Inflation seemingly has wiped out many of potential benefits when rate was suggested more than 5 years ago
By
ROI-NJ Staff(New Jersey)
-
September 27, 2023
The long-celebrated fight for $15 — which began when the state’s minimum wage was still in single digits — will be over on Jan. 1, 2024, when the state’s wage is elevated to $15.13.
Its impact isn’t as clear. But it is not likely to be what proponents thought it would be when the battle began.
For starters, many jobs already pay above the rate — a supply-and-demand benefit caused by a shortage of entry-level workers. And, it should be noted, there is a lower minimum for some jobs, including agriculture workers.
But, there’s also this: Rising prices — some caused by inflation — have made the wage not worth as much as some felt it would be years ago.
While the minimum wage was just $8.60 an hour when Gov. Phil Murphy took office in 2018, food — among other items — was cheaper then. Today, most meals now cost double ($10-$20) what they did years back.
Peter Chen, a senior policy analyst at New Jersey Policy Perspective, a progressive think tank, said the milestone is a mixed bag.
“This minimum wage increase is the well-deserved and historic culmination of decades of organizing and tireless efforts by low-wage workers, labor unions and advocacy groups throughout New Jersey,” he said. “And the state’s economy continued to boom throughout the wage increases, vindicating the view that fair wages and economic prosperity can...
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