rep. Bobby Scott (D-VA) to raise the minimum wage to $12 by the year 2020.

Building an economy that works for everyone must include proven policies to combat the wage stagnation that is holding American families back. Sen. Murray and Rep. Scott’s legislation addresses our widening economic inequality head on by gradually raising the minimum wage to $12 by 2020. Their proposal would also index the federal wage to the median wage and, importantly, eliminate the $2.13 tipped wage over time, which would helpshrink the gender wage gap since women hold two-thirds of tipped-wage jobs.

When workers have more money in their pockets, businesses benefit because consumers have more money to spend in their communities and local stores. And it’s good news for taxpayers, who currently spend billions of dollars annually subsidizing the low wages provided by companies that pay poverty wages. When companies pay poverty wages, millions of Americans—even those who work 40 hours per week, 52 weeks per year—must rely on programs such as nutrition assistance to make ends meet.

Inclusive prosperity means that working families—not just those at the top—have the opportunity to get ahead. With wages across the board flatlining, lifting the minimum wage is an important first step to invest in the working Americans that help drive the economy. Now is the time for Congress to come to the table and work together to raise the wage.

The following experts are available to comment on the Murray-Scott bill to raise the minimum wage:

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