Answer: 26

Questions:

• How is the minimum wage changing in your state? Here’s the data source with minimum wage data on all 50 states (most of the 50; a few have N/As).
• Are employers in your area paying more than the minimum wage for part-time jobs? 
• Most states now have set minimum wages far above the federal rate of $7.25. Why do you think legislators in DC have chosen not to raise the federal minimum wage? 
• Imagine you run a small business where most of your employees earn the minimum wage. Would you be in favor of a minimum wage increase? Why or why not? 

Click here for the ready-to-go slides for this Question of the Day that you can use in your classroom.

Behind the numbers (Wolters Kluwer Legal & Regulatory U.S.): 

A total of 26 states have announced raises in minimum wage in 2022, with 22 of those states implementing the increases on January 1...In response to this and to a competitive job market, some organizations operating in multiple states have taken to setting their own minimum wages. Companies such as Costco, Chipotle, Wells Fargo, Aetna, and Walmart have implemented minimum wage rates for their employees, some of which exceed the highest state rate. Costco, for instance, recently increased the minimum wage for its U.S. workers from $16 to $17 per hour. 

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Here are more NGPF activities and lessons on the minimum wage. 

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 Dive in deeper to this topic, by completing this NGPF On-Demand: $7.25 - The Minimum Wage

About the Author

Tim Ranzetta

Tim's saving habits started at seven when a neighbor with a broken hip gave him a dog walking job. Her recovery, which took almost a year, resulted in Tim getting to know the bank tellers quite well (and accumulating a savings account balance of over $300!). His recent entrepreneurial adventures have included driving a shredding truck, analyzing executive compensation packages for Fortune 500 companies and helping families make better college financing decisions. After volunteering in 2010 to create and teach a personal finance program at Eastside College Prep in East Palo Alto, Tim saw firsthand the impact of an engaging and activity-based curriculum, which inspired him to start a new non-profit, Next Gen Personal Finance.

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