“More people — an increase in the supply of labor — want to work at McDonald’s at a rate of $15 an hour than $7.25. That leads to an influx of workers into the labor force and higher unemployment as new entrants fail to find a job. The road to a higher-paying job goes through education, training for the jobs of tomorrow, and incentives such as the earned income tax credit, not through the imposition of a floor on wages. So the next time someone tells you that the U.S. needs to raise the minimum wage to $15 an hour, ask him what’s so special about $15. Why not raise it to $50, or $100, and make everyone rich?”
