Raising the minimum wage a lot across the board would make a big difference. It's not the only thing, but it's an indispensable part of solving the problem.
Nick HanauerThe overtime threshold is to the middle class as the minimum wage is to low-wage workers.
Nick HanauerIf it was true that lower taxes for the rich and more wealth to the wealthy leat to job creation, today we would be drowning in jobs.
Nick HanauerRaising the overtime threshold - something that is about to happen. This is more complex so not as many people understand it, but it's equally consequential.
Nick HanauerThe person earning the federal minimum wage of $7.25 isn't going out to eat at restaurants. They're not taking piano lessons. They're not going to the gym or the yoga studio. They're not sending mom flowers on Mother's day. What good is this person in the economy? If you raise it to $15 an hour, they're doing all of those things. And all of a sudden, not just business thrives, but small business thrives.
Nick HanauerBut can we please stop insisting that if low-wage workers earn a little bit more, unemployment will skyrocket and the economy will collapse? There is no evidence for it. The most insidious thing about trickle-down economics is not the claim that if the rich get richer, everyone is better off. It is the claim made by those who oppose any increase in the minimum wage that if the poor get richer, that will be bad for the economy. This is nonsense.
Nick Hanauer