Patriotic Millionaires, Business Leaders Applaud Senator Sanders’ $17 Minimum Wage

Today, Senator Bernie Sanders (I-VT), together with labor leaders, workers, and activists, announced his intention to pursue legislation that would raise the federal minimum wage to $17 an hour.

In response, John Driscoll, former CEO of CareCentrix and member of the Patriotic Millionaires, released the following statement:

"As a new CEO of a national healthcare company, I decided to dramatically raise pay for my employees because it was the right thing for our company and our team. Our profits grew as our better-paid workers became more productive, had an increased sense of loyalty, and could grow with the company. Paying our workers a fair wage was an investment in the short term, but paid off mightily in the long run.

If business leaders want to drive sustainable success, they would be wise to support Senator Sanders’ push for a $17 minimum wage. $7.25 is ridiculously low for workers to live on. It is a disgrace that we have not raised the federal minimum wage since 2009, and now even $15 lags behind what most workers need. A $17 base wage could help workers earn enough not just to survive, but also participate in growing small businesses and local economies. A higher minimum wage is good for workers and is a great investment for companies and our country."

Stephen Prince, Vice-Chair of the Patriotic Millionaires and founder of Card Marketing Services, also released the following statement:

“For years, workers have fought to raise the minimum wage to $15 an hour. But while the federal minimum wage, still just $7.25 an hour, has remained unchanged for over a decade, the cost of living hasn’t. As it becomes more and more expensive to get by in America, $15 is no longer an adequate goal. We need to go higher to reflect what it actually costs to live in America. Sanders is right to revise his minimum wage push to $17 an hour to save workers across the country from further suffocation.

To my core, I am a capitalist. When I ran my own business, I paid my workers decent wages and salaries not just out of the goodness of my heart, but because of my own self-interest. When workers have more money in their pockets, they’re more productive and less likely to leave for another job. On a larger scale, raising the minimum wage would give millions of people more money to buy more products and services from businesses around the country, which is good for our bottom lines. From a business standpoint, 60% of the country living paycheck to paycheck is unsustainable and precarious. Sanders’ $17 minimum wage will change this reality and I’m all for it.”