Coloradans will get to vote on a $12 an hour minimum wage

Colorado Families for a Fair Wage submitted 200,000 signatures to the Colorado Secretary of State this week to put a higher minimum wage on the ballot.

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Colorado’s minimum wage is currently $8.31 an hour. Which, hey, that’s better than the federally mandated $7.25.

Colorado Families for a Fair Wage hope voters approve a $12 an hour minimum wage this November. The group submitted 200,000 signatures to the Colorado Secretary of State this week to put a higher minimum wage on the ballot.

The proponents definitely hedged their bets: That’s more than twice the legal requirement.

The higher wage would go into effect in 2020.

A worker working full-time at the minimum wage earns just more than $300 a week. If the higher wage goes into effect, she would earn $480 a week.

Expect familiar battle lines on this, with some economists and business owners warning it will lead to job loss, while others say it will boost the broader economy because workers will be able to spend more.