Source: Center for Economic and Policy Research

States Take the Lead on the Minimum Wage: Ritholtz Chart

Barry Ritholtz is a Bloomberg View columnist. He founded Ritholtz Wealth Management and was chief executive and director of equity research at FusionIQ, a quantitative research firm. He blogs at the Big Picture and is the author of “Bailout Nation: How Greed and Easy Money Corrupted Wall Street and Shook the World Economy.”
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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.

This column does not necessarily reflect the opinion of Bloomberg View's editorial board or Bloomberg LP, its owners and investors.

Barry Ritholtz writes about finance, the economy and the business world for Bloomberg View. Follow him on Twitter @Ritholtz.

To contact the author on this story:
Barry L Ritholtz at britholtz3@bloomberg.net

To contact the editor on this story:
Toby Harshaw at tharshaw@bloomberg.net