Transcript Highlights:

• Because of the Inflation Reduction Act, there have been some changes over the last couple of years in
• Because of the Inflation Reduction Act, there have been some changes over the last couple of years in
• Patrick: The Inflation Reduction Act really made some significant changes, and there's an opportunity
• And eventually, the catastrophic became so large that that's why the Inflation Reduction Act changed
• Obviously, some significant changes in the structure through the Inflation Reduction Act.

Summary: The committee received an update from Grant Wallace on the state employee Medicare Advantage group plan and the ongoing rebid with UnitedHealthcare. Wallace said the agency is exploring “decoupling” the medical and pharmacy portions of the plan, and that preliminary estimates suggested potential savings of about $100 to $200 per participant per month. He said the final CMS rate-setting process would conclude in April, with a revised contract amendment likely to come before the committee in May or June after review by the EBD Advisory Commission and State Board of Finance. He also clarified that the plan covers post-65 teacher and state employee retirees, including retirees from state agencies and K-12 public schools. Representatives from Segal Consulting then gave a broader presentation on Medicare Advantage and Part D market trends, reviewing Arkansas’s prior decision to adopt a Medicare Advantage prescription drug plan and the savings generated since the 2023 RFP. They explained that the Inflation Reduction Act significantly changed Part D financing by shifting more federal support into a direct subsidy tied to risk scores, which makes accurate risk adjustment more important and creates a larger difference between Medicare Advantage prescription drug plans and standalone Part D plans. They said this has led to a growing divergence in funding, especially for standalone Part D, and is the main reason decoupling medical and pharmacy coverage is being considered. Committee members asked about how the risk-score changes affect costs and members. Segal said the new structure has reduced member out-of-pocket costs, with the annual cap now at $2,000 and many members reaching it after roughly $600 to $800 in spending, but that the plan absorbs more of the cost. They also said the market appears to be adjusting through annual bids, and that a decoupled structure could allow the state to capture more favorable funding on the Part D side. No votes were taken, and the committee adjourned after being told to expect further information once the April rate notice and renewal proposal are available.

Transcript Highlights:

• , inflation, inflation, importantly,<00:38:05.280> your<00:38:05.560> view<00:38:06.040
• with and exceed the rate of inflation. with and exceed the rate of inflation.
• <00:54:27.480> In the rate of effective inflation. In the rate of effective inflation.
• inflation inflation in<01:09:53.680> the<01:09:53.880> in<01:09:53.960> the<01:
• Inflation is a key component outlined. Inflation is a key component of<01:10:09.080> that.

Keywords: 1187, senate, all

Transcript Highlights:

• Ask it this way, very foundationally, is there a difference between the way TEA does their inflation
• Overstate inflation.
• So statute requires us to use state population and inflation.
• Notable inflation is a regular presence in transportation infrastructure.
• FTE. has also increased to 36% adjusted for inflation.

Keywords: infrastructure, water supply, flood mitigation, Texas Water Fund, community projects, funding allocations

Summary: During this committee meeting, the focus was on discussing critical infrastructure funding, especially related to water supply and flood mitigation projects. Chairwoman Stepney and the Water Development Board presented extensive details regarding the Texas Water Fund, which included $1 billion appropriated to assist various financial programs and tackle pressing water and wastewater issues. Additionally, funding allocations aimed at compromising the state's flood risk and improving water conservation were hotly debated, emphasizing collaboration among committee members and the necessity of addressing community needs in such projects.

Transcript Highlights:

• But my concern is that a lot of the inflation, the price of diesel, the price of all of the products
• is no pressure relief for the state of Texas when we have inflation.
• That's a good transition to inflation. That's a good transition to inflation, and I agree with you.
• Since 2019, I think inflation has gone up maybe about 27%.
• Saying that it's because of deficit budgets they've had to pay us, and also inflation.

Bills: HB2

Keywords: public education, teacher compensation, certification, funding, school finance, educator rights, education funding, charter schools, staff compensation, state aid, retention allotment, 1185, senate, all

Transcript Highlights:

• Our expenses have increased immensely due to inflation.
• We're all suffering under what was some excessive inflation in recent years.
• We're all suffering under what was some excessive inflation in recent years.
• We're all suffering under what was some excessive inflation in recent years.
• First, the $55 per student increase is not enough to keep up with inflation.

