A new poll finds substantial support among small business owners for raising the federal minimum wage. Conducted on behalf of Small Business Majority, the poll finds that 67 percent of the small business owners surveyed would back an effort to increase the federal minimum above $7.25 per hour and to adjust it annually for inflation.
Two-thirds of small business owners agreed that increasing the minimum wage would help the economy as low-income consumers would have more money to spend on small businesses’ goods and services and would rely less on taxpayer-financed government assistance.
While the poll focuses on the federal minimum wage, it remains relevant for similar debates here in New Hampshire. Opponents of bolstering the Granite State’s minimum wage often claim it would have an adverse affect on smaller employers and negative consequences for the state’s economy as a whole.
Yet, as the graphic to the right illustrates, the poll finds that the large majority of small business owners understand that a higher minimum wage can improve their bottom lines.