This Day On The Street
Continue to site right-arrow
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
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Proposal Lets NM Voters Decide Minimum Wage Boost

New Mexico's current hourly minimum wage rate would need to be $8.03 if it was adjusted for inflation since 2009, according to a U.S. Bureau of Labor Statistics inflation calculator.

The Greater Albuquerque Chamber of Commerce opposes the wage proposals.

"We believe that increasing the minimum wage only hurts the people that the legislators are trying to help," said Terri Cole, the business group's president and CEO.

She contends that a higher pay requirement by the state will cause businesses to eliminate jobs or benefits and potentially increase the costs of their products.

But John Chavez, a Santa Fe restaurant owner, said businesses can thrive with a higher minimum wage. He pays his five employees an average of $11.25 an hour. Santa Fe has a "living wage" requirement of $10.29 an hour, but it doesn't apply to his small business.

"Employees are more productive when they are getting paid more," Chavez said.

Albuquerque voters in November approved raising the city's minimum wage to $8.50 an hour â¿¿ a $1 increase â¿¿ and requiring cost-of-living adjustments.

Garcia's proposal is a constitutional amendment that would be placed on the 2014 general election ballot if it's approved by the Legislature. Lawmakers in the Democratic-controlled Legislature can bypass Republican Gov. Susana Martinez because a proposed constitutional amendment doesn't require the signature of the governor.

Democrats said a higher minimum wage would boost the state's economy by giving workers more money to buy goods and services.

"When New Mexico workers are paid a fair wage that money is invested right back into our local economy," Garcia said.


Follow Barry Massey on Twitter at

Copyright 2011 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
2 of 2

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

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
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, 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
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 18,053.71 +23.50 0.13%
S&P 500 2,088.77 +6.89 0.33%
NASDAQ 4,806.8590 +33.3870 0.70%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs