“In an economy that is 70% driven by consumer demand, giving a third of the working population a raise is the best economic stimulus available.”
WASHINGTON –(ENEWSPF)–June 1, 2017. This morning, following the Illinois General Assembly’s passage of a bill to gradually raise the state minimum wage to $15/hour, the Chair of the Patriotic Millionaires Morris Pearl, former managing director at BlackRock Inc., issued the following statement:
“We’re encouraged that the Illinois General Assembly has decided to support workers and pass a bill raising the state minimum wage to $15 an hour. With nearly one-third of workers making less than $15 an hour, too many Americans are locked out of participating in our economy. This bill is an important step forward, not only toward ensuring that every person working full-time can afford his or her basic needs, but also toward a strong and vibrant economy within the state of Illinois. In an economy that is 70% driven by consumer demand, giving a third of the working population a raise is the best economic stimulus available. The Illinois General Assembly has shown their dedication to serving the working people of Illinois, and we hope Governor Rauner will do the same and sign the bill into law.”
The Patriotic Millionaires is a group of high-net worth Americans who are committed to building a more prosperous, stable and inclusive nation. The Patriotic Millionaires’ goal is to create an overwhelming public demand – a true mandate – for economic policies that serve regular Americans and political process policies that ensure everyone participates fully and equally in our democracy. The group supports legislation that will advance the following three core principles:
- All citizens should enjoy political power equal to that enjoyed by millionaires;
- All citizens who work full time should be able to afford their basic needs;
- Tax receipts from millionaires, billionaires and corporations should comprise a greater proportion of federal tax receipts.