Op-ed: Black businesses support raising the minimum wage. Why doesn’t the rest of Corporate America?

People collect collectively to ask the McDonald’s company to boost employees wages to a $15 minimum wage in addition to demanding the proper to a union on May 23, 2019 in Fort Lauderdale, Florida.

Joe Raedle | Getty Images

President Joe Biden introduced the “American Rescue Plan” in January, which incorporates raising the minimum wage to $15 an hour. Since the president’s announcement, there was in depth debate surrounding the minimum wage improve, significantly from the enterprise neighborhood.

While a lot of the “American Rescue Plan” focuses on reduction associated to COVID-19, raising the minimum wage is lengthy overdue and the pandemic has solely exacerbated the want for a wage that may maintain American employees.

In the previous 25 years, the minimum wage has only increased $2.50—from $4.75 an hour to $7.25 an hour—and the final improve was in 2009. Furthermore, based on the Economic Policy Institute (EPI), Black workers make up 31% of the workforce that might most profit from an elevated minimum wage.

Opponents of a minimum wage improve argue that it will harm American businesses and drive small and medium businesses to shed employees.

However, the U.S. Black Chambers, Inc. (USBC) disagrees with this argument. The USBC, which represents 310,000 Black-owned businesses and 145 Black Chambers nationwide, understands that raising the minimum wage can have a major influence on thousands and thousands of Americans and their houses, along with decreasing pay inequality by race and gender.

Even as 41% of Black-owned businesses closed resulting from COVID-19, Black enterprise house owners have continued to precise support for a rise to the minimum wage as a result of of the significant impact it will have in thousands and thousands of American houses and in lifting households out of poverty.

The EPI estimates that “almost one in four (23%) of those who would benefit is a Black or Latina woman.”

The USBC met with Vice President Kamala Harris and Secretary of the Treasury Janet Yellen earlier this month to debate the disproportionate have an effect on COVID-19 has had on Black-owned businesses, and methods the Biden Administration is working to supply reduction and help to the businesses that want it most.

Even as 41% of Black-owned businesses closed resulting from COVID-19, Black enterprise house owners have continued to precise support for a rise to the minimum wage as a result of of the significant impact it will have in thousands and thousands of American houses and in lifting households out of poverty.

If the Black enterprise neighborhood, which faces main obstacles outdoors of COVID-19, can get behind a $15 an hour minimum wage, why can’t the rest of company America?

Raising the minimum wage won’t be straightforward for businesses however it’s a important step in bringing monetary stability to components of America which have lengthy been missed.

In reality, Black-owned businesses may even see slower development primarily based on the quantity of workers they’ll afford to pay (along with having much less entry to capital) however that isn’t stopping the neighborhood from rising to the problem.

Corporate America, let’s make a $15 minimum wage occur by 2025.

 Ron Busby is president of the U.S. Black Chambers, Inc.

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