Staten Island Business Bank Cites Harris Poll Eyeing Americans’

Views on Increasing Minimum Wage

 

How do your thoughts about the U.S. minimum wage compare with those of others? Victory State Bank, Staten Island’s only community-based business banks is citing a survey that indicates most American’s feel the nation's minimum wage is too low, but are conflicted on whether $15.00 an hour is too much.

 

According to a recent Harris Poll, a strong majority of Americans (72 percent) – crossing regional, political, generational, gender and income lines – believe the current federal minimum wage of $7.25 per hour is lower than it should be. However, while Americans clearly feel minimum wage should be higher, exactly how high remains a more contentious subject.

 

When informed that some U.S. cities have introduced programs to grow their minimum wage rates to $15.00 per hour in the next few years, a six in ten majority of U.S. adults (59 percent) feel this rate is at least somewhat higher than it should be.

 

But not everyone feels this way.

 

While majorities of Republicans (81 percent) and Independents (62 percent) feel $15.00 per hour is more than the minimum wage should be, only four in ten Democrats (41 percent) share this perspective, slightly behind the percentage who feel it's about right (43 percent).

 

While resistance to this level of compensation likely has many causes, one that may be weighing on adults' minds is concern over their own bottom lines: Eight in ten Americans (81 percent) believe that a higher minimum wage would increase costs for consumers.

These are some of the results of the Harris Poll of 2,045 U.S. adults surveyed online between July 28 and 30, 2015 (click here to view full results, including data tables). When presented with key provisions from the New York State wage board's recent recommendation to increase the minimum wage to$15.00 per hour for fast food workers at chains with more than 30 locations, sentiments were mixed toward many elements of it:

 

§  Just over half of Americans (53 percent) support the end-of-2018 deadline for reaching this wage rate in 2018, while just over half (52 percent)oppose the mid-2021 statewide deadline, but ultimately Americans most take issue with the divergent standards these dates represent. Six in ten U.S. adults (60 percent) oppose New York City and the rest of the state reaching a $15.00 per hour minimum wage at different times.

 

§  A 55 percent majority opposes the recommendation's focus on workers in the fast food industry, while a narrow 52 percent majority opposes its focus on chains with 30 or more locations.

 

About Victory State Bank

VSB Bancorp, Inc. (OTCQX: VSBN) is the one-bank holding company for Victory State Bank. As Staten Island, N.Y.’s only community-based commercial bank, Victory State Bank operates five full-service locations on the Island: The main office in the community of Great Kills, and branches in the communities of West Brighton, St. George, Dongan Hills and Rosebank. For additional information, Victory State Bank may be reached at 718-979-1100 or visited online at www.VictoryStateBank.com.

 

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