When I was in high school, Mickey D's was the second place I worked. I wasn't aware of anything called the "minimum wage," but I was smart enough to know I was just making chump change. But chumps back then took the change and were glad to get it, because that wasn't the job we intended to spend a lifetime in. Nowadays, the fast food workers are demanding a "living wage" in the form of a doubling of the minimum:
Regardless of how much solidarity or sympathy you might feel about the people who assemble your Triple Steak Stack or your Cheesy Gordita Crunch, this sort of demand is economic fantasy at its most delusional and counterproductive. Doubling the wages of low-skilled workers during a period of prolonged joblessness is a surefire way not just to swell the ranks of the reserve army of the unemployed but to increase automation at your local Taco Bell.
If you’re reading this on the job, take a look around and ask yourself if your workplace could soak up twice its labor costs without seriously trimming the number of employees. While you’re at it, ask yourself if you’re worth twice your current salary. Even the maverick economists who are challenging the conventional view that raising the minimum wage hurts low-skilled workers by pricing them out of the labor market typically study hourly pay increases on the order of 20 percent or less, not a doubling of rates.
So delusional that of course President Obama has to think that income inequality is the biggest problem in the country and can only be cured by an increase in the minimum wage.
“It will be good for our economy, it will be good for our families,” Obama said of a minimum wage hike. The White House is backing a bill that would raise the federal minimum to just over $10 an hour, up from $7.25.
[. . .]
The president called the growing income gap a "defining challenge of our time."
"The basic bargain at the heart of our economy has frayed," the president said . . .
Honestly? The man stalls the economy for four years, then tries to wreck it altogether with his idiotic health care law and now he wants to make sure the damage is lasting with a boost in the minimum wage? About the only good thing to say is that he's not a complete moron, seeking only a $2.75 boost instead of a doubling. The complete morons are the people who inflicted a second Obama term on us. Man, they've got a whole lot to answer for.