The minimum wage is in the news again. There is a movement on the left to increase in the minimum wage to $ 15/hr. I am aware of no serious people who believe that is possible without serious negative consequences. While it is certainly true that even $15/hr does not yield a grand income, taking salaries to that level would wipe out much of the operating profit of McDonald’s or other fast food chains. While some workers would earn more money (and the price of a Big Mac for everyone would rise), it seems inevitable that there would be substantial job loss as operators cut staff and automation becomes more attractive. We could expect to see a lot fewer new stores….