Proponents of a federal $15 minimum wage like progressive Senator Bernie Sanders argue that it would lift millions of workers out of poverty. But the former CEO of McDonald’s just warned that artificially spiking the cost of labor could hasten the drive toward automation and instead leave many workers replaced with machines.
For Americans hitting the drive-thru at their local McDonald’s, a $15-an-hour minimum wage could hit them in their wallets. According to a January report released by James Sherk, a former research fellow in labor economics at The Heritage Foundation, fast-food prices would rise by 38 percent under a $15-an-hour minimum wage and cause a 36 … Continue reading In 1 Chart, What Your Favorite Fast-Food Items Would Cost With $15 Minimum Wage
Getting a job requires experience; getting experience requires a job. This is one reason the trap of poverty can be so difficult to escape. But what is the root of this trap? Solutions exist, but they are too often blocked by misguided policies such as the well-intentioned minimum wage. By eliminating the opportunity to work, … Continue reading The Minimum Wage Outlaws Work Experience