Support for minimum wage hike growing among small business owners
- Details
- Published on Thursday, 10 July 2014 17:44
- Written by PRNewswire
Small business owners strongly favor raising the federal minimum wage to $10.10and adjusting it to keep up with the cost of living in future years, according to a scientific national opinion poll released Thursday.
Small business owners are considerably less partisan than Congress in weighing the issue. The federal minimum wage has been set at $7.25since it was last increased five years ago inJuly, 2009.
A striking 61% of small business employers support increasing the federal minimum wage to $10.10in three stages over two and a half years, and then adjusting it annually to keep pace with the cost of living. This finding is higher than reported in previous small business polling, indicating growing support among small business owners for a $10.10minimum wage.
Small business owners believe a higher minimum wage would benefit business in important ways: 58% say raising the minimum wage would increase consumer purchasing power; 56% say it would help the economy, and 53% agree that with a higher minimum wage, businesses would benefit from lower employee turnover and increased productivity and customer satisfaction.
Small business support for raising the federal minimum wage to $10.10 is strong across the country, with 67% of employers favoring it in the Northeast, 61% in the Midwest, 60% in the West and 58% in the South.
Interestingly, small business owners are less partisan than Congress about raising the minimum wage. Contrary to common perception, Republican small business owners are evenly split – with 49% against and 49% in favor. Not surprisingly, support is strongest among Democratic respondents, with 84% favoring, and independents, with 61% favoring.
The poll was conducted June 4-10 by Lake Research Partners and commissioned by the American Sustainable Business Council and Business for a Fair Minimum Wage.
The scientific nationwide live telephone survey included owners of for-profit small businesses with two to 99 employees. A plurality of respondents were Republican, reflecting the Republican tilt of small business owners nationally; 43% of respondents identified themselves as Republican or independent-leaning Republican, 28% as Democrat or independent-leaning Democratic, and 19% as independent.
To view the report of poll findings visit: http://bit.ly/ASBC_BFMW_Poll
