Starting tomorrow, Jan. 1st, a majority of states — 29 — including Connecticut, will have a higher minimum wage than the federal wage, which is $7.25 an hour.
Will this mean that the state’s lowest paid wage slaves will now be able to afford better housing, and perhaps boost the economy with more spending?
Well, maybe eventually.
Currently here in Connecticut, the current minimum wage is $8.70.
Tomorrow it goes up to $9.15, $9.60 on Jan. 1, 2016; and $10.10 on Jan. 1, 2017.
But with inflation n’ all, what’s that ten bucks really going to be worth three years from now? Like, 4 dollars?
Personally, I’d like to see us follow in the footsteps of some of the great cities on the West Coast, where earlier this year they broke the $15 an hour barrier for the first time. Seattle and San Francisco passed $15 wage laws, while Los Angeles announced a significant wage hike too.
The debate next year will focus on how these cities are impacted by the wage increases. Critics say it will take away jobs while advocates argue that workers will be able to spend more money.
Clearly, only time will tell.