Demand Prosperity - Patriotic Millionaires
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The business case for higher minimum wage.
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Demand Prosperity - Patriotic Millionaires
- 2. PATRIOTIC MILLIONAIRES The Patriotic Millionaires • Proud “traitors to their class,” members of the Patriotic Millionaires are high-net worth Americans, business leaders, and investors who are united in their concern about the destabilizing concentration of wealth and power in America. The mission of The Patriotic Millionaires organization is to build a more stable, prosperous, and inclusive nation by promoting public policies based on the “first principles” of equal political representation, a guaranteed living wage for all working citizens, and a fair tax system.
- 3. PATRIOTIC MILLIONAIRES The Patriotic Millionaires: Minimum Wage • The Patriotic Millionaires are deeply concerned about the concentration of wealth and power in this nation. While the egregiously low minimum wage is bad for individuals, it is even worse for business. • Minimum wage must raise in order to grow and sustain our economy.
- 6. PATRIOTIC MILLIONAIRES A Nation in Crisis • According to a Gallup poll, 78% of people think our economic system is unfair.
- 7. PATRIOTIC MILLIONAIRES A Nation in Crisis
- 8. PATRIOTIC MILLIONAIRES A Nation in Crisis • According to a 2015 study by Nobel Prize winner Angus Deaton and Princeton economist Anne Case, from 1999 to 2014, suicide rates in the US rose sharply. Rates are at highest mark they have been for middle-aged Americans (45-64). • The number of deaths from prescription drug abuse at all time high according to National Institute on Drug Abuse.
- 10. PATRIOTIC MILLIONAIRES Let’s Get This Straight:
- 12. PATRIOTIC MILLIONAIRES Living Wage Calculator Source: Living Wage Calculator, MIT Carteret County, NCNew York City, NY Raleigh, NC $21.28$27.50 $22.40per hourper hour per hour
- 15. PATRIOTIC MILLIONAIRES A pro-business minimum wage • A Chamber of Commerce survey conducted by Frank Luntz of 1,000 business owners found that 80% of top executives support raising the minimum wage.
- 16. PATRIOTIC MILLIONAIRES Case Study: California’s Minimum Wage Increase • A study by UC Berkeley found that raising wages to $15 in San Jose by 2019 would only cause a 1% payroll increase and, 0.2% increase in retail prices, and 2.9% restaurant prices.
- 17. PATRIOTIC MILLIONAIRES Case Study: California’s Minimum Wage • According to a UC Berkeley comprehensive study, any adverse effects on businesses will be largely offset by increased sales generated by low-wage workers who receive the wages. • Net impact on employment = small.
- 18. PATRIOTIC MILLIONAIRES Case Study: Seattle • Seattle was the first city in the nation to raise its minimum wage to $15/hour. • To date, price changes have not been significant.
- 19. PATRIOTIC MILLIONAIRES Case Study: Seattle • A June 2017 study by UC Berkeley and the Center on Wage and Employment Dynamics, based on data from the U.S. Bureau of Labor Statistics, determined that “employment effects” in restaurants “were not statistically distinguishable from zero in Seattle’s food industry.
- 20. PATRIOTIC MILLIONAIRES Shrinkingthe welfare state • Last year, McDonald’s alone cost taxpayers $1.2 billion in federal subsidies to workers who are not paid enough to support themselves and their families.
- 21. PATRIOTIC MILLIONAIRES Shrinkingthe welfare state • A single Walmart supercenter costs taxpayers between $900,000 and $1.75 million per year.
- 22. PATRIOTIC MILLIONAIRES Shrinkingthe welfare state • Corporate welfare costs the average American family $6,000 per year. • Money that could be used for medical costs, schooling, food, or investments.
- 23. PATRIOTIC MILLIONAIRES Walmart’s Estimated Annual Cost to Taxpayers Cost of Walmart workers relying on public assistance programs due to low wages and benefits $6.2 billion Cost of federal tax breaks benefiting Walmart $1 billion Cost of direct economic development subsidies by state and local governments $70 million Annual Total $7.2 billion
- 24. PATRIOTIC MILLIONAIRES Case Study: Walmart • According to a study by publisher of the American Conservative Ron Unz, Walmart could raise every employee’s pay to $12/hour by instituting a 1% across- the-board price hike.
- 25. PATRIOTIC MILLIONAIRES Case Study: McDonald’s • A study by Purdue University found that McDonald’s would only have to raise the price of a Big Mac by 17 cents in order to give all employees a raise to at least $15/hour
- 26. PATRIOTIC MILLIONAIRES Case Study: McDonald’s • McDonald’s doesn’t need low wages to survive • Australian minimum wage- $17.70/hour • 920 McDonald’s in Australia
- 27. PATRIOTIC MILLIONAIRES A Winning Issue • 100% win rate in ballot measures over the last ten years • Minimum wage has passed in red states such as Alaska (69% voted yes), Arizona (58%), Arkansas (66%), Missouri (76%), Montana(73%), Nevada (69%), Ohio (57%),and South Dakota (55%) have all passed ballot measures raising the minimum wage since 2006. Polling by Hart Research Center
- 29. PATRIOTIC MILLIONAIRES An Increasingly Non-Partisan Issue • Conservative advocate Phyllis Schlafly – “If raising the minimum wage raises an individual above the government-prescribed poverty level, raising the minimum wage could benefit taxpayers.”
- 30. PATRIOTIC MILLIONAIRES An Increasingly Non-Partisan Issue • Bill O’Reilly – “I’m willing to pay it and I have means. I think Americans in general would be willing to pay a few more cents for products to up it.”
- 31. PATRIOTIC MILLIONAIRES An Increasingly Non-Partisan Issue • Republican Congresswoman Ileana Ros-Lehtinen – “Increasing the minimum wage is not only good for workers, it is good for those companies that employ them.”
- 32. PATRIOTIC MILLIONAIRES Getting on the Right Side of History • California and New York, the states with the 1st and 3rd largest economies, have already passed a $15 minimum wage, with Illinois, the 5th largest state economy, on the brink of joining them. • 84% of registered voters said that the economy was “very important” to their vote in 2016, the number 1 response. Polling by Pew Research Center
- 33. PATRIOTIC MILLIONAIRES Getting on the Right Side of History
- 34. PATRIOTIC MILLIONAIRES Getting on the Right Side of History • 3 in 4 Americans support raising the federal minimum wage to $12.50/hour by 2020, including 53% of Republicans • 63% of Americans support raising the federal minimum wage to $15/hour by 2020. Polling by Hart Research Center
- 36. PATRIOTIC MILLIONAIRES Advancements in Technology • It is imperative that the jobs that will exist after advancements in tech are enough to support an individual. • 3.5 million truck drivers will lose their jobs once self- driving vehicles become fully-functional. • McDonald’s and Walmart have already started rolling out self-service kiosks, with more to come. There are 3.4 million cashiers in retail alone.