At the link below there is a report on Economic Illiteracy:
With last week's one-day strike, fast-food workers sent a clear message: They want the minimum wage raised from $7.25 an hour to $15.
But they should be careful what they wish for; they just might get it.
It isn't hard to see what a doubling of the minimum wage would do in an industry that pays out an estimated 70% of revenue to workers: Hundreds of thousands would lose their jobs overnight.
They want to boost the wages to $15 an hour.
So who will do their jobs, you ask. A more apt question is what will do their jobs. Because they may go to robots. Or computers.
Don't laugh. When labor costs rise, technological substitutions suddenly make economic sense.
It's already happening in Europe, where it costs a lot to hire a worker, McDonald's has installed 7,000 new ATM-style machines that take orders and payments. No muss, no fuss, no arguments, no misunderstandings and no minimum wage at all. Just a one-time cost for the machine, plus maintenance.
With what ObamaCare will do to employers cost of providing health care and a doubling of wages, look for the same equipment to be used here too.
And it won't just be ATMs.
Momentum Machines, a San Francisco-based high-tech company, has created the Alpha, a robot that can make up to 360 hamburgers in an hour — and pays for itself in a year.
Doubling wages for burger flippers and order takers just ain’t gonna happen.