Are Minimum Wage Hikes a Fix for Biden-flation?

President Joe Biden speaks about his administration’s efforts to tackle inflation, Tuesday, Dec. 13, 2022, in the Roosevelt Room of the White House in Washington. Behind Biden are Dr. Cecilia Rouse, Chair of the Council of Economic Advisers, left, and Brian Deese, Assistant to the President & Director of the National Economic Council. (AP Photo/Patrick Semansky)

Let’s face it: with Biden-flation crippling wallets across America, voters in four states are about to decide if raising the minimum wage is the magic fix we need. Alaska, California, Massachusetts, and Missouri are all jumping on the bandwagon, pushing for increases that have been all but inevitable after four years of economic discontent.

In Massachusetts, they’ve got a unique twist—raising the minimum wage for tipped workers to match the standard rate. How generous of them, right? It’s like saying, “Hey, we know times are tough, but why not squeeze a little more from the folks who are already struggling?”

Minimum wage proposals are almost universally popular. They tend to sail through ballots, even in Republican states, which makes you wonder: is it really about helping workers, or is it a quick grab for votes?

Let’s not forget that the federal minimum wage has been stuck at a measly $7.25 since 2009. That’s right, folks. While the cost of living has skyrocketed, the government hasn’t budged an inch. But here’s the kicker: state minimum wages supersede the federal rate. So if your state decides to raise it, guess what? That’s what you get paid.

In the end, are these state-level hikes just a Band-Aid on a much bigger wound? As inflation continues to gnaw at our purchasing power, the question remains: will raising the minimum wage really help, or will it just make things worse?

Tune in to hear Ryan Young from the Competitive Enterprise Institute break down the latest minimum wage battles across the states and whether they’re truly helping workers or just making the problem worse.