States Take the Lead on the Minimum Wage: Ritholtz Chart
Minimum wage policy was a big part of the President Barack Obama's State of the Union address last night. As it turns out, 20 states plus the District of Columbia have minimum wages higher than the federal level. As the Center for Economic and Policy Research notes:
"As of January 1, 2014, 13 states raised their minimum wage, with California set to follow suit with an increase to $9 in July. Of these 14 state increases, 9 are automatic adjustments based on indexing the value of the minimum wage to the cost of living, while 4 (NJ, CT, NY, RI) are the product of either ballot-measures or legislative action."
The accompanying chart shows the details of those increases.
We may not know the outcome of the national politics, but it looks like the $7.25 Federal minimum wage may get eclipsed by state actions.
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Barry Ritholtz writes about finance, the economy and the business world for Bloomberg View. Follow him on Twitter @Ritholtz.
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