This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Proposal Lets NM Voters Decide Minimum Wage Boost


SANTA FE, N.M. (AP) â¿¿ Democratic lawmakers are pushing to increase New Mexico's minimum wage to $8.50 an hour, one of the highest rates in the country, and allow voters to decide whether the rate should be adjusted annually for inflation.

The proposals are part of the Democratic agenda for the 60-day legislative session, but the measures face strong opposition from business groups.

"For too long the debate seems to have been we either have social justice or you have economic development," said Rep. Brian Egolf, D-Santa Fe. "You can have both. You can have social justice and a strong economy."

The state's minimum wage went to $7.50 an hour in 2009. The federal minimum wage is $7.25 an hour. Employers must pay the higher rate when there is a difference between the federal rate and requirements imposed by a state or local government, according to the state Department of Workforce Solutions.

A proposal by Sens. Richard Martinez, of Espanola, and William Soules, of Las Cruces, would increase the minimum wage to $8.50 an hour, which would provide an annual salary of $17,680 for a full-time job.

Only three states â¿¿ Washington, Oregon and Vermont â¿¿ have higher minimum wages. Washington tops the nation at $9.19 an hour, according to the U.S. Department of Labor.

"This would increase the amount of money in a family budget by about $40 a week to buy groceries," Soules said of his proposal. "''This is a bill that supports families. It helps raise people up out of poverty, which we know is a major contributor to poor education outcomes."

A separate proposal by Rep. Miguel Garcia, D-Albuquerque, would provide automatic cost-of-living increases in the state's minimum wage based on the consumer price index published by the Labor Department. The rate could increase but not decrease because of the annual adjustments.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free


Chart of I:DJI
DOW 17,825.52 +105.60 0.60%
S&P 500 2,092.71 +12.30 0.59%
NASDAQ 5,133.4790 +24.8130 0.49%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs