Raising New Jersey’s minimum wage to $15 an hour would reduce poverty while boosting the state’s economy by ensuring that more working people have more dollars to spend on essential goods and services, according to a report released today by New Jersey Policy Perspective (NJPP).

The new in-depth report finds that gradually increasing the minimum wage to $15 by 2023 would boost wages for 1.2 million of the state’s 4.2 million workers (or 28% of the workforce) and pump $4.5 billion in increased wages directly into the state’s economy. The workers who would benefit are nearly all adults, most are working full time, many have pursued a higher education and they are raising an estimated 458,000 children, according to the report.

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For the first time in many years, there is now a clear consensus in Trenton between the governor and legislative leadership that raising the minimum wage to a more livable, family-sustaining wage is a top priority. As we move through that debate this year, it’s important to remember that raising the wage is a critical policy fix to fight poverty and inequality, improve the lives of low-paid workers and their families, and boost the state’s economy.

“Raising the minimum wage to $15 an hour would be a boon to New Jersey’s workers and businesses, and is absolutely essential to ensuring the state enjoys a robust and sustainable economy that delivers prosperity for all,” said Brandon McKoy, NJPP Director of Government & Public Affairs and author of the report.

The report is online here: https://www.njpp.org/reports/a-15-minimum-wage-would-help-over-1-million-workers-and-boost-new-jerseys-economy and here as a PDF: http://www.njpp.org/wp-content/uploads/2018/02/NJPP15MinWageFeb2018.pdf