Big Red Car here on a glorious ATX day. On Earth as it is in Texas, y’all. Today, we turn our focus on the minimum wage.
The current Federal minimum wage is $7.25/hour.
Individual states may have legislation setting another standard within their states. As an example, California has a $10.00/hour minimum wage which will increase to $15.00/hour by 1 January 2022 (1 Jan 2023 for businesses with 25 or fewer employees). Thereafter, it increases annually with inflation and the Governor of California may suspend increases if economic conditions suggest such a course of action is prudent.
Note that for all of California’s goofiness, it takes six years to get to $15.00/hour.
You may be tempted to suggest that the new California law feels like a head fake. Maybe so?