Bloomberg by the Numbers: $10.10

President Barack Obama will lift to $10.10 per hour the minimum wage for future federal contract workers.

Obama announced the proposal in his State of the Union address yesterday.

As president, “I intend to lead by example,” Obama said. “Profitable corporations like Costco see higher wages as the smart way to boost productivity and reduce turnover.  We should too.”

Obama also promoted legislation that would boost the minimum wage for all workers to $10.10 per hour, up from the current level of $7.25 per hour. Rep. George Miller, a California Democrat who is sponsoring the House bill — appropriately titled H.R. 1010 — and Sen. Tom Harkin, an Iowa Democrat who is sponsoring companion legislation in his chamber, are pushing for the wage hike before they both retire at the end of the current 113th Congress.

Most Republicans oppose a federally mandated wage hike, saying it will have an adverse effect on employment. Republicans generally have been more open to supporting a federal minimum wage hike if it’s paired with small-business tax breaks.

“In all, the president announced a dozen actions that he said would help push against the economic forces that have left lower- and middle-income Americans still struggling to recover from the worst recession in more than seven decades,” Bloomberg’s Margaret Talev and Mike Dorning reported.

He announced a retirement-savings program, called “MyRA,” for workers who don’t have access to a 401(k) plan, Dorning and Margaret Collins reported.

 

 

 

 

 

 

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