Starting January 1, 2012, San Francisco will have the highest minimum wage in the nation, increasing to $10.24. It’s all thanks to a 2003 voter approved initiative that ties the city’s minimum wage to the rate of inflation. Although crossing the $10 threshold has been headline grabbing, it’s actually still not enough for some residents of San Francisco to put a roof over their head.
2 Minute Finance runs the numbers and shows you why. You won’t want to miss the eye-popping results.
(Closed captioning is available on this video)