Raising the minimum wage has been a big political winner. Now it's running into resistance

LivestreamMenuMake ItselectUSAINTLLivestreamSearch quotes, news & videosLivestreamWatchlistSIGN INCreate free accountMarketsBusinessInvestingTechPoliticsVideoWatchlistInvesting ClubPROLivestreamMenu To learn more about the CNBC CFO Council, visit cnbccouncils.com/cfo Oklahoma voters on Tuesday rejected a ballot measure that would have raised the state's minimum wage to $15 an hour by 2029, marking a rare loss for the issue on a statewide level. State Question 832 would have immediately lifted the state's minimum wage from $7.25 an hour, a figure it has remained at for nearly two decades, to $12 an hour starting in 2027. Incremental $1.50-per-hour annual raises would take place over the following two years, leading to the eventual $15 hourly rate. Residents who showed up to cast their votes in the state's primary elections, however, had other ideas. SQ 832 failed by a margin of a little over 10 percentage points, with "No" receiving around 55% of the vote, and "Yes" getting around 45%. Just three counties — Oklahoma, Tulsa, and Cleveland — voted "Yes," with each county based around one of Oklahoma's two largest cities, Oklahoma City and Tulsa. Rural counties statewide soundly opposed the measure. Those who stood firmly against SQ 832 celebrated Tuesday's results. "Government doesn't need to get involved in private businesses," Oklahoma Governor Kevin Stitt, who previously expressed his own opposition to the measure, stated. "The phrasing of this state question would have put Oklahoma on a path to a minimum wage higher than in California. That would destroy Oklahoma small businesses and our rural economies." "Voters chose to protect Oklahoma's economic momentum and one of our greatest competitive advantages: affordability," Chad Warmington, president and CEO of the State Chamber of Oklahoma, stated in a press release. "Oklahomans sent a clear message: we can grow our economy, create opportunities, and keep life affordable without one-size-fits-all mandates that make it harder for businesses to hire and grow." Warmington's sentiment reflects the central consideration driving opposition to SQ 832 — concern that an encompassing minimum wage hike could curb statewide employment while increasing inflationary pressures. Oklahoma currently has the lowest overall cost of living in the entire nation, 14% lower than the U.S. average. This fact became a focal point of anti-832 messaging leading up to the election, with discourse surrounding a feared increase in the costs of goods and services. Those who supported the measure argued that there wasn't much that could be afforded to begin with on a $7.25 hourly wage. "I want you to think about how much groceries, gas, and all of those things have gone up [since 2009] ... you absolutely cannot pay the gas to get to a job, have an apartment, and live extremely frugally," Oklahoma Labor Commissioner Leslie Osborn told KWTV in an interview endorsing SQ 832 earlier this month. "We're not talking about uber-wealth, we're talking about dignity, and I just don't think it has a downside," she said. Groups that championed the initiative voiced their dissatisfaction with the results and frustration surrounding Stitt's decision to hold the election during party primaries, where voter turnout historically tends to be lower, rather than the November general election. A little over 630,000 Oklahomans weighed in on SQ 832, around 26% of the state's registered voters. "Last night's loss was not indicative of the will of all Oklahoma voters rejecting a gradual increase to the minimum wage, but it was politicians, and the monied interests that control them, picking the election date and the voters they wanted to show up," Raise the Wage Oklahoma, a group at the forefront of the efforts told CNBC. "Those same politicians and special interests turned on their political machine and spent more than $2 million in dark money – an unprecedented sum spent against a statewide minimum wage ballot initiative – spreading misinformation that ultimately was too much for our grassroots movement to overcome." The organization promised to keep fighting for a minimum wage increase after Tuesday night's loss. Throughout the past decade, increasing the minimum wage has remained a consistently popular progressive policy, one that, historically, has prevailed at the ballot box. From 1996 through 2022, 25 state ballot initiatives increasing the minimum wage were voted on across the country. Every single one of them passed. In recent years, even states that have skewed more conservative in their political leanings, such as Missouri, Nebraska, and Florida, have voted overwhelmingly to increase their minimum wage to $15 an hour. This trend, however, has waned in recent years. In 2024, voters in California and Massachusetts, two of the most leftward-leaning states in the nation, spurned ballot measures that would have resulted in minimum wage increases. These rejections were, in large part, attributed t

Raising the minimum wage has been a big political winner. Now it's running into resistance

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Raising the minimum wage has been a big political winner. Now it's running into resistance

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