On New Year's Day, nearly half of U.S. states and 48 counties will raise minimum hourly wages, but some economists say the mandated increases could have a negative impact on small businesses and overall employment levels. I'm warning you.
fox business reported: “According to an analysis by the Economic Policy Institute, 21 states plan to raise their minimum wages at the beginning of the year, and 48 cities and counties have raised their wage floors above their state's minimum wage. Most , in californiaColorado and Washington. ”
of wall street journal The edit page skeptical Views on the change warn that Congress's move to raise the federal minimum wage (currently $7.25 an hour) to $17 an hour fails to take into account regional disparities that are better addressed at the state level. .
According to the left-leaning Economic Policy Institute, 21 states are planning to raise their minimum wages on January 1st, but news articles have argued that the increase is an economic free lunch for workers. The unseen effects will put more pressure on many companies to automate shorter hours, higher prices, and opportunities for unskilled workers looking for first-time jobs.
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Ballot measures in Missouri and Nebraska would raise the minimum wage in those states to $13.75 and $13.50, respectively, to $15 in 2026, but the range is beneficial. Montana's inflation-adjusted amount will increase by 25 cents to $10.55. The one in Ohio is $10.70. These are usually places where bucks will go much further than the coast.
This is a fact often ignored by lawmakers who want to raise the national federal minimum wage to $17 or more. It's currently $7.25, but 99% of hourly workers are already above that number. According to the Bureau of Labor Statistics, in 2023, the share of hourly workers making at least the federal minimum wage was 1.1%, and 44% of them were under 25. There is no doubt that many employees will soon be increasing their income.
Washington state has the highest minimum wage, at $16.66 an hour. The minimum wage in California and parts of New York is $16.50 an hour.
Joel B. Pollack is a senior editor at Breitbart News. Breitbart News Sunday Sunday nights from 7:00 PM to 10:00 PM ET (4:00 PM to 7:00 PM PT) on Sirius XM Patriot. he is the author of Agenda: What should President Trump do in his first 100 days?available for pre-order on Amazon. He is also the author of Trumpian Virtues: Lessons and Legacy of the Donald Trump Presidencynow available on Audible. He is the recipient of the 2018 Robert Novak Journalism Alumni Fellowship. Follow him on Twitter @joelpolak.