Bills: HB2

Keywords: disaster preparedness, emergency management, flooding, mass fatality, mass casualty, fatality tracking, body recovery, autopsy, justice of the peace, medical examiner, county judge, sheriff, mayor, emergency coordinator, emergency manager license, volunteer management system, volunteer registration, criminal history check, background check, Texas Division of Emergency Management

Summary: The committee continued public testimony on House Bill 2, which would make major changes to public school funding, teacher pay, special education, early learning, school safety, and related programs. Many superintendents and education advocates supported the bill’s overall direction but urged changes, especially a larger basic allotment and more flexible funding for rural and small districts. Witnesses from Paint Creek, West Hardin, Cushing, Blooming Grove, Mildred, Buffalo, Plano, and rural school groups said the bill’s targeted raises and new requirements would not fully cover inflation, TRS/Medicare costs, transportation, insurance, or support staff salaries, and several asked the committee to restore the House version’s higher basic allotment and small-school allotment. Charter school representatives supported the facilities funding changes and said charter schools need state help because they cannot levy taxes, while also noting the funding gap with ISDs. Fine arts advocates asked the committee to restore the fine arts allotment, arguing arts improve engagement, attendance, and academic outcomes, especially in rural and at-risk communities. Early learning and special education witnesses supported parts of the bill but raised concerns about pre-K restrictions, disability-related pre-K access, and the need to preserve or clarify special education provisions and mental health oversight language. Several witnesses praised the teacher pay raise, teacher incentive allotment expansion, and teacher preparation investments, saying they would help recruit and retain educators and improve student outcomes. Others, including counselors and support staff advocates, argued the bill should also include raises for counselors, nurses, librarians, bus drivers, custodians, aides, and other non-teaching employees who keep schools running. One witness from the Texas Counseling Association opposed the substitute because it removed a counselor pay provision, warning of counselor shortages and inequities. A parent and special education advocate said the bill’s structure creates too many strings attached and asked for a larger basic allotment instead of more targeted funding. Another witness from Mental Health America urged keeping the collaborative task force on public school mental health services through 2031, and a disability rights advocate said the committee substitute appears to omit some special education items that were in the House version. The committee also briefly took up House Bill 6, a school discipline bill. After questions about automatic mandatory expulsion for vape possession and concerns about younger students, the committee adopted the substitute and voted to report HB 6 favorably to the full Senate by a 9-1 vote, with Senator Menendez voting no and Senators West and Menendez expressing reservations but supporting further discussion. After that vote, testimony on HB 2 resumed. Senators used the hearing to ask about the bill’s cost, the difference between the basic allotment and the bill’s targeted funding buckets, and whether the permanent teacher pay increase shifts pressure off districts. The bill’s supporters emphasized that it represents an historic, roughly $8 billion investment and that many of the new funding streams are intended to be permanent or to address specific district needs.

Transcript Highlights:

• So you can imagine it's a lot larger now if you factor in inflation and risk.
• Inflation is an escalator in cost. So what is the differentiation?
• There's both just sort of pushing it out and then having the inflation affect things.
• For example, materials and labor can escalate due to inflation.
• Thank you. sample materials and labor can escalate due to inflation.

Summary: The Joint Oregon-Washington Legislative Action Committee met for a work session and public hearing on the Interstate 5 bridge replacement program. Program staff outlined major milestones, including the recent biological opinion, the Coast Guard’s opening of a public comment period on the Navigation Impact Report, expected decisions in early 2026 on navigational clearance and the final supplemental environmental impact statement, and a possible amended record of decision in 2026. They also discussed the Bridge Investment Program grant amendment deadline, the need for an initial finance plan, and ongoing community outreach and contractor engagement. Greg Johnson announced he was stepping down as program administrator, and Carly Francis introduced herself as interim administrator. A large portion of the meeting focused on design and cost questions. Staff said the program is studying fixed and movable spans, single- and double-deck configurations, and one versus two auxiliary lanes, with final recommendations to be made through the federal environmental process. They said the Coast Guard’s decision is central to what bridge configuration is permittable and to the timing of the updated cost estimate, which has not yet been released. Members pressed for more detail on cost drivers, potential impacts to businesses upriver, and whether the states would need to seek additional funding. Staff said they had reached agreements with four impacted river users, but the underlying evaluation materials are protected and not publicly releasable. The committee also reviewed transit-related questions. Staff explained that light rail remains part of the modified locally preferred alternative and that ridership and operations estimates are being updated using federal modeling methods. They said projected opening-day transit operations and maintenance costs have dropped from an earlier estimate of $21.8 million to about $10.3 million annually because the current model assumes lower frequency, with Oregon and Washington shares split by geography and fare recovery. Members raised concerns about TriMet’s financial stability and the need for a funding plan by fall 2027, ahead of a planned federal transit funding application in fall 2028. During public testimony, several speakers criticized the delay in releasing a new cost estimate and argued the project scope should be reduced if costs continue to rise. Testifiers from City Observatory and the Just Crossing Alliance said the project appears to be avoiding bad news, urged the committee to consider scope reductions, and questioned whether the active transportation and freeway components align with the project’s core purpose. The meeting ended with thanks to Johnson for his service and a transition to public hearing testimony.

