FRESNO, Calif. (KSEE/KGPE) – California voters have rejected Proposition 32 - it would have increased minimum wage to $18 per hour.  The Associated Press called the race on Prop 32 with 50.8% of the voters against raising the state's minimum wage. "It benefits you to earn more money, full stop. But it's not just minimum wage workers voting on this," Brian Ullmann, Financial Advisor with the Ford Financial Group said. Results show 49.2% were in favor. "I think in this last cycle was a vote against inflation and inflationary policies, and this probably would have been one of them," Ullmann said. Ullmann says many of his clients are hurting and feeling the affects of inflation. "When I talk to clients, and I think what's been a subject largely of this election, has been dealing, families, dealing with inflation and wanting to combat almost anything that contributes to that problem," Ullmann said. This is the first time a ballot measure in any state that proposed raising minimum wage has failed since 1996. "It's a pretty seismic shift for California voters," Jot Condie, President and CEO of the California Restaurant Association said.  Condie said raising minimum wage would impact grocery, gas and food prices at restaurants. "Consumers know that higher operating costs for businesses, local business owners are going to result in higher cost of living for consumers," Condie said.  Condie says the increase in fast food minimum wage to $20 in April has had a negative impact. "Those small business owners who are operating those fast food restaurants are struggling mightily to stay afloat," Condie said. CEO of the Central Valley Business Federation Clint Olivier says Californians are fed up with the government making decisions directly impacting their everyday lives. "I think everyone at every level of society is being squeezed right now. And the election we just came through is an example of that backlash of people saying, hey, enough is enough. Your aims may be admirable, but you have to back off right now because I'm having a hard time making a living," Olivier said.  California's minimum wage rate is still one of the highest in the country at $17 per hour.