New Yorkers are Pushing for a Huge Minumum Wage Jump! Does Gov. Hochul Agree?
Employees in the state of New York are pushing for an increase to the state's minimum wage, and a significant one at that.
New York State's minimum wage has seen an increase from $13.20 to $14.20 as of December 31st, 2022, with parts of the state reaching as high as $15.00 heading into the new year. Area residents are not satisfied yet, however, and are calling for annual increases to continue in the future.
Will New York's employees be making $20.00 per hour, or more, in the near future?
Hochul Weighs Options as New Yorkers Campaign for Minimum Wage Increases
A story from ABC News 10 in Albany shared details of campaign in New York that seeks annual increases to the state's minimum wage through at least 2027. The ultimate goal is to land at a $21.25 minimum wage number within the next four calendar years.
Brahvan Ranga, Political Director of For the Many in the Hudson Valley, shared the following quote with News 10: “In upstate New York it will gradually raise it until, about $20 an hour in 2026, and then starting in 2027, it will be $21.25 across the state plus indexing it with inflation."
New York State Senator Andrew Gounardes shared his thoughts on the possibility of an annual increase to News 10 as well: "It didn’t have the same buying power it did 10 years ago, 15 years ago, and it will help everyone in the economy if we pay the people enough, that money gets recycled back into our local stores or supermarkets, everywhere."
Governor Kathy Hochul addressed the issue in part in her State of the State Address, asserting that she would like to see minimum wages be indexed to match the inflation that the state, and the country, is facing.
So, the question becomes: will minimum wage simply be matched up with inflation trends, or will it be raised independent of economic circumstances?
Look, I'm not here to pick sides. On the one hand, as a young professional, I can tell you that it is not easy to make enough money to afford the current prices of food, gas and rent in the United States. An extra few dollars per hour could make a world of difference for adults, young and old, who are still feeling the impact of a post-COVID job market.
On the other hand, however, I fully understand the concern over where the money would be coming from. In order to give money to one party, it needs to be taken from another, and anyone who raises concerns about that is completely justified in doing so.
In short, I'm not sure where this is headed, but am well aware that a decision in one direction or another will have huge economic ramifications across the Empire State.