The president’s call for a $10.10 minimum wage applies the worn-out notion that higher wages create more jobs. Despite repeated minimum-wage increases over the years, we have seen a continued flight to the sidelines by people who are unable to find jobs because they don’t exist. Many jobs don’t exist because employers refuse to hire people at such wages.
Isn’t it obvious that, with a higher wage, McDonald’s Dollar Menu, for example, would cost $3, few would buy it, and Mickey D’s would have less revenue and far fewer jobs?
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