Consumer spending data from the Federal government shows that dollars spent on reading increase substantially as household income rises from from $9.32/hour to $15/hour:
Consumer expenditures on reading, per most recent BLS data:
- Income between $10,000 and $19,999: $60/year
- Income between $30,000 and $39,999: $76/year
If you’re paid $9.32/hour, you’re in the first category. Raising wages to $15/hour moves you into the second category, increasing spending by 26%.
The idea that more people with more money means more customers for more businesses isn’t just a theory — it’s the reality of our economy. That’s why higher wages are good for workers and good for business too.
Source: BLS Consumer Expenditures survey, http://www.bls.gov/cex/csxann11.pdf