Last month, Gavin Newsom signed into law a California bill that will raise the minimum wage for fast food workers to $20 an hour starting in 2024. While the law has been hailed as a victory for low-wage Californians, the reality is much more complicated.
When states force industries to massively increase wages, the result isn't that the same number of employees start making more money. Instead, enacting a climbing minimum wage often results in higher unemployment and higher prices.