Transcript Highlights:

• CPI, sorry, September CPI, which is a measure of inflation, was about 3%. The Federal Reserve...
• CPI, which is a measure of inflation, was about 3%.
• And so something we've all been watching is inflation.
• So for most of this year, they were able to focus on inflation.
• Our forecast for inflation. This chart shows inflation for '25, '26, and '27.

Summary: The Ways and Means Committee held a work session covering the state revenue outlook, caseload forecasts, wildfire costs, budget balance, tort liability, water supply, and pension policy. The Economic and Revenue Forecast Council reported modest near-term U.S. growth, no near-term Washington employment growth in 2026, continued personal income growth, and elevated inflation, with tariffs and federal policy cited as major risks. Revenue forecasts were slightly improved for the current biennium by about $105 million but down about $185 million for the next biennium. Members asked about income inequality and housing permits; staff said personal income is an aggregate measure and housing production remains below long-term needs. The Caseload Forecast Council then reported that most forecasts were unchanged or only slightly changed, but several programs increased, including Washington College Grant, Working Connections, aged/blind/disabled cash grants, nursing homes, home and community services, and developmental disabilities personal care. The largest policy-driven change was in Medicaid low-income adult caseloads, where federal H.R. 1 was projected to reduce coverage substantially through narrower eligibility, community engagement requirements, and shorter eligibility periods. The committee also heard a wildfire funding update and a 2025 fire season review. Staff explained that the state budgets $93 million annually for suppression and uses supplemental appropriations for costs above that level, with an estimated state supplemental need of about $139 million for the current year. Department of Natural Resources officials said 2025 fire activity remained below the 10-year average in acres burned, but fires were more complex and closer to communities, contributing to higher residence loss. They described expanded use of aircraft, firefighters from other states, corrections crews, and the Arcadia 20 hand crew, and said the state did not need National Guard ground support this year. A budget preview then showed that the near general fund outlook had worsened after vetoes, lapses, and forecast changes, and that maintenance-level costs alone would leave a projected negative balance by fiscal year 2027 and about $4.3 billion by fiscal year 2029, before any policy decisions. Jason Seams, the state risk manager, reported a sharp rise in tort claim costs, with indemnity expenses nearly doubling from fiscal year 2023 to 2025 and DCYF accounting for most of the increase. He said the state self-insurance liability account has run deficits for four straight biennia and is now facing nearly $600 million in deficits, driven largely by a surge in DCYF claims, especially juvenile rehabilitation and long-running sex abuse cases. Members asked about the role of old claims, comparisons with other states, excess insurance, and whether more Attorney General staff could reduce special assistant attorney general costs. The committee then shifted to water policy, hearing from tribal leaders, Ecology, and the Washington Water Trust. Tribal witnesses emphasized overappropriation, declining flows, climate impacts, and the need for legislative oversight and tribal participation in water policy. Ecology described major projects in the Odessa sub-area, Yakima Basin, and Dungeness, along with the need for storage, recharge, conservation, and policy changes to support water supply development. The Washington Water Trust argued that climate change is reducing summer flows and that the state needs more funding, enforcement, and long-term commitment to restore instream flows. The final item was a pension update on LEOFF 1 surplus assets; staff reviewed two 2025 bills that would have merged or restructured the plan and used surplus assets, but neither passed, and instead the budget directed the Select Committee on Pension Policy to study the issue and report back.

