Number of the Day Shows New Minimum Wage May Be Near

Our take on the most relevant or interesting figure in personal finance today

21 - That’s the number of states that would more than double their current minimum wage if Democrats win the Georgia Senate runoff election.

The Balance

That's how many states would see their minimum wage more than double if Georgia's election results lead to a $15 federal minimum wage.

Democratic candidates Raphael Warnock and Jon Ossoff narrowly won the two U.S. Senate seats up for grabs in Georgia, the Associated Press declared Wednesday, giving the Democrats control of Congress and making it more likely Democratic President-elect Joe Biden can achieve a federal minimum wage of $15 and other items on his economic agenda. 

The current federal minimum wage of $7.25 applies in 21 states where the state minimum wage is either the same or lower than the federal, or there is no state minimum. The rest have higher state minimums, but $15 would be an increase for all but eight states that have already enacted plans for reaching $15.