New York City Comptroller William C. Thompson, Jr. testified before the City Council Contracts and Government Operations committees on the Living Wage Bill today. In his prepared remarks, Thompson said:

"The fact is that in New York City far too many hardworking people depend on low-wage jobs that do not pay enough to afford them the most basic necessities, like food, shelter, transportation and health care. The fact is that too many hardworking men and women in this City labor all week long, but are not able to climb out of poverty. Put quite simply, $5.15 is not sufficient. I fully recognize that these are tough fiscal times; however, at a reasonable cost to the City, we can lift thousands of workers above the poverty line and spur the City's economy. This legislation will do that."

"Preliminary analysis from my office, based on the most recent version of the bill available to me shows that the total cost of the bill to the City tax-levy funds would be $7.9 million in the first year of implementation," Thompson said during the hearing. "These costs are a reasonable investment for the economic stimulus, Intro. 66 will provide our City and for a healthy, productive workforce."

"Given the enormous, positive effect this increase could have in the lives of the working poor, the cost to the City is a reasonable and worthwhile investment, even with a tight budget. Hard work should be rewarded. In the midst of so much wealth, workers in New York City should not be members of the working poor," Thompson said.

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