Transcript Highlights:

• Many of these are funded through the Infrastructure Investment and Jobs Act and the Inflation Reduction
• Many of these are funded through the Infrastructure Investment in Jobs Act and the Inflation Reduction
• So these are all under attack, all via the Inflation Reduction Act.
• Because they were brought about by the Inflation Reduction Act, the administration will need Congress
• The Inflation Reduction Act contains a very important piece of policy for the offshore wind industry,

Keywords: 995, all

Summary: The committee held a hearing on the impact of the Trump administration’s federal climate policy changes on Massachusetts, with a focus on threatened grants, regulatory rollbacks, and state options to continue climate work. Chair Creem and other senators emphasized that Massachusetts still has a 2050 net-zero mandate and needs contingency plans for clean energy, transportation electrification, offshore wind, resilience, and financing if federal support is reduced or withdrawn. Executive branch witnesses said Massachusetts has already experienced disruptions to more than $1 billion in climate-related federal funds, though many suspended grants were restored after litigation by the Attorney General’s office. EEA reported continued uncertainty around a $389 million Grid Innovation Program award and a FEMA dam-safety reimbursement, while MassDOT said its NEVI fast-charging program remains on track with about $50 million obligated, but a $14.4 million competitive charging grant is on hold and future unobligated NEVI funds remain uncertain. Senators also discussed EV rebates, charging infrastructure, the role of the Community Climate Bank, and whether the state can expand independent financing and support for municipalities, higher education, and nonprofits. The Attorney General’s office described successful multi-state litigation that won a temporary restraining order and preliminary injunction against the federal funding freeze, restoring access to many EPA, DOE, USDA, and Interior funds, while noting continued enforcement actions over FEMA manual reviews and other barriers. The office said it is also preparing to defend the endangerment finding, California vehicle-emissions waivers, offshore wind permits, and other federal climate protections. Outside advocates warned that federal tax-credit rollbacks, tariffs, and possible repeal of IRA and infrastructure funding could slow EV adoption and raise costs, while offshore wind testimony said federal permitting pauses and legal challenges are delaying projects and could leave Massachusetts far short of its 2030 offshore wind goals. Nonprofit witnesses also described canceled or delayed grants for wetland restoration and urban heat mitigation, and urged the Legislature to increase state funding, including for the environmental bond bill and municipal vulnerability preparedness work.

Transcript Highlights:

• inflation, the numbers are flat or maybe down just a little bit.
• Overstate inflation.
• So statute requires us to use state population and inflation.
• What I would think more appropriate methodological approach to that inflation calculation.
• Notable inflation is a regular presence in transportation infrastructure.

Keywords: 1184, house, all

Transcript Highlights:

• the continued damaging effects of record-high inflation.
• Because of inflation.
• Although the amount of inflation is dropping down, the inflated cost is still there, is staying up.
• I think that's population growth and rate of inflation.
• There's challenges due to rising costs and inflation.

Bills: SB 1

Keywords: campground safety, youth camp regulations, flood safety, emergency evacuation, health and safety standards

Summary: The Senate Finance Committee convened for its first hearing of the 89th regular session, confirmed a quorum, adopted committee rules by a 15-0 vote, and began review of Senate Bill 1, the state budget for fiscal years 2026-27. Chair Huffman outlined the committee’s organization, introduced staff, and described the budget as conservative and focused on one-time investments. She highlighted major SB 1 priorities including property tax relief, full funding for public education formulas, teacher pay, school safety, border security, Medicaid growth, dementia research, energy and water infrastructure, transportation, wildfire suppression, and other capital and public safety needs. Comptroller Glenn Hager presented the biennial revenue estimate, saying the state has $194.6 billion available for general-purpose spending in 2026-27, with a projected $23.8 billion ending balance from the current biennium. He cautioned that revenue growth is returning to more normal levels and that lawmakers should avoid committing short-term surpluses to ongoing expenses. He also explained that the Economic Stabilization Fund is projected to hit its constitutional cap, meaning an estimated $5.6 billion in severance tax and related revenue would remain in general revenue in the upcoming biennium rather than flow into the fund. Senators discussed whether to raise or rename the fund and the implications of keeping more severance-tax revenue in general revenue. The Legislative Budget Board then gave an overview of SB 1 and the budget’s major funding changes. LBB staff explained that the bill is essentially flat at $332.9 billion in all funds, but includes large method-of-finance shifts and major property tax relief. They detailed how prior property tax relief enacted in the 88th Legislature grew from an estimated $18 billion to $22.7 billion because of higher property values and hold-harmless provisions, and said SB 1 continues that relief with a total of $51 billion in ongoing and new property tax support. Members asked extensive questions about the automatic growth in school tax compression, the constitutional homestead exemption, COVID-era federal funding, Medicaid assumptions, and the sunset of the non-homestead circuit breaker. No additional votes or final budget actions were taken beyond adoption of the committee rules.

