File this under “Unexpected.” A coalition of small business owners is calling on Congress to increase the federal minimum wage to $9.80 per hour, or $2.55 more than the current rate. The goal: to increase poor workers’ spending in hopes of stimulating the economy.
“At $7.25 an hour, the current minimum wage comes to just $15,080 a year for full-time work. Today’s minimum wage workers have far less buying power” than previous generations did, said a statement by a group called Business for Shared Prosperity. It says it’s “a national network of forward thinking business owners and executives.”
Chances that Congress will act on this recommendation anytime soon: somewhere between slim and none.