New Year’s pay boost: These states are raising their minimum wage

The current period of high inflation has significantly affected the US economy.

As of January 1, the hourly minimum wage in 23 states will increase to $15 per hour due to cost-of-living changes.

The Economic Policy Institute estimates that the increase in wages for an estimated 8.4 million workers is worth more than $5 billion.

Nearly 30 cities and counties across America will increase their minimum wage, according to left-leaning think tank EPI.

The pandemic and the subsequent period of economic recovery have further exacerbated America's growing wealth gap.

During the past two years, poor working conditions and low wages have contributed to labor movement activity by many large corporations seeking to raise their wage levels.

The pandemic also caused a structural upheaval in the country's labor market, creating an imbalance between the supply and demand for workers.

The minimum wage has become "less and less binding," experts said.