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The highest state minimum wage in 2024 will be Washington state, at $16.28, up from $15.74. The state with the biggest jump in its minimum wage this year will be Hawaii, which is hiking it by $2. The push to raise it has gone on for years because minimum wage workers stuck at $7.25 have lost substantial buying power. But advocates for a higher minimum wage, including Holly Sklar, CEO of Business for a Fair Minimum Wage, would rather see it adjusted for inflation from where it was in 1968. “People replace tires they couldn’t replace or get their kids clothes.”For businesses, she said, consumer spending goes up because minimum wage workers will spend their additional earnings quickly.
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Meanwhile, 23 states and Washington, D.C., according to the Economic Policy Institute, will implement higher minimum wages on Jan. 1. States that are not seeing minimum wage hikes in 2023 still tie their base pay to the $7.25 per hour federal rate. Workers who depend on the minimum wage are also much more likely to be people of color and living in poverty. Raising minimum wages can also help increase consumer demand and put money back into local economies, said Holly Sklar, CEO of Business for a Fair Minimum Wage, a national network of business organizations, owners and executives that support higher minimum wages. "Putting needed raises in minimum wage workers' pockets [is] really the most efficient way you can boost the economy," Sklar said.
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