Is New York Ready For A $30 Minimum Wage?

The costs of goods and services for the average American have been on the rise quite a bit over the last few years. Even before the pandemic in 2020, the cost of just about everything had increased significantly. According to the Bureau of Labor Statistics, we've seen at least a 26% increase in inflation since 2019, and that is the average, with some specific categories seeing exponential increases.

One of the ways that many communities across the nation, and right here in the Empire State, have been increasing wages. Some businesses have done it on their own, while some governments have mandated increases in the minimum wage. In New York, for example, the minimum wage has increased from $11.80 per hour in 2019 to $16.50 in New York City and $15.50 in the rest of the state. But many people are finding that even making $15 or more per hour isn't enough to even get by.

Because mass deflation isn't likely in the future, there are some politicians who are suggesting a huge increase in wages in New York. So much of an increase that it made some people audibly gasp when they heard it.

New York City Mayoral candidate Zohran Mamdani is suggesting New York State adopt a $30 minimum wage by the year 2030, and a lot of people are wondering how we can afford it.

Is New York Ready For A $30 Minimum Wage?

Mandani's plan for a $30 minimum wage has been in his policy platform for months, but it really came to light during the latest New York City mayoral debate. Mandani, who was vocally sparing with former New York Governor Andrew Cuomo, spoke about how this would take huge steps to bring people out of poverty and make New York affordable for the average person. However, opponents point out that many businesses that employ people and exist on the financial margins would end up shedding jobs and automating more services in order to be viable.

It sounds like a bold plan, but can New Yorkers outside of the Big Apple afford it? What will that wage do to/for communities like Albany, Syracuse, Rochester, and Buffalo?

What do you think? Is the Empire State ready for a $30 per hour minimum wage?