this year in 23 states and 41 cities. washington state now has the highest state minimum wage, at $15.74, more than double the federal rate. hourly workers in michigan will now earn $10.10, an increase of 23 cents. i don t think 23 cents is going to make a difference in the world that we live in nowadays. reporter: californians will no longer be ticketed for jaywalking, unless they re in danger of getting hit by a car. voters in colorado approved the legalization of so-called magic mushrooms. they ve been legal in oregon since 2020. and starting today, the price of insulin will be capped at $35 a month for seniors on medicare. and something for bargain hunters this new year, retailers looking to unload their stock before the holiday were unable to because of the winter storm that hit last week. and experts say that there are deals to be had just ahead of
updatingitz outdated infrastructure in the back end to try to make it so this meltdown could have been avoided in the first place. pete muntean, good to have you on the case. thank you so much. well the new year ushering in you some laws that were passed during the mid term elections. so let s see what some of them are. people with nearly half of all states will see a hike in minimum wage. washington state now has the highest, $15.74 an hour. washington, d.c., however, continues to have the overall highest minimum wage for the country, it will hit $17 july 1st. a lot of big stuff taking effect this month. the sale of recreational marijuana will also begin in three new states, those are missouri, connecticut and maryland. although maryland s law takes effect in july. finally two key provisions of the inflation reduction act are kicking in. a $35 cap on insulin for medicare and a tax credit up of
businesses can t keep up with a lot of big companies offering higher wages. so they have to be more nimble than that. but never underestimate the power of the american entrepreneur, rich. my clients that are small companies, retailers, restaurant tours, small mom-and-pop businesses, they find different ways to compensate their employees. they offer more flexibility, working for small business does come with its advantages. but they re actually going to be challenged in 2023 trying to meet some of these pay increases that a lot of employees are going to need to keep up with inflation. rich: this comes as the minimum wage increases in many places. take a look here, montana is a little estate with $9.95 an hour, washington state the highest with $15.74 an hour. a quick look around the country. when you look at that dynamic, what other dynamics to small businesses face, and what
wage going to say the same as 7025 cents an hour for admin goes up to $13.80 an hour. washington $15.74 an hour that is the highest in the nation, doug. yes it is interesting because the federal minimum wage not changed into something like 12 years, bryan. many of the states of you just pointed out are considerably higher. but on the flipside there s something like 21 states i believe it is there actually lower than the federal. the federal guarantees a minimum. i think you will see some movement in washington to raise the federal minimum wage a little bit to provide relief in terms of this 21 states. but in the other states as you say it is much, much higher 13, 14000 and so forth. a sale that goes will go to illinois for this is interesting for the city of chicago and illinois nearing seven or murders for the second straight year. illinois are generally first the illinois safety act was into