Victory for exploitation of workers in Missouri
The Kansas City Star
It is ironic and sad that the backers of initiative petitions in Missouri gave up their fight for a minimum wage increase and caps on payday loan interest rates on Labor day.
You can read all the details here. Essentially, anonymous donors (although almost certainly from the payday loan industry) threw up a series of barriers aimed at preventing citizens from voting on the measures. The final straw was a ruling from the Missouri secretary of state’s office that a number of signatures collected on petitions in the St. Louis area did not belong to valid voters.
Backers of the initiatives could have continued contesting that ruling, but essentially they are out of gas. Their concession means that Missouri will continue to pay minimum wage workers a paltry $7.25 an hour, virtually ensuring that those workers will find their way to payday lenders, where they will pay an average annual percentage rate of more than 400 percent. Missouri’s laws will be among the nation’s most welcoming to payday lenders.
So no, this is not a good Labor Day for working women and men in Missouri.