Panel Discussion on Economic Forecast and Minimum Wage Changes

A discussion on “The Big Money Show” will cover President Donald Trump’s positive economic outlook, including rising real wages, job growth in the private sector, and upcoming tax refunds, and how these factors could influence the midterm elections in 2026.

In the U.S., many workers earning minimum wage are seeing changes as increases took effect on New Year’s Day in 19 states, with a few others set to adjust their rates in late 2026.

While twenty states have opted to stick with the federal minimum of $7.25 per hour, most states actually have higher rates that are revised periodically—for instance, in response to inflation or updates in workers’ compensation laws.

Supporters of the minimum wage argue it helps those at the lower end of the pay scale, but critics claim that raising it could drive up business costs and impede job growth, as companies may choose to automate positions typically filled by lower-wage workers.

Here’s a breakdown of states set to increase their minimum wages in 2026, including when those changes will occur.

Minimum Wage Increases on January 1st

Arizona: $15.15 per hour, with local variations possible.

California: $16.90 per hour.

Colorado: $15.16 per hour, local rates may differ.

Connecticut: $16.94 per hour.

Hawaii: $16 per hour.

Maine: $15.10 per hour.

Michigan: $13.73 per hour.

Minnesota: $11.41 per hour, varying locally.

Missouri: $15 per hour.

Montana: $10.85 per hour.

Nebraska: $15 per hour.

Growth of U.S. Economy Surprises Analysts

New Jersey: $15.92 per hour for businesses with six or more employees; $15.23 for seasonal or small businesses with fewer than six employees; $14.20 for agricultural workers; $18.92 for workers in long-term care facilities.

New York: $17 per hour in New York City, Long Island, and Westchester; $16 elsewhere, with potential variations for home care aides.

Ohio: $11 per hour, though small businesses meeting certain income criteria may pay the federal minimum.

Rhode Island: $16 per hour.

South Dakota: $11.85 per hour.

Vermont: $14.42 per hour.

Virginia: $12.77 per hour.

Washington: $17.13 per hour, with local variations possible.

Expected Minimum Wage Increases in the Second Half of 2026

Alaska: Wages will rise from $13 to $14 per hour starting July 1.

Florida: Wages will increase to $15 per hour effective September 30.

Oregon: The standard rate of $15.05 per hour adjusts according to CPI inflation data from July 1, with Portland’s rate reaching $16.30 and non-metro areas set at $14.05.