Transcript Highlights:

• Inflation will be worth just half of their 2019 value twenty-five years from now.
• thereafter based on an inflation rate. of 2.3% and COLAs of 0.6%.
• New Mexico statutes promised employees pensions with COLAs tied to inflation.
• The 6.8 percent is the true inflation rate.
• That's the problem with inflation; it depreciates the value of the dollars that you're saving.

Transcript Highlights:

• per capita, per person in the state, and, of course, how much inflation is occurring.
• One was inflation population, but on the entire budget, the other one was a close approximation of that
• Whatever the inflation rate is, we get no TRE, no calculations, no whatever.
• We get the inflation rates in years when it's over 2.5%.
• For one thing, inflation, I mean, as we know, it's touching 3% now. And as Mr.

Bills: SB9, SB 9

Keywords: property tax, ad valorem tax, voter-approval tax rate, no-new-revenue tax rate, tax rate calculation, Tax Code, local government finance, municipality, county, special taxing unit, sales and use tax, property tax cap, tax rollback, tax levy, maintenance and operations, debt rate, disaster relief rate, Texas Legislature, local taxing unit, school assessment

Transcript Highlights:

• So inflation is the real tax, and it disproportionately harms working families.
• Inflation is actually a regressive tax. It widens the wealth gap.
• And inflation creates... ...may weaponize currency like the CBDC, and inflation creates a wealth gap
• And also it gives an opportunity for everyone to have a hedge against inflation.
• That is when inflation expectations outpace nominal yields.

Bills: HB2123, HB2140

Keywords: bullion, depository, legal tender, Arizona, finances, precious metals, financial transactions, investment, state treasurer, gold bullion, treasury management, financial regulations, 1182, all

Summary: The Committee on Regulatory Oversight heard two bills from Representative Lisa Fink related to gold and silver. HB 2123 would create an Arizona Bullion Depository under the State Treasurer, allow a third-party administrator and vault services, require insurance for deposits, and recognize gold and silver as legal tender. Fink and a supporter testified that the bill would make bullion more practical for everyday use through a debit-card-style system, provide an inflation hedge, and expand access beyond wealthy investors. During committee discussion, one member voted present because of the bill’s rulemaking language, while others voted yes; the bill received a do pass recommendation by a 4-0-1 vote. The committee then considered HB 2140, which would allow state and local governments to store bullion in the depository, authorize the State Treasurer to place up to 10% of state monies in bullion, and require the Department of Insurance and Financial Institutions to adopt rules. Fink argued the bill would diversify state assets and protect against inflation and counterparty risk, citing Utah’s treasurer and constitutional support for gold and silver. A member asked whether the rulemaking provision could be removed, and Fink said she was open to discussing that with the treasurer. With no public testimony, the committee approved HB 2140 on a 4-0-1 vote, and then adjourned.

Transcript Highlights:

• So all this bill does is bring those 2008 fees up to account for inflation. that are set.
• Adjusted for inflation to 2019 as the bill proposes, that fee would go from $5 to $6.
• So that's a little bit of inflation every year that adds up. So we increase the dollar.
• And they just look at the different inflation rates that apply.
• You've probably been seeing it if you watch CNBC or the news shows when they talk about inflation has

Transcript Highlights:

• Uh, Secretary Batten, when we total the cost of health insurance expenses and then the cost of inflation
• , uh inflation, uh inflation, uh<00:04:53.560> when<00:04:53.720> you<00:04:53.800>
• premium in addition to inflation? premium in addition to inflation?
• Um, what I would say to that is, you know, at this point I think inflation has been a pretty fluid number
• Secretary Batten said inflation has been a pretty fluid number and may have been increasing in the last

Keywords: 1187, senate, all

Transcript Highlights:

