The Fair Minimum Wage Act of 2013 will help restore much of the lost value of the federal minimum wage. The act is to provide America’s lowest paid employees with a much needed pay raise while boosting the consumer spending that fuels the economy. The Fair Minimum Wage Act of 2013 is projected to raise the federal minimum wage to $10.10 by 2015, adjust the minimum wage to keep pace with the rising cost of living, and raise the minimum wage for tipped workers to 70% of the full minimum wage. This will increase more than 30 million workers’ wages. Consumer spending accounts for 70% of the United States economic activity. Wages and salaries now make up the lowest share of national income since 1966, while corporate profits are now the largest share of national income since 1950. With the Fair Minimum Wage Act of 2013 we will start to see a boost in consumer demand. The Act will
References: NELP. (2013 ). Fair Minimum Wage Act of 2013. Retrieved from Raise the Minimum Wage: http://raisetheminimumwage.org/pages/fair-minimum-wage-act-of-2013 Richey, A. (2013). Minimum Wage Bill: Obama 's $9 Proposal won 't Increase Unemployment. Retrieved from Policy Mic: http://www.policymic.com/articles/41325/minimum-wage-bill-obama-s-9-proposal-won-t-increase-unemployment Sessions, D. (2013, Feburary 15). Five Things You Didn’t Know About the Minimum Wage. Retrieved from The Daily Beast : http://www.thedailybeast.com/articles/2013/02/15/five-things-you-didn-t-know-about-the-minimum-wage.html