A minimum wage that makes everyone rich?

A minimum wage that makes everyone rich?

Last week, fast-food workers staged a one-day strike in 60 U.S. cities to demand aminimum wage of $15 an hour, more than double the current federal minimum of $7.25. The nationwide effort, “Fight for 15,” was organized by the Service Employees International Union.

I feel bad for those who are relegated to a minimum-wage job. I feel worse for those who want a minimum-wage job as a steppingstone to something better and would be denied that opportunity by the imposition of a higher wage floor. A higher wage is great for the workers who keep their jobs; it isn’t so great for those who wouldn’t get hired because McDonald’s Corp. (MCD) starts asking its existing workforce to do a bit more. With a higher minimum wage, the cost of automating certain tasks suddenly becomes more affordable.

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