Absolutely nuts. Current minimum wage is around $11.75 I believe, so this is a massive jump. I felt like minimum wage was already pretty high personally. I bet we'll see an even bigger swing towards automation. McDonalds already rolled out some self-serve kiosks but soon it will probably make sense to have the process fully automated less one or two managers to oversee everything.
To put it into perspective, I interned at a Big 4 accounting firm in downtown Toronto (high COL) and earned $20/h. Say what you will about the Big 4, but it's basically theof the accounting world and at least in Canada it is darn competitive to get in. The point I'm trying to make is that the reward between those who try and those who don't just got significantly smaller. Now obviously those who work in IB/ are still paid on another level, but for those who did well in highschool, went to college, and hustled to get $20-25 an hour starting out I think this stings a little, because you're basically being told that unskilled labor is worth almost as much as you. Not to mention the most likely impending loss of jobs and increases in prices that will affect the entire population.
I'm no economist but I feel like there's a line you have to draw somewhere instead of just boosting minimum wage up infinitely. Anyone agree/disagree?