• this bill does is really I just did straight math and looked at the gas tax that was passed and the inflation
• I didn't round up; I did exact straight math by the data. passed and the in it's got an inflat on passed
• and the in it's got an inflat on it<00:00:49.120> but<00:00:49.239> I<00:00:49.320>
• You have something there to increase them per inflation, and I suggest that rather than doing it every
• <00:11:44.839> tied EV have an automatic gas inflator tied EV have an automatic gas inflator

Keywords: 1183, house

Transcript Highlights:

• Adjusted for inflation, that $250,000 is equivalent to about $350,000.
• And ensures it keeps pace with inflation by tying it to the CPI.
• And to clarify also, even for goods as well as services, but even for goods, inflation is significantly
• These investments include the Inflation Reduction Act, and for sure.
• These investments include the Inflation Reduction Act, the Infrastructure Investment and Jobs Act, and

Summary: The committee heard several measures focused on economic development, procurement, workforce equity, federal infrastructure funding, and food security. SB 1044 by Senator Reyes would raise and then index to inflation the cap for streamlined state contracts awarded to certified small businesses, microbusinesses, and disabled veteran business enterprises for services and IT work; supporters said the current cap is outdated and limits access, while opponents representing goods suppliers and some small business groups argued the bill could disadvantage goods contractors and should preserve lower thresholds for those contracts. After discussion about the ceiling versus floor effect of the cap and the impact on different types of businesses, the bill was approved as amended and sent to Appropriations. SB 247 by Senator Smallwood-Cuevas would create a bid preference for projects that hire workers from disadvantaged communities; supporters framed it as a way to connect public infrastructure spending to family-sustaining jobs, while union construction employers opposed it because they said they cannot control worker dispatch through hiring halls and the bill would be difficult to implement. The committee advanced the measure to Appropriations despite those concerns. The committee also approved SJR 6 by Senator Cortese, which urges the federal government to honor commitments under the bipartisan infrastructure law, CHIPS and Science Act, and Inflation Reduction Act, with supporters emphasizing the importance of certainty for California infrastructure, clean energy, and semiconductor investments. SB 1025 by Senator Hurtado would establish an Office of Food Security and Affordability to coordinate food assistance efforts and develop a statewide food security strategy; supporters from a Kern County food bank and the University of California said the state’s response to hunger is fragmented and needs better coordination, while committee members asked about deliverables and timelines. The bill was sent to Appropriations. The committee also took up consent items SB 700 and SB 1340, which were moved on consent to Appropriations, and the hearing ended with the remaining votes recorded and the bills advanced. Throughout the hearing, members repeatedly discussed the need for clearer implementation details, data on program impacts, and how to balance equity goals with operational realities for state agencies, contractors, and small businesses.

Transcript Highlights:

• There's a 3% inflator, a 2% inflator, and a 1% inflator.
• If you don't want to be at the 3% inflator, you can go down to the 1% inflator.
• There's a 3% inflator, a 2% inflator, and a 1% inflator.
• If you don't want to be at the 3% inflator, you can go down to the 1% inflator.
• If you don't want to be at the 3% inflator, you can go down to the 1% inflator.

Keywords: 1187, senate, all

Transcript Highlights:

• Planners saw their own strategic thinking in the Inflation Reduction Act's approach of bestowing massive
• And during that time, inflation went down by 0.1%.
• 10% inflation that I just asked you about, that is higher inflation than we saw at the peak of the COVID
• Inflation went down. Unemployment went down.
• They said there's gonna be inflation because of tariffs, and it went down.

Keywords: tariffs, Trump administration, economy, public testimony, trade policy, market access, export controls

Summary: The meeting focused on various significant topics concerning the recent tariff policies and their wide-ranging implications on the American economy. Members expressed their concerns regarding the negative impact of increased tariffs as proposed by the Trump administration, with specific emphasis on how families might suffer from higher costs and market access issues. The discussion was lively, with members questioning the clarity of the tariff plan and raising concerns about its potential effects on small businesses and American exports.

Transcript Highlights:

• If the minimum wage had simply kept up with inflation and the cost of living, since it last went up,
• If the minimum wage had simply kept up with inflation and the rise in economic productivity, it would
• You talked about if we had kept up with inflation, whatever...
• You talked about if we had kept up with inflation, whatever, it'd be $23 an hour is what the minimum
• I said inflation and productivity gains. Okay.

Keywords: 974, senate, all