NEWSMAX: President Barack Obama will announce on Tuesday he is issuing an executive order to raise the minimum wage to $10.10 an hour for federal contract workers with new contracts, the White House said.
In his State of the Union address, Obama will also call on Congress to pass a bill that would increase the federal minimum wage for all workers to $10.10 an hour from $7.25 and index that to inflation going forward.
The executive order for new contracts or existing contracts in which terms are being changed would take effect at the beginning of next year. Issuing the order allows Obama to bypass Congress in a limited way, with Republicans opposed to a broad increase in the minimum wage… (more)
EDITOR: Most millionaires only spend a moderate portion of their income on consumer goods. Workers receiving $10.10 an hour spend almost all of it that way. The increase in minimum wage restores, in inflation adjusted terms, what existed previously. At its peak, in 1968, the rate was $10.74 when adjusted for inflation.
Banks and corporations are bloated with cash to invest. What they need is customers.
